India and Russia will hold a mega business meeting here next week as part of plans to increase bilateral trade to $50 billion this year, up from a record $31 billion in 2022, thanks to a sharp increase in India's energy and fertiliser imports.

The 'Russia-India Business Forum: Strategic Partnership for Development and Growth' will be held as part of the St. Petersburg International Economic Forum on March 29-30.

According to officials, the forum's main focus will be IT, cybersecurity, technological sovereignty, smart cities, transportation and logistics, healthcare and pharmaceuticals, with a plenary session on 'Technological Alliances in Greater Eurasia' serving as the forum's focal point.

The trade goal for 2025 was previously set at $30 billion. However, due to India's oil imports from Russia, the figure was surpassed in 2022, and it is expected to reach $50 billion in 2023.

"The Russia-India cooperation format is one of the drivers of region-wide efforts to improve the architecture of inter-state relations in the Asia-Pacific Region. The forum is designed to strengthen business ties between the Russian and Indian business communities, to support Russian businesses entering the Indian market...," said a statement by Anton Kobyakov, adviser to the Russian President.