New Delhi, Sept. 10 -- India and Russia will need to step up efforts to diversify bilateral commerce and investment to meet their goal of $100 billion in trade and $50 billion in two-way investment by 2030, commerce and industry minister Piyush Goyal said on Thursday.

Speaking at an event with Russian minister of industry and trade Anton Alikhanov in New Delhi, Goyal said bilateral trade, currently at around $60 billion a year, would need to grow by another $40 billion over the next four years, requiring sustained double-digit annual growth.

"The targets set by the two heads of state would be a measure of the performance of both governments and businesses," Goyal said at INNOPROM, an international industrial trade fair that began in New...