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Minister for Commerce and Industry announces Fast Track Mechanism to Promote Russian Investments in India
Oct 05, 2018

Mr. Suresh Prabhu, Minister for Commerce and Industry and Civil Aviation announced the setting up of a fast track, single-window mechanism for Russian companies which would be chaired by Secretary, Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry. The Minister was addressing the India – Russia Business Summit being organized by the Confederation of Indian Industry (CII) in cooperation with DIPP and Invest India in New Delhi today. The Minister stated that this mechanism would be in addition to the Russia Desk that had been set up earlier to promote Russian investment in India. 

The Minister stated that work on the International North South Transport Corridor was underway. Highlighting the areas of cooperation between the two countries, the Minister stated that the two economies were complementary and could build on each other’s strengths. The two countries, according to him, could cooperate in sectors such as energy resources, gold and diamonds, timber, infrastructure development, digital technologies and agriculture among others. 

Mr. Maxim Oreshkin, Minister of Economic Development, Russia stated that the Russian government is creating a strategy to increase economic cooperation with India. He noted that Russia was also working closely with the other members of the Eurasian Economic Union (EaEU) to conclude an FTA between India and the EaEU. The Minister highlighted the need to promote inter-regional partnerships between the states of India and the various regions of Russia. 

Mr. Ramesh Abhishek, Secretary, DIPP, highlighted the reforms undertaken by the Government of India since 2014 and stated that this has helped improve the ease of doing business in India. He stated that thanks to these reforms, USD 222 billion of FDI had been received as compared to USD 152 billion between 2010-14. 

Mr. Rakesh Bharti Mittal, President, CII stated that Indian Industry looked forward to the implementation of the International North South Transport Corridor and the Green Corridor to improve connectivity with Russia. He also looked forward to the conclusion of the India – EaEU FTA and called for accelerating the Double Taxation Avoidance Treaty between India and Russia. 

Mr. Sergei Cheremin, Moscow Government Minister, Chairman of the Board of the Business Council for Cooperation with India stated that there existed tremendous scope to promote cooperation between SMEs of both countries. He called for the introduction of Rupee – Rouble trade to boost bilateral trade between the two countries. He stated that the two countries could promote cooperation in areas such as Digital India and pharmaceuticals, among others. 

Mr. Pavel Kadochnikov, Vice Rector for Scientific Work of the All-Russian Academy of Foreign Trade while presenting the Joint Strategy of Action for Enhancing Trade – Economic and Investment Cooperation stated that the two countries needed to conclude an agreement on Mutual Recognition of Standards to boost bilateral trade. He also called for the early conclusion of the India – EaEU FTA. 

Mr. Andrei Slepnev, Director General, Russian Export Center stated that newer sectors for bilateral cooperation between India and Russia needed to be explored. These include agriculture and food processing, power generation, aviation and railways. 

Mr. Chandrajit Banerjee, Director General, CII stated that India and Russia needed to explore cooperation in the startup space to foster entrepreneurship development in both countries.

Mr. Deepak Bagla, Managing Director and CEO, Invest India highlighted that over the past year interest in India by Russian companies had grown. 

5 October 2018

New Delhi

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