Fast track mechanism to promote Russian investments in India

Fast track mechanism to promote Russian investments in India

Agency News

New Delhi, Oct 5: In addition to the Russia Desk, set up earlier to promote Russian investment in India, Commerce and Industry Minister Suresh Prabhu on Friday announced the setting up of a fast track, single-window mechanism for Russian companies.

Highlighting the areas of cooperation between the two countries, the Minister stated that the two economies were complementary and could build on each others strengths.

Addressing the India-Russia Business Summit, being organised by the Confederation of Indian Industry (CII) in cooperation with DIPP and Invest India here, the Minister said, '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.'

The single window mechanism would be chaired by Secretary, Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry.

The minister said work on the International North South Transport Corridor was underway.

Russian Minister of Economic Development Maxim Oreshkin stated that their government was 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 free-trade agreement (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.

DIPP Secretary Ramesh Abhishek 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.

CII president Rakesh Bharti Mittal 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. (UNI)