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Oct 05, 2018
8:50PM

Prabhu announces setting up of fast track mechanism to promote Russian investments in India

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Minister of Commerce and Industry, Suresh Prabhu today announced the setting up of a fast track, single-window mechanism to promote Russian investments in India.

The Minister was addressing the India - Russia Business Summit organized by the Department of Industrial Policy and Promotion (DIPP), Invest India and Confederation of Indian Industry (CII) in New Delhi. 

Mr Prabhu said that the new mechanism will be helmed by Secretary of DIPP, Ministry of Commerce and Industry.

He said there is an opportunity for India and Russia to collaborate in fields like hydrocarbons, gold and diamond, timber, pharma, agriculture, power generation, aviation, railways and logistics. Speaking on the occasion, Minister for Economic Development of Russia, Maxim Oreshkin, said that Russia is preparing a strategy to increase economic cooperation with India. 

The new mechanism would be in addition to the Russia Desk that had been set up earlier to promote Russian investment in India.

Mr Prabhu informed that the work on the International North-South Transport Corridor was underway and signing of a Free Trade Agreement with Eurasian Economic Union soon, will create a huge market benefiting all countries of the region and promote inter-regional partnerships between the states of India and the regions of Russia.

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