Dedicated desk to be set up in Invest India to Promote Investment from Russia: Secretary, DIPP

Addressing the India – Russia Business Dialogue being organized at St. Petersburg Russia, Mr. Ramesh Abhishek, Secretary, DIPP stated that a dedicated cell would be set up within Invest India to promote Russian investment in India. He stated that the cell would provide hand-holding services to Russian companies who wish to enter India. The India – Russia Business Dialogue is being organized by the Confederation of Indian Industry (CII) in cooperation with the Department of Industrial Policy and Promotion, Government of India.

According to the Secretary, India had undertaken several reforms that have helped make India a more attractive place to do business. These include reforms such as the introduction of GST, the new Bankruptcy Code among others.

Mr. Abhishek stated that the many flagship campaigns launched by the Government of India have helped create numerous opportunities for Russian companies in India. These include sectors such as defence manufacturing, shipbuilding, Smart Cities, Manufacturing, Infrastructure development among others.

Ms. Shobana Kamineni, President, CII highlighted the need for the India-Russia relationship to move on from being a buyer-seller one to one of collaboration for technology transfer and joint production in key sectors. She stated that projects such as the “Green Corridor” between India and Russia to promote trade facilitation and the International North South Transport Corridor needs to be expedited.

Mr. Chandrajit Banerjee, Director General, CII highlighted the need for Indian and   Russian companies to work together in knowledge and technology based sectors in line with the fourth industrial revolution.