India to promote Russian investments via a dedicated cell

For the first time ever, India has decided to put in place a dedicated cell to promote Russian investments in the country so that Russia’s vision statement of opening new vistas of economic engagement in India can be advanced.

The idea was suggested by PM Narendra Modi during his meeting with CEOs of India and Russia in presence of Russian President Vladimir Putin in St Petersburg.

The cell will be reporting directly to the Prime Minister’s Office and will assist Russian businessmen with planning, executing, forming joint ventures and searching for locations for their investments in India.

The cell would be functioning under ‘Invest India,’ which is the investment wing of the Indian government and was a part of the June 1 CEO forum as well as St Petersburg International Economic Forum.

“This cell will be key to push Russian investments in India in non-traditional sectors with Delhi and Moscow aiming to give economic heft to the bilateral strategic partnership,” Invest India MD & CEO Deepak Bagla told ET.

Russian investments and JVs in India would primarily be in fields of agriculture, medical equipments, pharmaceuticals, start-ups, capital goods (metallurgy), food processing and civil aviation, said Bagla.