'Russia is always an Opportunity for Indian Businesses'

Specially with the advent global business opportunity that are expected to come through FDI in Defence and FDI in general, Indian SMEs have started looking at Russian Federation as a strong place of action. At the 8^th India-Russia Forum on Trade and Investment which was held in New Delhi, This strong expectation came into light when Indian entrepreneurs actively showcased their willingness to work with Russians.

While addressing the audience, Mr. Dmitry Rogozin, Deputy Prime Minister of the Russian Federation promised all possible support to Indian companies attempting to set up presence and operations in Russia. Referring to red tape as a major business adversary, he said, “We will give personal assistance to every case to solve any bureaucratic problems.” Healthcare and pharmaceutical is an important area where a lot of Indian companies are working with Russian counterparts. This area will have a special focus in order to take the India-Russia relationship to the next level.

Appreciating Prime Minister Narendra Modi’s results-oriented approach, he called the “Make in India” campaign a major patriotic and economical initiative. He called for more spirited energy in building business relationships between Russia and India, especially for the small and medium enterprises.

Ms. Nirmala Sitharaman, Minister of State for Commerce and Industry, Government of India recalled Russian classics in literature and music to emphasize the historical linkages of India and Russia. Acknowledging red tape as the elephant in the room to be removed from both countries, she stressed on leveraging complementary strengths to increase business cooperation. She called to understand mutual strengths in terms coupling the technology that Russia can offer and blending that with Indian entrepreneurship, along with the new government’s business-friendly policies as a the means to strengthening commercial relationships.

Drawing attention to the Make in India campaign and inviting Russian companies to set up in India, she said, “Manufacturing will be the next buzz in India. We hope to increase share of manufacturing from 15% to 25% of GDP.” Referring to the various policies that have been relaxed in India, including establishing an online, single-window clearance mechanism, 24/7 digital facilitation of customs, de-licensing in defense, further liberalization in FDI, she said that Russianare always welcome in India.

Mr. Sergei Cheremin, Chairman, Business Council for Cooperation with India and Minister for Economic Development of the Moscow Region drew attention to the various unexplored states and regions in both countries. A business delegationof nearly 100 Russian companies is in India, indicative of a renewed interest in doing business with India.

Mr. Satish Reddy, Chairman, Dr. Reddys Labs emphasized that the private sector must deepen ties to increase trade and investment.

The prospects for India-Russia commercial collaboration in manufacturing, defense, aerospace, pharmaceutical industry, IT and ITeS were also highlighted at the Forum. The Forum was organized jointly by CII and FICCI, in collaboration with the Ministry of Commerce and Industry, Government of India, the Ministry of Economic Development of the RussianFederation.