Cabinet approves India, Russia deals on MSME, connectivity

The Governments of India and Russia have entered into two separate agreements that will facilitate cooperation in the development of micro, small and medium enterprises as well as in the road transportation sector; The agreements come ahead of the state visit of Russian President Vladimir Putin

October 3, 2018

An agreement between India’s National Small Industries Corporation Ltd (NSIC) and JSC-Russian Small & Medium Business Corporation (RSMB Corp) will facilitate development of grassroot enterprises in both nations

President Putin will visit India over October 4-5, during when he will hold talks with PM Modi and meet with state and business leaders; The nations are expected to sign as many as 20 bilateral agreements during the visit

The deal aims to enhance enterprise-to-enterprise cooperation and initiate sustainable business alliances in terms of joint ventures in MSME sectors of the two countries. The deal will cover capacity building and rapid incubation

Russia has adopted smart traffic systems that include automated crash reporting and monitoring systems; India, with its growing traffic woes across major urban centres, can utilize traffic solutions from Russia

The Union Cabinet chaired by Prime Minister Narendra Modi on October 3 approved two preliminary agreements with the Russian Government ahead of the state visit of Russian President Vladimir Putin. The two separate agreements will facilitate cooperation in the development of micro, small and medium enterprises as well as in capacity building in the road transportation sector. President Putin will visit India over October 4-5, during when he will hold talks with PM Modi and meet with other government and business leaders. The nations are expected to sign as many as 20 bilateral agreements during the visit, pertaining to defence, energy, space science and economic cooperation.

In the run up to the visit, an agreement between India’s National Small Industries Corporation Ltd (NSIC) – an unit of the Ministry of Micro, Small & Medium Enterprises (MSME) and JSC-Russian Small & Medium Business Corporation (RSMB Corp) will facilitate development of grassroot enterprises in both nations. The partnership will provide an enabling environment for the exchange of market strengths, policies and technologies, among others. It aims to enhance enterprise-to-enterprise cooperation and initiate sustainable business alliances in terms of joint ventures in MSME sectors of the two countries. The deal will cover capacity building, rapid incubation for entrepreneurship development.

Meanwhile, an improved relationship with Russia will contribute towards establishing a long-term bilateral cooperation in road transportation and road industry and Intelligent Transport System (ITS). This will also help in planning and administration of road infrastructure and road network management, transport policy, technologies and standards for the construction and operation of highways in the country. Russia has developed technological solutions for satellite based tolling solutions. Similarly, the nation has adopted intelligent traffic management systems including crash reporting and monitoring systems. India, with growing traffic woes across major cities, can utilize these solutions.



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