NITI Aayog, Russia’s MEDRF to partner in economic development

The Union Cabinet chaired by Prime Minister Narendra Modi has approved a preliminary agreement between NITI Aayog, Indian Government’s think tank, and the Ministry of Economic Development of the Russian Federation (MEDRF) in social, economic, industrial and regional development programs

September 26, 2018

The agreement will provide a platform for the two nations to understand each other's strengths, market, technologies and policies

The agreement will cover joint research projects; exchange of government strategies and organisation of seminars and conferences

The countries recorded annual bilateral trade worth US$10.7 billion in financial year 2017-18 after rising 43 per cent year over year

The two governments are seeking strategic economic dialogue to boost bilateral trade and investment, covering defence to resources

The Union Cabinet chaired by Prime Minister Narendra Modi on September 26 approved a preliminary agreement between the National Institution for Transforming India, or NITI Aayog, a think tank of the Government of India, and the Ministry of Economic Development of the Russian Federation (MEDRF). The agencies will focus in the field of social, economic, industrial and regional development, and explore potential cooperation in preparation and implementation of strategies and programs. The agreement will provide a platform for the two nations to understand each other’s strengths, market, technologies and policies.

The agreement will cover the following areas of cooperation: 1) Execution of joint research projects; 2) Exchange of information on government strategies and development programs; 3) Organisation of seminars, conferences and other meetings on agreed agenda. The agreement comes amid deepening bilateral ties between India and Russia on international, regional and bilateral issues. In May 2018, Prime Minister Narendra Modi and President Vladimir Putin had held their first informal Summit in Russia, strengthening Special and Privileged Strategic Partnership and opening up new business opportunities.

The countries are two of the world’s largest economies with annual bilateral trade recorded at US$10.7 billion in 2017-18 after rising 43 per cent year over year. As part of growing ties, the nations are looking to intensify consultation and coordination in the Indo-Pacific Region as well as multilateral platforms such as the Shanghai Cooperation Organisation, BRICS and G-20. The two Governments are also seeking a strategic economic dialogue between NITI Aayog and Russia’s Ministry of Economic Development to drive greater synergy in bilateral trade and investment, covering defence and IT to energy and resources.

Recent Articles

GST collections up by 11% in November

December 2, 2022

Goods and Services Tax (GST) collections in November 2022 stood …

Read More

Manufacturing PMI reaches 3-month high in Nov

December 2, 2022

India’s Manufacturing Purchasing Managers‘ Index (PMI), compiled by S&P Global, …

Read More

Govt. to create 100 mn jobs by 2024: IT Minister

December 1, 2022

The Indian government is targeting to create 100 million jobs …

Read More