India for the first time will put in place a dedicated cell to promote Russian investments in the country to take forward St Petersburg vision statement that seeks to open new vistas of economic engagement. The idea to create this cell was mooted by PM Narendra Modi when he met CEOs of India and Russia in presence of President Vladimir Putin on June 1 after the annual summit in St Petersburg.
The cell which will report to the Prime Minister’s Office will assist Russian businessmen to plan, execute, form joint ventures and search locations for their investments. The entire process hopes to cut the alleged role of middlemen who in the past were matchmakers.
This dedicated cell will function under ‘Invest India’ – investment wing of the Indian government – which was part of the June 1 CEO forum as well as the St Petersburg International Economic Forum (SPIEF).
Areas that have been prioritised for Russian investments in India and JVs include agriculture, medical equipment, pharmaceuticals, start-ups, capital goods (metallurgy), food processing and civil aviation, according to Bagla.
In yet another key development Russia Direct Investment Fund (RDIF) or RDIF – Russia’s sovereign wealth fund has now agreed to fund Russian investments in India and vice-versa, informed Bagla.