Deputy Prime Minister of the Russian Federation, Dmitry Rogozin, has promised all possible support to Indian companies attempting to set up presence and operations in Moscow.
Rogozin referred to red tape as a major business adversary.
"We will give personal assistance to every case to solve any bureaucratic problems," he said at the eighth India-Russia Forum on Trade and Investment held in New Delhi on Thursday,
He added that Indian companies will enjoy all possible support in Russia.
"Red Tape and foreign currency are major hurdles to business between India and Russia," Rogozin said.
Appreciating Prime Minister Narendra Modi's results-oriented approach, he called the "Make in India" campaign a major patriotic and economical initiative.
He also called for more spirited energy in building business relationships between Russia and India, especially for the small and medium enterprises.
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Minister of State for Commerce and Industry Nirmala Sitharaman 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 also 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.
"Russians will always be welcome in India," said Sitharaman.
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 percent to 25 percent of GDP."
Referring to the various policies that have been relaxed in India, including establishing an online, single-window clearance mechanism, round the clock digital facilitation of customs, de-licensing in defense, further liberalization in FDI, she said that Russian are always welcome in India.
Chairman of the Business Council for Cooperation with India and Minister for Economic Development of the Moscow Region, Sergei Cheremin, drew attention to the various unexplored states and regions in both countries, saying that a business delegation of nearly 100 Russian companies is in India, indicative of a renewed interest in doing business with India.
Chairman of Dr. Reddys Labs Satish Reddy 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 Russian Federation.