New Delhi (Sputnik): The Indian government has announced the setting up of a fast track, single-window mechanism for Russian companies to be helmed by the senior-most bureaucrat in the Department of Industrial Policy and Promotion (DIPP).
"This mechanism would be in addition to the Russia Desk that had been set up earlier to promote Russian investment in India. Through this mechanism, we will ensure that you (Russian companies) talk to only one ministry and all your issues will be resolved at one place," Suresh Prabhu, India's Minister of Commerce said while addressing the India — Russia Business Summit in New Delhi.
"We should work out a government-to-government agreement in which we import in a manner that does not adversely impact our balance of payments and we will meet our demand. This way Russian exports to India will increase and we import it, process it and re-export that, and both get benefited," Commerce Minister Prabhu added.
On the other hand, Russia reiterated that the introduction of the rupee-rouble payment mechanism will provide a major boost to bilateral trade.
"Our country is looking at an investment protection and avoidance of double taxation agreement with India….We are also looking at trade in national currencies and a strategy for economic cooperation," Maxim Oreshkin, Russian Economic Development Minister, said.
"The two sides expressed their support to promoting bilateral trade in national currencies," India-Russia Joint Statement issued after the 19th annual summit on Friday reads.
The India-Russia Business Summit was held on the margins of the 19th Annual Summit on October 4-5 in New-Delhi with the participation of large business delegations from both sides representing important areas of bilateral cooperation.
The first meeting of the Strategic Economic Dialogue between the NITI Aayog of India and the Ministry of Economic Development of the Russian Federation would be held later in 2018 in Russia.