Second India-Russia Strategic Economic Dialogue 12/07/2019 – Posted in: Press Information Bureau

Second India-Russia Strategic Economic Dialogue

(NITI Aayog)

WHAT

The Second India-Russia Strategic Economic Dialogue (IRSED) was held in New Delhi.

 

KEY FOCUSED AREAS

The Second India-Russia Strategic Economic Dialogue focussed on six core areas of cooperation, namely:

  1. Development of Transport Infrastructure and Technologies
  2. Development of Agriculture and Agro-Processing sector
  3. Small and Medium Business support
  4. Digital Transformation and Frontier Technologies
  5. Cooperation in Trade, Banking, Finance, and Industry
  6. Tourism & Connectivity

 

DIGITAL TRANSFORMATION AND FRONTIER TRANSFORMATION

  • Collaboration between India and Russia in the digital space and frontier technologies.
  • Potential for future collaborations across various sectors such as Payments platform, joint startup ecosystem, use of digital technology in various areas such as education, construction, and skilling.
  • Development of Transport Infrastructure and Technologies such as speed upgradation, safety and passenger comfort in railways, creation of twin ports between India and Russia, shipbuilding and river navigation, research and development, and ensuring predictability of cost and movement schedules across transport corridors.

 

SMALL AND MEDIUM BUSINESSES

For increasing cooperation between Small and Medium Businesses in India and Russia, it is recommended for setting up of nodal points of interaction between the two countries.

Ensuring access to finance, seamless digital banking, access to E-markets and broad-based engagement across sectors.

 

AGRICULTURE

  • Agro-processing noted the dynamic nature of agriculture, livestock rearing and food processing in both countries.
  • Recommendations included closer communication between the respective agriculture ministries to streamline collaborative efforts.
  • Reciprocity in terms of acceptance of certification, deployment of AI-backed frontline technologies and software were also under discussion.

 

TOURISM AND CONNECTIVITY

  • The need to increase bilateral tourism and exploring natural avenues for economic and commercial partnerships.
  • Expanding visitor itineraries for both countries, and creating more products for tourist interest such as yoga and medical tourism.
  • Working towards improving regional connectivity.

 

INDUSTRIAL TRADE AND COOPERATION

  • Both nations saw participation across industries in energy, finance, and industries.
  • It also emphasized awareness exchange between the two countries in areas of investment opportunities.
  • Exploring better Business-to-Business communication and collaboration.
  • Generating greater investment flows through public and private cooperation in an organized way.

INDIA-RUSSIA STRATEGIC ECONOMIC DIALOGUE

The First India-Russia Strategic Economic Dialogue was held in St. Petersburg between November 25-26, 2018.

 

Source: PIB

 

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