Union Cabinet chaired by PM Narendra Modi on 4th October 2018 has approved the signing of a Memorandum of Understanding (MoU) between National Small Industries Corporation Ltd (NSIC) - a Public Sector Undertaking of the Union Ministry of Micro, Small & Medium Enterprises (MSME) and JSC-Russian Small & Medium Business Corporation (RSMB Corporation), Russia.
India & Russia MoU will be signed during the upcoming visit of Russian President to India. The objective of the MoU is to promote cooperation between the Small & Medium Enterprises (SMEs) of the two countries.
The MoU would provide a structured framework and enabling environment to the MSME sector of the two countries to understand each other's strengths, markets, technologies, policies etc.
The MoU aims to enhance enterprise to enterprise cooperation and help initiate sustainable business alliances in terms of technology transfers, joint ventures and business partnerships in the MSME sector.
This cooperation is expected to open doors of new opportunities for Indian MSME sector by way of new markets, joint ventures, sharing of best practices and technology collaborations etc.
NSIC, under the Ministry of MSME, has a considerable experience in carrying out such cooperation and is, therefore, an appropriate organisation to implement the activities of this MoU.
Largest City: Moscow
Currency: Russian ruble (RUB)
Official Language: Russian
Prime Minister: Dmitry Medvedev
President: Vladimir Putin