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Why in News?

  • The Union Cabinet approved the Memorandum of Understanding (MoU) between India and Russia on bilateral cooperation in various developmental projects. The MoU will be signed during the upcoming visit of Russian President to India.

Micro, Small and Medium Enterprises:

  • The Union Cabinet approved signing of a 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.
  • It 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.
  • It aims to enhance enterprise to enterprise cooperation and help initiate sustainable business alliances in terms of technology transfers, joint ventures and business partnerships in 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, appropriate organisation to implement the activities of this MoU.

Cooperation in road transport:

  • Both the countries will benefit by mutual cooperation in the field of Road Transport and Road Industry.
  • Increased co-operation, exchange and collaboration with Russia will contribute to establish a long-term and effective bilateral relationship of communication and cooperation in road transportation and road industry and Intelligent Transport System (ITS)
  • This will also help in planning and administration of road infrastructure and road network management, transport policy, technologies and standards for the construction and operation of highways in the country.
  • It will further go a long way in strengthening ties and bilateral relations between India and Russia.
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