India, Russia to ink pact for cooperation in MSME

India and Russia are set to ink a pact for cooperation between small and medium enterprises of the two countries after the summit between Prime Minister Narendra Modi and Russian President Vladimir Putin scheduled on Friday.

A meeting of the Union Cabinet chaired by Prime Minister on Wednesday approved the Memorandum of Understanding between National Small Industries Corporation Limited of India and JSC Russian Small and Medium Business Corporation (RSMB Corporation) of Russia. The Union Cabinet also approved another MoU for cooperation between India and Russia in road transport and road industry.

Putin will arrive in New Delhi on Thursday for a two-day visit. He will have a one-to-one meeting with Modi shortly after his arrival in New Delhi. Prime Minister will host a dinner in honour of Russian President at his residence at Lok Kalyan Marg in the national capital on Thursday.

Modi and Putin will hold the 19th annual summit at Hyderabad House in New Delhi on Friday.

The two MoUs approved by the Union Cabinet on Wednesday are among the several pacts lined up for signing after the summit between the two leaders.

The MoU for bilateral cooperation in road transport and road industry will develop and establish formal platform for cooperation in transport and highways sector. The MoU on small and medium enterprises is aimed at promoting cooperation between the two countries in the sector.