New Delhi, Oct 5 (KNN) India is planning to set up a fast track, single-window mechanism to boost Russian investments in the country, Commerce and Industry Minister Suresh Prabhu said.

Earlier a Russia was set up to promote Russian investments in India.

Addressing the CII India–Russia Business Summit, Prabhu said the mechanism would be led by secretary, Department of Industrial Policy and Promotion (DIPP).

“Through this mechanism, we will ensure that Russian companies talk to only one ministry and all issues are resolved at one place," he said.

Bilateral trade between the countries increased to USD 7.5 billion in 2016-17 from USD 6.2 billion in the previous fiscal but is skewed towards Russia.

Prabhu said the two countries could cooperate in sectors such as energy resources, gold and diamonds, timber, infrastructure development, digital technologies and agriculture, among others.

Meanwhile, on Thursday, Union Cabinet had approved the signing of a Memorandum of Understanding (MoU) between National Small Industries Corporation Ltd. (NSIC) of India and Russian Small and Medium Business Corporation (RSMB).

The MoU will provide a structured and enabling environment to the MSME sector of the two countries for understanding each other's strengths, markets, technologies, policies etc.

Russian President Vladimir Putin is on a two-day official visit to New Delhi for the 19th India-Russia annual bilateral summit. (KNN Bureau)