NEWS FOR START-UPS IN INDIA - India and Russia are keen on exploring new business opportunities together.
The longstanding partnership of India and Russia has been a key pillar of India’s foreign policy. Indo-Russian economic cooperation has traditionally focused on defence, energy and pharmaceuticals. During the Russia-India session at the St Petersburg International Economic Forum (SPIEF) this year, it was discussed that both the countries are keen on exploring new business opportunities for start-ups, artificial intelligence and manufacturing digitization.
The Indian Ambassador to Russia, D Bala Venkatesh Varma, said that the Indian corporate sector could look at Russia’s national projects, outlined in Vladimir Putin’s so-called “May decrees” (the Russian government plans to spend around $390 billion on projects around demography, healthcare, education and infrastructure till 2024).
Pharmaceuticals has been one of the traditional industries where India and Russia have developed strong ties. However, Russia is now pushing for development of domestic manufacturing of generic drugs, the business of importing generics from India is not working any more, said Vikram Singh Punia, founder of Pharmasyntez, one of the largest drug manufacturers in Russia. In fact, Mr. Punia suggested that India should look at attracting Russian investors in creating manufacturing facilities in the country.
Russia-based IT firms and venture funds have been exploring investment opportunities in India lately. Now Russia is inclined towards developing cooperation in the transportation sector, including Railways and is looking forward to exploring cooperation in Digital Railway.
Considering the regular high-level interaction between the two countries, start-ups in India have better opportunity in getting Russian investors. Siddharth Bhatia, Vice-President at Invest India, said the government promotion agency has recently created a special Russian desk that would support investors from Russia to explore opportunities in India.
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