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Indian Minister of State for Commerce and Industry Nirmala Sitharaman with Russian Deputy Prime Minister Dmitry Rogozin seen at a recent event in New Delhi, India. | Image Source: The Hindu BusinessLine[/caption]
The new Indian government is pretty keen to improve ties with its neighbors, trade partners, and allies. After Prime Minister Narendra Modi announced Visa-on-Arrival (VoA) for Americans, President Pranab Mukherjee announced VoA for nationals of Norway.
Then one of the oldest allies, Mauritius, was added to the list. Now, Commerce Minister Nirmala Sitharaman announced VoA for Russian tourists and businessmen alike. India's relation with Russia is decades old, but the economic ties are not at their fullest potential.
"India and Russia need to further strengthen the economic relation which is presently below potential," said Nirmala Sitharaman addressing the media at India - Russia Forum on Trade and Investment.
The VoA facility for Russian businessmen will be extended at 18 airports across India. Potential investors can get single window clearance and red tap will be removed.
India's trade relation with Russia is likely to see an improvement with VoA for businessmen and investors in place. The bilateral trade between the countries was $6bn in the year 2013-14.
PM Modi's "Make In India" campaign has opened investment doors for foreign investors in various industries including manufacturing and infrastructure.
Source: The Economic Times