The Union Cabinet chaired by Prime Minister Shri Narendra Modi has given its approval for signing of a Memorandum of Understanding (MoU) between National Institute for Transforming India (NITI) Aayog, and Ministry of Economic Development of the Russian Federation (MEDRF) in the field of social, economic, industrial and regional development programs.
The objective of the MoU is to explore the potential of cooperation in the framework of preparation and implementation of strategies and programs of social, economic, industrial and regional development. It provides a framework and enabling environment to understand each other’s strengths, market, technologies, policies, etc.
The MoU covers the following areas of cooperation:
- Conducting and execution of joint research projects related to issues of mutual interest;
- Exchange of information and research works related to issues of mutual interest between the two sides, including information on government strategies and development programs;
- Visits of relevant specialists of both sides for participation in joint events;
- Organization of seminars, conferences and other meetings on agreed agenda; and
- Other forms of cooperation as per mutual consent of the Sides.