Union Minister of Commerce & Industry Suresh Prabhu on Thursday said that small and medium enterprises are not well-informed about the schemes available under the investment treaty between India and Russia.

The India-Russia bilateral investment treaty discussions have commenced and has been greatly appreciated by the Industry. However the SMEs are often under informed about the schemes that exist, Prabhu said, addressing Interactive Forum between Small and Medium Enterprises of India and Russia in Bengaluru

Therefore, there is a need to curate a digital bridge between the two economies so that SMEs can benefit from it and to create awareness about Russia in India to promote more technology and capital transfers, he added.

The minister said that Russia has been a long-standing and time-tested partner of India and relations with Russia have always been of trust, understanding, and reciprocity.

The two nations enjoy a multi-dimensional cooperation extending to all areas of bilateral relationship - political, security, trade and economy, defence, education, science & technology, culture and people to people, he said.

He said that the bilateral relationship has taken on a new momentum in recent times due to the relations built between President Putin and Prime Minister Narendra Modi, he added.

The Commerce Minister said that today India is the fastest growing economy in the world and the resolute reform process of the last few years has established a strong foundation for continued growth.

By 2030 India is expected to be the third largest economy in the world with a huge section of middleclass consumers. In order to reach that position the country requires more and improved infrastructure, access to energy, quality goods and services and a modern agriculture sector.

Russia is well placed to meet our needs in these areas. Russia also has some of the greatest scientific minds and therefore we must encourage collaboration between educational institutions and businesses of the two countries.

Prabhu said that the two Governments are working to address and resolve trade and investment barriers with a view to facilitating and advancing private sector cooperation.

The Government of India has already announced the setting up of a fast track, single-window mechanism for Russian companies which would be chaired by Secretary, Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry, he added.