India and Russia team up to promote innovation

India and Russia have agreed to work together to promote the innovation ecosystem between the two countries. A declaration has been signed between India's Department of Science and Technology and Ministry of Economic Development of the Russian Federation.

The two countries will work towards increasing cooperation to promote innovation and technology entrepreneurship.

Ashutosh Sharma, Secretary, Department of Science and Technology, said that with this collaboration there will be an effort to promote innovation and technology entrepreneurship through development of long-term cooperation, co-innovation and direct contacts between Russian and Indian innovation clusters and also business associations, techno-parks, business incubators, hitech companies, start-ups, educational and research institutions. “Currently, the DST supports over 100 business incubators that, in turn, help over 2,000 start-ups. Over the course of time, we plan to double these numbers as innovation is expected to grow exponentially in the next five years,” he added.

Fomichev Oleg Vladislavovich, State Secretary-Deputy Minister of Economic Development of the Russian Federation, focused on the need to extend the collaborations in developing innovation capabilities for various sectors. The National Science and Technology Entrepreneurship Development Board of the Department of Science and Technology, Government of India, will be responsible for implementation of the joint declaration from the Indian side.

The two sides also agreed to implement joint projects in the field of innovation and exchange of information as well as best practices in the innovation space.