Prospects for Russia-India SME Cooperation Discussed at SPIEF
The Department for External Economic and International Relations of Moscow (DFEIR) served as co-organizer of the panel discussion “Development Dynamics of Small and Medium Businesses in Russia and India: Keys to Sustainable Growth” under the Business Council for Cooperation with India. The meeting focused on SME development and economic partnership prospects between the two nations.
Moscow Chamber of Commerce and Industry (MCCI) President Vladimir Platonov opened the discussion by emphasizing Moscow’s leading position among global megacities in digitalization, living standards and safety. The capital has achieved notable success in business development, with over 900,000 entrepreneurs and 1.5 million self-employed individuals contributing 25% to the city’s budget revenue. Platonov noted that BRICS development creates new opportunities for Moscow’s international economic ties. This August, the capital plans to host a BRICS+ meeting involving municipal authorities and chambers of commerce from major cities, aimed at experience sharing and cooperation development.
Platonov highlighted a new MCCI project that won a mayoral grant, providing entrepreneurship training for international students. The program received 200 applications from 40 universities across 61 countries, with 10 winners gaining internship opportunities to implement innovative projects at MCCI-affiliated companies.
Vitaly Stepanov, Director General of the Moscow Export Center (MEC), confirmed Moscow’s leading position among global cities, evidenced by top rankings in spatial and technological development among BRICS nations. The capital generates one-fifth of Russia’s gross regional product and hosts about one million organizations, 80% being SMEs. Moscow businesses actively participate in foreign trade, accounting for 20% of Russia’s exporting companies.
“Moscow contributes approximately 40% of Russia’s total export volume and about 20% of high-value-added non-commodity non-energy exports (NNE),” Stepanov emphasized. He noted the continued growth potential in this area.
Stepanov presented data showing Moscow’s stable leadership in NNE exports to India (12% compared to other regions), with the city accounting for 52% of Russia-India trade. Trade volume has nearly doubled annually. Later this year, Moscow plans a “Made in Moscow” technology exhibition in Bangalore and a business mission for IT and creative content companies.
Stepanov detailed MEC’s three key support areas: export preparation and educational programs (30,000 participants since the Moscow Export School launch); promotion and sales support (over 200 projects in 56 countries involving 3,500 Moscow companies); and financial assistance, including grants covering up to 10% of export contracts (maximum 10 million rubles), with possible doubling for first-time exporters or those showing 20% annual growth. “These practical measures lead to new export contracts. About 1,500 companies have entered foreign markets with our support,” Stepanov stated, noting cooperation spans various sectors including medicine, education and creative industries.
Ankur Goel, Director of Skwerup Capital Partners LLP, a leading Indian startup and investment consultancy, offered universal recommendations for international market entry. First, companies must carefully develop market-appropriate offerings by clearly understanding their competitive advantages. Second, he advised starting with “small, viable contracts” to enable gradual growth while studying market specifics, legal nuances and regulatory requirements before expanding operations. Third, he highlighted “soft financing” options available through local incubators worldwide, noting many Indian startups begin this way.
“Opening an Indian representative office allows Russian companies to apply for such funding – a straightforward channel for obtaining initial seed capital,” Goel explained. He emphasized the importance of reliable partners, with his firm facilitating connections between Russian and Indian entrepreneurs and helping structure proposals.