IRIGC-TEC (Indo-Russian Inter- Governmental Commissions on Trade, Economic, Scientific, Technological and Cultural Cooperation) is the main institutional mechanism to review economic cooperation. It integrates seven working groups on trade and economic cooperation, modernization and industrial cooperation, energy, investment projects, tourism and culture, science and technology, and communications & IT. India - Russia Forum on Trade and Investment co-chaired by the Commerce and Industry Minister of India and the Russian Minister for Economic Development, and India - Russia CEOs’ Council are the two primary mechanisms to promote direct bilateral business-to- business contacts between India and Russia. Mechanisms such as India - Russia Business Council (partnership between FICCI of India and CCI of Russia), India - Russia Trade, Investment and Technology Promotion Council (partnership between CII of India and RUIE of Russia), India – Russia Business Dialogue (partnership between CII of India and Russia’s Business Council for Cooperation with India) and India - Russia Chamber of Commerce (with focus on SMEs) supplement the efforts to build direct business - to - business ties.
An estimated 300 registered Indian companies operate in Russia. Majority of Indian businessmen/companies in Russia are involved in trading while some represent Indian banks, pharmaceuticals, hydrocarbon and engineering companies. Tea, coffee, tobacco, pharmaceuticals, rice, spices, leather footwear, granite, I.T. and garments are amongst the products being imported by these companies from India. There are approximately 4,500 Indian students enrolled in medical and technical institutions in the Russian Federation. About 90% of them pursue medical studies in about 20 universities/institutions across Russia.