The Cabinet has approved a Memorandum of Understanding (MoU) between India and the Russian Federation on cooperation in the production of coking coal, which is used in the production of steel.
Highlights:
The goal of the memorandum of understanding is to strengthen cooperation in the steel between the governments of India and Russia.
The MoU will benefit the entire steel industry by lowering input costs. This could reduce the cost of steel in the country while also promoting Equity and inclusiveness.
The Memorandum of Understanding will establish an institutional mechanism for India and Russia to cooperate in the coking coal sector.