The Rusnano government corporation requested the allotment of 89 million rubles from the National Wealth Fund (NWF) for the creation of a Russian-Indian Fund, which is to amount to $2 million, writes Interfax, citing a source familiar with the situation.

Anatoly Chubays, head of Rusnano, directly addressed the President of the Russian Federation, Vladimir Putin. He asked that 89 million rubles be issued with a return policy of 15 years, at a rate of no more than 2% annually.

The President is yet to release a final decision. Putin commissioned his aide, Andrey Belousov with hammering out an understanding with the interested agencies and companies, but not without noting that the request "merits attention", added a source at Interfax.

On February 25, 2016, a memorandum was signed on the creation of a fund backed by $1 billion financing from Rusnano and the Ministry of Finance of India respectively. The goal of the will-be fund is for major high-tech companies from the Russian Federation, including those that have already been exporting its products to the country, including weapons, to invest in the establishment of branches in India, said a source, familiar with the plans for the creation of the fund.

The first projescts in the framework of the fund might be launched this year, Interfax quoted the deputy chairman of Rusnano, Vladimir Avetisyan.

"The fund's resources are to be put towards the localization and manufacture of components for products issued by Russian companies. Investments will flow into the Indian economy in the framework of implementing the Make in India project. Meanwhile, the export of Russian defence industry enterprises to India will increase, raising their stakes on the world market", stated Avetisyan.