MoU between India and Russia

17 July 2021 Current Affairs: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.

♦ The goal of the memorandum of understanding is to strengthen cooperation in the steel industry 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.

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