Putin lauds Modi's 'India First' policy, says Russia will 'Make in India'

Russian President Vladimir Putin expresses Russia's readiness to establish manufacturing operations in India, describing investments in the country as profitable

Russian President Vladimir Putin commended Prime Minister Narendra Modi's 'India-first' policy and the 'Make in India' initiative during the 15th VTB Russia Calling Investment Forum in Moscow, the Ministry of Commerce & Industry said in a release on Thursday. Highlighting India's strides in fostering a stable environment for growth, Putin emphasised how these policies have significantly contributed to India's development.

 

The Make in India initiative, designed to enhance manufacturing and attract foreign investment, has been pivotal in bolstering India's position in the global economy. President Putin stressed this point while recognising India's economic progress under Prime Minister Modi's leadership. He praised the Indian government for its efforts to establish "stable conditions" for small and medium-sized enterprises (SMEs) and highlighted the importance of economic initiatives spearheaded by the Prime Minister, particularly the Make in India programme.

 

 

Russia to 'Make in India'

 

Drawing comparisons between Russia's import substitution programme and India's Make in India initiative, President Putin expressed Russia's readiness to establish manufacturing operations in India, describing investments in the country as profitable.

 

"Prime Minister Modi has a similar programme called Make in India. We are also ready to set up our manufacturing operations in India. The Indian government, under the Prime Minister's leadership, has been creating stable conditions, driven by a policy of putting India first. We believe that investing in India is profitable," said the Russian President. He further noted that Russian company Rosneft had recently invested $20 billion in India.

 

Rapid dispute resolution key for BRICS+ SMEs

 

President Putin also underscored the importance of Russia's import substitution programme within the framework of BRICS' evolution, particularly its role in fostering the growth of SMEs. He stressed the need for a rapid dispute resolution mechanism to facilitate smoother business transactions for SMEs across BRICS+ nations.

 

He pointed out the emergence of new Russian brands that are replacing Western brands exiting the market. Local Russian manufacturers, he noted, have seen remarkable success across various sectors, including consumer goods, information technology (IT), high-tech industries, and agriculture.

 

Putin seeks BRICS focus on SME collaboration ahead of Brazil summit

 

President Putin also called for enhanced cooperation among BRICS nations to support SME growth and urged member countries to identify priority areas for collaboration ahead of the next summit in Brazil. Referring to an investment platform Russia is developing with BRICS, he highlighted its potential to benefit all partner countries, particularly in providing financial resources to the economies of the Global South and East.

 

"I urge my BRICS colleagues to evaluate the current situation in key areas of cooperation, and we will certainly bring this to the attention of our Brazilian counterparts, who will be leading BRICS next year," he added.