Putin Praises Modi’s ‘Make in India’ and Expresses Russia’s Willingness to Invest in India
Russian President Vladimir Putin has lauded Prime Minister Narendra Modi’s ‘India-first’ policy and the ‘Make in India’ initiative, emphasizing Russia’s willingness to establish manufacturing operations in India. Speaking at the 15th VTB Russia Calling Investment Forum in Moscow, Putin drew comparisons between India’s ‘Make in India’ and Russia’s import substitution programme, highlighting the growing economic ties between the two countries.
Putin noted that India’s economic progress under PM Modi’s leadership, particularly the creation of a stable business environment, has made the country an attractive investment destination. “We are ready to set up our manufacturing operations in India. The Indian government, under Prime Minister Modi’s leadership, has been creating stable conditions, driven by a policy of putting India first,” Putin said, further emphasizing the profitability of investing in India.
Highlighting Russia’s increasing investments in India, the Russian President mentioned that Rosneft, Russia’s oil giant, recently invested $20 billion in the country. He also emphasized the role of the ‘Make in India’ initiative in strengthening India’s position in the global economy, particularly in the manufacturing sector.
Putin discussed Russia’s import substitution programme, which is crucial to its economic strategy, especially in light of the exit of Western companies from the market. He pointed to the success of Russian brands emerging in sectors such as consumer goods, IT, high-tech, and agriculture, replacing foreign brands that left the country. “Our local manufacturers have achieved significant success, not only in consumer goods but also in IT and high-tech industries,” Putin added.
The Russian President also underscored the importance of cooperation among BRICS nations, particularly in supporting the growth of small and medium-sized enterprises (SMEs). He expressed the need for a rapid dispute resolution mechanism to facilitate business transactions within BRICS countries.
Looking ahead to next year’s BRICS summit in Brazil, Putin encouraged BRICS members to collaborate more closely and identify key areas for joint efforts. He also referred to an investment platform being developed by Russia in collaboration with BRICS, which aims to provide financial support to economies in the Global South and East.
Putin concluded by urging BRICS nations to assess the current situation in key cooperation areas, emphasizing that the upcoming summit would play a significant role in enhancing economic and financial cooperation among member countries.
