Moscow, Dec 5 (IANS) – Russian President Vladimir Putin praised Prime Minister Narendra Modi's ‘Make in India’ initiative, emphasizing its alignment with Russia's own import substitution program, and expressed Russia’s readiness to establish manufacturing operations in India.
Speaking at the 15th VTB Russia Calling Investment Forum in Moscow, Putin highlighted the potential for deeper economic cooperation between Russia and India.
Key Highlights of Putin’s Address
Praise for 'Make in India'
Putin compared India's Make in India initiative with Russia's strategy to reduce reliance on imports and promote domestic manufacturing.
He commended the Indian government for fostering stable conditions conducive to investment, particularly for small and medium-sized enterprises (SMEs).
Investment in India
Putin revealed that Russian oil giant Rosneft has recently invested $20 billion in India, showcasing Russia's confidence in India's economic environment.
He emphasized that investing in India is profitable and that Russia is keen to expand its manufacturing footprint in the country.
SME Growth and BRICS Collaboration
Putin highlighted the success of Russian SMEs in replacing Western brands that exited the Russian market due to geopolitical tensions, especially in sectors like consumer goods, IT, high-tech, and agriculture.
He underscored the need for greater cooperation among BRICS nations to support SME growth and facilitate smooth business transactions.
Putin called for the development of a rapid dispute resolution mechanism to enhance business operations within BRICS+ countries.
Future of BRICS Cooperation
Putin urged BRICS nations to identify key areas of collaboration for the upcoming BRICS summit in Brazil next year.
He mentioned the creation of an investment platform for BRICS countries aimed at supporting the economies of the Global South and East by providing financial resources and fostering economic development.
"This platform will serve as an important tool for supporting our economies and strengthening our partnerships, " he said.
Russia's Economic Resilience
Putin also highlighted the emergence of new Russian brands in response to the departure of Western companies, noting significant progress in sectors like IT and high-tech industries.
He reiterated Russia’s commitment to advancing technological sovereignty and developing infrastructure to support economic growth.
Strengthening India-Russia Relations
Putin's remarks underscore the growing economic and strategic partnership between India and Russia, with the ‘Make in India’ initiative playing a pivotal role in attracting Russian investments and fostering bilateral trade. Both nations are poised to explore new opportunities for collaboration in sectors like energy, infrastructure, technology, and SMEs in the coming years.