President Vladimir Putin praised Prime Minister Narendra Modi's 'India-first' policy and the 'Make in India' initiative and expressed Russia's willingness to establish manufacturing operations in India.
Addressing the 15th VTB Russia Calling Investment Forum in Moscow, President Putin drew parallels between Russia's import substitution programme and India's 'Make in India' initiative.
The two-day forum started in Moscow on Wednesday.
"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," the Russian President said.
He highlighted that Russian oil giant Rosneft has invested $20 bn in India recently.
The 'Make in India' initiative, aimed at boosting manufacturing and attracting foreign investment, has played a key role in strengthening India's position in the global economy, he observed.
President Putin's remarks underscored India's economic progress under PM Modi's leadership. He lauded the Indian government and its efforts in creating "stable conditions" for small and medium-sized enterprises (SMEs), particularly highlighting the economic initiatives spearheaded by Prime Minister Narendra Modi, with a special focus on the 'Make in India' programme.
President Putin also highlighted the significance of Russia's import substitution programme in the context of BRICS' evolution, focusing on the growth of SMEs and the necessity for a rapid dispute resolution mechanism to facilitate smooth business transactions for SMEs in BRICS+ countries.
He pointed out the rise of new Russian brands that are replacing Western brands that have exited the market, noting the success of local Russian manufacturers in sectors such as consumer goods, IT, high-tech, and agriculture.
"For us, this is particularly important as part of our import substitution programme. The emergence of new Russian brands is helping replace those of Western companies that have voluntarily left our market. Our local manufacturers have achieved significant success, not only in consumer goods but also in IT and high-tech industries," he said.
President Putin also underlined the need for greater cooperation among BRICS nations to support the growth of SMEs and encouraged member countries to identify key areas for collaboration at the upcoming summit in Brazil next year.
Referring to the investment platform Russia is developing with BRICS, President Putin said that it has the potential to benefit all partner countries and is expected to become an important instrument for supporting our economies and providing financial resources to the countries 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," Putin added.
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