Russian President Vladimir Putin has praised Prime Minister Narendra Modi’s “India-First” policy and the “Make in India” initiative , emphasising how these policies have contributed to India’s development.
Speaking at the 15th VTB Russia Calling Investment Forum, he acknowledged India’s efforts to foster a stable environment for growth. His remarks came days after the Kremlin announced that President Putin will visit India next year for the annual India-Russia Summit with PM Modi.
Advertisement
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, the Russian leader stressed.
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 PM Modi, with a special focus on the “Make in India” program.
President Putin drew parallels between Russia’s import substitution program and India’s “Make in India” initiative, expressing Moscow’s willingness to establish manufacturing operations in India. Investments in India are profitable, he added. He also emphasised that India’s leadership has focused on prioritising its national interests.
“Prime Minister Modi has a similar program 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,” stated the Russian President.
He also said that Russian company Rosneft invested USD 20 billion in the country recently.
President Putin also highlighted the significance of Russia’s import substitution program in the context of BRICS’s 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.
President Putin also urged 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, he said it has the potential to benefit all partner countries and is expected to become an important instrument for supporting the economies of BRICS nations 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,” he added.
