Moscow: Russian president Vladimir Putin has praised India's economic environment under Prime Minister Narendra Modi, highlighting ‘stable conditions’ created for small and medium-sized enterprises (SMEs). Speaking at the 15th VTB Investment Forum in Moscow on Wednesday, Putin expressed Russia’s willingness to establish manufacturing sites in India and underscored the alignment between India's 'Make in India' initiative and Russia's import substitution programme.
Putin noted the emergence of new Russian brands that have successfully replaced Western ones, particularly in consumer goods, IT, high-tech industries, and agriculture. He credited Russian farmers and producers for a significant transformation in agriculture, pointing out that while the Soviet Union imported 35 billion dollars worth of grains in 1988, Russia exported 66 billion dollars worth last year.
"This transformation reflects the capability of our local manufacturers across sectors, including agriculture and high-tech industries. Expanding avenues for exports and collaboration remains essential," Vladimir Putin said.
Putin Highlighted India’s Proactive Focus Like ‘Make In India’
Drawing parallels between the two nations' policies, Putin highlighted India's proactive focus on fostering domestic industries through initiatives like ‘Make in India.’ He stated, ‘We are ready to establish Russian manufacturing sites in India, as demonstrated by Rosneft's 20 billion dollars investment in India's economy.’
Rosneft, Russia's largest oil producer, has played a key role in cementing economic ties between the two nations. Putin emphasized that India offers profitable opportunities for investment due to its stable policy framework and leadership prioritizing national interests.
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Putin Calls For Stronger Collaboration Within BRICKS Bloc
Addressing the importance of SME growth, Putin called for stronger collaboration within the BRICS bloc, which includes Brazil, Russia, India, China, and South Africa. He urged the group to explore new areas of cooperation and emphasized that Brazil, as the next BRICS chair, would play a pivotal role in advancing this agenda.
"We encourage BRICS representatives to assess the current landscape of cooperation and propose actionable measures for strengthening partnerships," he said. The Russian president's remarks underscore a broader effort to deepen bilateral ties with India and expand economic cooperation across multiple sectors.
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