Russian President Vladimir Putin has hailed 'Make in India' initiative and the Prime Minister Narendra Modi-led government's stable policies, saying this would encourage Russian companies to set up manufacturing bases here.
He praised Prime Minister Modi's "India-First" Policy and "Make in India" Initiative at VTB Russia Calling Investment Forum in Moscow, a ministry of commerce and industry statement said here on Thursday.
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, Putin has said at a Russia's investment forum in Moscow. He said India has created stable conditions for small and medium-sized enterprises.
Putin has expressed Russia's willingness to establish manufacturing operations in India as investments in India are profitable.
"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," he has said, adding Russian company Rosneft has invested USD 20 billion in the country recently.
The president 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.
The statement said President Putin acknowledged India's efforts to foster a stable environment for growth, emphasising how these policies have contributed to India's development.
President Putin's remarks underscored India's economic progress under Prime Minister 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" program.
President Putin drew parallels between Russia's import substitution program and India's "Make in India" initiative, expressing Russia'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 $20 bn 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.
"For us, this is particularly important as part of our import substitution program. 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.
