President Vladimir Putin lauded Prime Minister Narendra Modi’s ‘India-first’ policy and the ‘Make in India’ initiative, emphasizing Russia’s interest in establishing manufacturing operations in India.
Speaking at the 15th VTB Russia Calling Investment Forum in Moscow, Putin highlighted the similarities between Russia’s import substitution programme and India’s ‘Make in India’ initiative.
Putin stated, “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.”
Putin also pointed to Russia’s substantial investment in India, mentioning that Russian oil giant Rosneft had recently invested $20 billion in the country.
He noted that the ‘Make in India’ initiative, designed to promote manufacturing and attract foreign investment, has played a significant role in enhancing India’s global economic standing.
The Russian president further praised India’s economic progress under PM Modi’s leadership, commending the Indian government’s efforts to create favorable conditions for small and medium-sized enterprises (SMEs).
He also discussed the role of Russia’s import substitution programme in the evolving BRICS framework, stressing the importance of promoting SME growth and establishing efficient dispute resolution mechanisms within BRICS+ countries.
Putin highlighted the success of new Russian brands that have filled the gap left by Western companies exiting the market.
He pointed to the achievements of Russian manufacturers in sectors like consumer goods, IT, high-tech, and agriculture as part of the country’s import substitution drive.
“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,” Putin further asserted.
Putin called for increased cooperation among BRICS nations to support the growth of SMEs and urged member countries to identify areas for collaboration at the upcoming summit in Brazil next year.
He also referenced the investment platform Russia is developing with BRICS, which he believes will provide vital financial resources to countries in 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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