Putin Commends PM Modi's 'Make in India' Initiative, Signals Russian Investment Readiness
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Moscow, Dec 5 (NationPress) President Vladimir Putin commended Prime Minister Narendra Modi's India-first policy along with the Make in India initiative while indicating Russia's readiness to launch manufacturing activities in India.
During his speech at the 15th VTB Russia Calling Investment Forum in Moscow, President Putin compared Russia's import substitution program with India's Make in India initiative.
The two-day forum commenced in Moscow on Wednesday.
"Prime Minister Modi has a similar initiative known as Make in India. We are also prepared to establish our manufacturing operations in India. The Indian government, under the Prime Minister's guidance, has been fostering stable conditions through a policy that prioritizes India. We recognize that investing in India is advantageous," stated the Russian President.
He noted that the Russian oil corporation Rosneft has recently invested $20 billion in India.
The Make in India initiative, designed to enhance manufacturing and draw foreign investment, has significantly contributed to India's standing in the global economy, he remarked.
President Putin's comments highlighted India's economic advancements under PM Modi's leadership. He praised the Indian government's initiatives in establishing "stable conditions" for small and medium enterprises (SMEs), particularly emphasizing the economic measures led by Prime Minister Narendra Modi, with a specific focus on the Make in India program.
Additionally, President Putin stressed the importance of Russia's import substitution program in light of the evolution of BRICS, concentrating on the expansion of SMEs and the need for a swift dispute resolution system to facilitate seamless business dealings for SMEs in BRICS+ nations.
He noted the emergence of new Russian brands that are taking the place of Western brands that have exited the market, pointing to the achievements of local Russian manufacturers in sectors like consumer goods, IT, high technology, and agriculture.
"For us, this is especially significant as part of our import substitution program. The growth of new Russian brands is aiding in replacing those of Western companies that have voluntarily withdrawn from our market. Our domestic manufacturers have seen notable success, not just in consumer goods but also in IT and high-tech sectors," he added.
President Putin also emphasized the necessity for enhanced collaboration among BRICS countries to foster the growth of SMEs and encouraged member nations to pinpoint key areas for cooperation at the forthcoming summit in Brazil next year.
Discussing the investment platform being developed by Russia in collaboration with BRICS, President Putin remarked that it has the potential to benefit all partner nations and is anticipated to become a crucial tool for bolstering our economies and providing financial resources to the Global South and East countries.
"I urge my BRICS colleagues to assess the current status of key cooperation areas, and we will certainly bring this to the attention of our Brazilian counterparts, who will be leading BRICS next year," Putin concluded.
