Finance
President Vladimir Putin welcomed Prime Minister Narendra Modi’s ‘India-first’ strategy and the ‘Make in India’ program, emphasizing Russia’s desire to build manufacturing operations in India.
President Putin spoke at the 15th VTB Russia Calling Investment Forum in Moscow, drawing comparisons between Russia’s import substitution programme and India’s ‘Make in India’ effort.
The two-day forum began in Moscow on Wednesday.
“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,” the Russian President said.
He highlighted that Russian oil giant Rosneft has invested $20 bn in India recently.
The ‘Make in India’ project, which aims to expand manufacturing and attract foreign investment, has played an important role in enhancing India’s standing in the global economy, he stated.
President Putin’s remarks highlighted India’s economic success under Prime Minister Modi’s leadership. He praised the Indian government for its efforts to provide “stable conditions” for small and medium-sized firms (SMEs), noting Prime Minister Narendra Modi’s economic measures, with a special emphasis on the ‘Make in India’ project.
President Putin also emphasized the importance of Russia’s import substitution program in the context of BRICS evolution, concentrating on SMEs’ growth and the need for a quick dispute resolution system to assist smooth business transactions for SMEs in BRICS+ nations.
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 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,” he said.
President Putin also emphasized the need for stronger cooperation among BRICS nations to assist the expansion of SMEs, and he encouraged member countries to identify major areas for collaboration at the forthcoming summit in Brazil next year.
President Putin stated that the investment platform Russia is developing with BRICS has the potential to benefit all partner countries and will become an important instrument for supporting our economies and providing 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.
Source: IANS
