Russian President Vladimir Putin applauded Prime Minister Narendra Modi’s ‘India-first’ policy and the ‘Make in India’ initiative during the 15th VTB Russia Calling Investment Forum in Moscow, as per a release by the Ministry of Commerce & Industry on Thursday. He highlighted India’s consistent efforts in establishing a stable environment for economic growth, crediting these policies for driving significant progress.
The ‘Make in India’ initiative, aimed at boosting manufacturing and drawing foreign investment, has positioned India as a global economic force. Putin acknowledged India’s advancements under Modi’s leadership and emphasized the initiative’s role in fostering small and medium-sized enterprises (SMEs). He lauded the government’s ability to create stable conditions that encourage economic development.
Drawing a parallel to Russia’s import substitution program, President Putin expressed Russia’s interest in launching manufacturing operations in India, calling such investments advantageous. “Prime Minister Modi’s ‘Make in India’ initiative has inspired us, and we are ready to set up operations in India,” he stated. Putin highlighted Rosneft’s $20 billion investment in India as an example of successful collaboration.
He also pointed to the success of Russia’s local brands, which have replaced Western competitors across consumer goods, IT, high-tech industries, and agriculture. These achievements underscore the potential for similar advancements in BRICS countries.
Ahead of the upcoming BRICS summit in Brazil, President Putin urged member nations to strengthen SME-focused collaborations. He encouraged identifying priority sectors and leveraging the BRICS investment platform to channel financial support into economies across the Global South and East.
“I invite my BRICS colleagues to assess cooperation in key areas and will raise this during discussions with Brazil, which leads BRICS next year,” Putin remarked, emphasizing shared growth opportunities.
