Russian President Vladimir Putin acknowledged India’s efforts in fostering stable conditions for small and medium-sized enterprises (SMEs) during his address at the VTB Investment Forum in Moscow. Putin specifically referred to the “Make in India” initiative, led by Prime Minister Narendra Modi, as a framework that aligns with Russia’s import substitution program.
Putin highlighted Russia’s willingness to establish manufacturing operations in India, citing India’s focus on prioritizing national interests. He noted the alignment of India’s economic strategies with Russia’s initiatives, emphasizing the profitability of investments in India.
“Prime Minister Modi has a similar program called Make in India. We are ready to place our manufacturing site in India. The Prime Minister and the Government of India have been creating stable conditions through a policy that prioritizes India’s interests,” Putin said.
The Russian President discussed the relevance of Russia’s import substitution program, particularly in the context of BRICS’s focus on SME growth. He pointed to the emergence of new Russian brands that are replacing Western brands that have exited the market, along with the progress of local manufacturers in areas such as consumer goods, IT, and agriculture.
Putin also detailed Russia’s achievements in agriculture, noting the shift from grain imports during the Soviet era to becoming a grain exporter in recent years. He called for increased collaboration among BRICS nations to address SME growth and explore opportunities for enhanced trade and investment.
(ANI)