Russian President Vladimir Putin praised the Indian government, led by Prime Minister Narendra Modi, for creating “stable conditions” for small and medium-sized enterprises (SMEs) in India. Speaking at the VTB Investment Forum in Moscow, as quoted by ANI, Putin highlighted the synergies between Russia’s import substitution program and India’s “Make in India” initiative, noting Russia’s willingness to set up manufacturing operations in India.
Putin noted that Modi’s leadership focuses on prioritizing India’s national interests and creating favourable investment conditions. “Prime Minister Modi has a similar program called Make in India. We are also ready to place our manufacturing site in India,” Putin said, adding that investments in India are seen as profitable due to the country’s stable environment.
Putin also underscored the importance of Russia’s import substitution program, which aims to replace Western brands that have exited the market with local alternatives. He mentioned the success of Russian manufacturers across various sectors, including consumer goods, IT, high-tech, and agriculture, which have benefited from this initiative.
“In agriculture, for instance, Russia went from importing $35 billion worth of grain in 1988 to exporting $66 billion last year,” Putin said. He credited Russian farmers and producers for this growth, further emphasizing the country’s progress in sectors like high-tech, where there is a growing demand for expanded export opportunities.
The Russian President also called for greater collaboration among BRICS countries to support the growth of SMEs and urged member nations to assess potential areas of cooperation ahead of next year’s BRICS summit in Brazil.
“I would ask colleagues of the BRICS corporation to analyze the situation on the main areas of cooperation, and we will definitely draw the attention of Brazilian colleagues who will chair BRICS next year,” Putin concluded. (Money Control)
