New Delhi: Russian President Vladimir Putin has recently praised India’s leadership under Prime Minister Narendra Modi, particularly highlighting the “Make in India” initiative as a significant driver for creating “stable conditions” for small and medium-sized enterprises (SMEs). Speaking at the 15th VTB Russia Calling Investment Forum in Moscow, Putin emphasised the parallels between Russia’s import substitution program and India’s manufacturing strategy, indicating Russia’s readiness to invest and establish manufacturing operations in India.
Putin noted that the Indian government’s efforts have fostered a favourable investment climate, which he described as profitable for foreign investors. He remarked, “Prime Minister Modi has a similar program called Make in India. We are also ready to place our manufacturing site in India,” underscoring the initiative’s role in attracting international business. He also mentioned that Russian oil giant Rosneft has recently invested $20 billion in India, reflecting strong economic ties between the two nations.
In addition to praising India’s economic initiatives, Putin called for enhanced collaboration among BRICS nations to support SME growth. He urged member countries to explore key areas of cooperation ahead of the upcoming BRICS summit in Brazil next year, emphasising the need for mechanisms that facilitate smooth business transactions within this group.
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