Business

Putin Commends Modi's 'Make in India' Initiative, Signals Interest in Manufacturing Partnerships

Speaking at the VTB Investment Forum in Moscow, Putin expressed interest in collaborating with India to establish manufacturing operations, highlighting the alignment between Russia's import substitution strategy and India's economic development goals.

• By Newsdesk
• New Delhi
• Dec 06, 2024

Business

Russian President Vladimir Putin has lauded Indian Prime Minister Narendra Modi's "Make in India" initiative, emphasizing its role in fostering a stable and attractive environment for small and medium-sized enterprises (SMEs). Speaking at the VTB Investment Forum in Moscow, Putin expressed interest in collaborating with India to establish manufacturing operations, highlighting the alignment between Russia's import substitution strategy and India's economic development goals.

"Prime Minister Modi has a similar program called 'Make in India.' We are prepared to set up our manufacturing base in India," Putin stated, as reported by ANI. He credited Modi's leadership for prioritizing national interests and creating favorable conditions for investment, which have bolstered India's appeal as a profitable destination for global businesses.

The Russian leader also shed light on his country's import substitution program, aimed at replacing Western products with domestic alternatives following the exit of international brands. Putin noted significant progress in various sectors, including consumer goods, IT, agriculture, and high-tech industries, which have thrived under this initiative.

In agriculture, for example, Putin highlighted Russia's transformation from a major grain importer in 1988 to a leading exporter, generating $66 billion in exports last year. He attributed this success to the efforts of Russian farmers and producers and underscored the potential for further advancements in technology and exports.

Putin also called for enhanced collaboration among BRICS nations, particularly in supporting SMEs, ahead of the 2025 BRICS Summit in Brazil. "I would encourage BRICS colleagues to analyze key areas for cooperation and engage with our Brazilian counterparts, who will chair the group next year," he said, emphasizing the importance of strengthening economic ties within the bloc.

The remarks underscore Russia's readiness to deepen economic and manufacturing partnerships with India, signaling a shared vision for growth and innovation.