President Vladimir Putin believes that investing in India is “profitable” and announced that Russia is now ready to set up its manufacturing operation in India.
Putin also praised Prime Minister Narendra Modi for his “India-first” policy and the “Make in India” initiative.
Addressing the 15th VTB Russia Calling Investment Forum, Putin said that under the leadership of PM Modi, the Indian government has been creating stable conditions for growth and development.
The Russian President also emphasised that India’s leadership has focused on prioritising its national interests.
“We are also ready to set up our manufacturing operations in India. The Indian government, under the Prime Minister’s leadership, has been creating stable conditions, driven by a policy of putting India first. We believe that investing in India is profitable,” Putin said, adding that Russian company Rosneft has already invested $20 billion in India.
Putin also drew parallels between Russia’s import substitution program and India’s “Make in India” initiative, to further express Russia’s willingness to establish manufacturing operations in India.
“The ‘Make in India’ initiative, aimed at boosting manufacturing and attracting foreign investment, has played a key role in strengthening India’s position in the global economy,” Putin further said.
The Russian President also praised the Indian government’s efforts in creating “stable conditions” for small and medium-sized enterprises.
In his address, Putin also highlighted the significance of Russia’s import substitution program in the context of Brics’s evolution, focusing on the growth of SMEs and the necessity for a rapid dispute resolution mechanism to facilitate smooth business transactions for SMEs in Brics+ countries.
Putin also urged for greater cooperation among Brics nations to support the growth of SMEs and encouraged member countries to identify key areas for collaboration at the summit in Brazil next year.
“I urge my BRICS colleagues to evaluate the current situation in key areas of cooperation, and we will certainly bring this to the attention of our Brazilian counterparts, who will be leading BRICS next year,” he added.
Mentioning about the investment platform which Russia has been developing with partner countries in Brics, Putin said that it has the potential to benefit all partners and is expected to become an important instrument for supporting our economies and providing financial resources to the countries of the Global South and East.
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