President Vladimir Putin lauded the 'India-first' policy of Prime Minister Narendra Modi, the 'Make in India' initiative, and expressed willingness on Russia's part to set up manufacturing operations in India.
Speaking at the 15th VTB Russia Calling Investment Forum held in Moscow, President Putin drew a parallel between the import substitution programme of Russia and 'Make in India' initiative of India.
The two-day forum has begun in Moscow on Wednesday.
"Prime Minister Modi has a similar programme called Make in India. We are also ready to set up our manufacturing operations in India. The Indian government, under the leadership of the Prime Minister, is working on creating stable conditions that follow the policy of India First. We think investing in India is profitable," said Russian President.
He referred that Russian oil giant Rosneft has invested $20 bn recently in India.
The 'Make in India' initiative, focused on enhancing manufacturing and encouraging foreign investment, has been crucial to his efforts in fortifying India's standing in the world economy, he noted.
President Putin's statements underlined the economic development of India under PM Modi. He praised the Indian government and its efforts to create "stable conditions" for small and medium-sized enterprises (SMEs), especially the economic initiatives taken by Prime Minister Narendra Modi, focusing particularly on the 'Make in India' programme.
President Putin also touched upon the importance of Russia's import substitution program in the context of BRICS' 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.
He says new Russian brands are rising in place of the West ones which have left the market; these have been successful in such industries as consumer goods, IT, high-tech, and agriculture.
"For us, this is particularly important as part of our import substitution programme. The emergence of new Russian brands is helping replace those of Western companies that have voluntarily left our market. Our local manufacturers have achieved significant success, not only in consumer goods but also in IT and high-tech industries," he said.
President Putin also emphasized the need for increased cooperation among BRICS nations to help SMEs grow and encouraged member countries to identify key areas for collaboration at the next summit in Brazil next year.
Referring to the investment platform Russia is working on with BRICS, President Putin pointed out that it can prove useful to all the member states, and will come in time as an important instrument of supporting our economies and of giving countries of the Global South and East access to financial resources.
"I address my BRICS colleagues on this occasion, urging them to take a comprehensive view of the existing situation in the key cooperation areas, and we will clearly inform our Brazilian colleagues, as Brazil will lead BRICS next year," Putin stated.
Read also| Kuwait Foreign Minister Hails PM Modi as One of the Wisest Global Leaders
Read also| Trump Appoints Loyalist and Trade Hardliner as Senior Advisor
