In a significant endorsement of India’s economic policies, Russian President Vladimir Putin has praised Prime Minister Narendra Modi’s ‘Make in India’ initiative and announced Russia’s readiness to establish manufacturing operations within India. Speaking at the 15th VTB Russia Calling Investment Forum in Moscow, Putin highlighted the profitability of investing in India and commended the Indian government’s commitment to national-centric development strategies.
Russia’s Commitment to ‘Make in India’
President Putin drew parallels between Russia’s import substitution program and India’s ‘Make in India’ campaign, expressing a willingness to set up Russian manufacturing facilities in India. He stated, “Prime Minister Modi has a similar program called ‘Make in India.’ We are also ready to place our manufacturing site in India.” This move aligns with India’s efforts to boost domestic manufacturing and attract foreign direct investment.
Stable Investment Climate**
Putin acknowledged the Indian leadership’s focus on creating a stable and conducive environment for economic growth. He noted that the ‘Make in India’ initiative has strengthened India’s global economic position by enhancing manufacturing capabilities and attracting foreign investments. The Russian President emphasized that such policies have been instrumental in supporting India’s advancement.
**Significant Russian Investments in IHighlighting the deepening economic ties between the two nations, Putin revealed that Russian oil producer Rosneft has recently invested $20 billion in India. This substantial investment underscores the mutual benefits of the Indo-Russian partnership and reflects the confidence Russian enterprises have in India’s market potential.
Enhancing BRICS Collaboration
President Putin also advocated for enhanced collaboration among BRICS nthe development of small and medium-sized enterprises (SMEs). He suggested that member states identify primary areas for partnership at the upcoming summit in Brazil. Putin discussed Russia’s developing investment platform with BRICS, highlighting its potential advantages for partner nations and its role in supporting economies and providing financial resources to countries in the Global South and East.
Conclusion
President Putin’s commendation of Prime Minister Modi’s ‘Make in India’ initiative and the announcement of Russian manufacturing operations in India signify a strengthening of economic ties between the two nations. These developments not only bolster India’s manufacturing sector but also pave the way for increased foreign investment, reflecting the success of India’s economic policies on the global stage.