Russia is willing to set up industrial operations in India, according to Russian President Vladimir Putin, who also calls investments in the nation lucrative.
The Ministry of Commerce & Industry said in a statement Thursday
“During the 15th VTB Russia Calling Investment Forum in Moscow, Russian President Vladimir Putin praised Prime Minister Narendra Modi’s ‘India-first’ policy and the ‘Make in India’ initiative,“
Putin highlighted how these policies have greatly aided India’s development and highlighted the country’s progress in creating a stable atmosphere for growth.
India’s place in the world economy has been strengthened in large part by the Make in India campaign, which aims to improve manufacturing and draw in international investment. While acknowledging India’s economic advancements under Prime Minister Modi’s direction, President Putin emphasized this point. He highlighted the importance of the Prime Minister’s economic actions, especially the Make in India program, and praised the Indian government for attempting to deliver“stable conditions” for SMEs.
Russia to ‘Make in India’
President Putin stated Russia’s willingness to set up manufacturing operations in India, comparing the country’s import substitution program to India’s Make in India campaign and characterizing investments there as lucrative.
Russian President shares these views
“Prime Minister Modi has a similar program called Make in India. 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,”
He added that $20 billion had just been invested in India by the Russian corporation Rosneft.
In the context of BRICS’ development, President Putin again emphasized the significance of Russia’s import substitution policy, specifically its function in promoting the expansion of SMEs. In order to help SMEs in the BRICS+ countries conduct business more easily, he emphasized the necessity of a quick dispute-resolution process.
He drew attention to the fact that new Russian brands are taking the place of Western ones that are leaving the market. He pointed out that local Russian manufacturers have had impressive success in a number of fields, including high-tech, consumer goods, information technology (IT), and agriculture.
Ahead of the upcoming meeting in Brazil, President Putin also urged member nations to identify priority areas for collaboration and called for increased cooperation among BRICS countries to assist the growth of SMEs. He mentioned a platform for investment that Russia is creating with BRICS, emphasizing how it could help all of its partners, especially by supplying financial resources to the economies of the Global South and East.
He also added up
“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,”.
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