Russian President Vladimir Putin praised Prime Minister Narendra Modi on his “India-first” policy and the “Make in India” initiative at the 15th VTB Russia Calling Investment Forum in Moscow.

According to the Russian President, India fosters a stable environment for growth, emphasising how these policies have contributed to India’s development.

What Is The ‘Make In India’ Initiative?

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 said.

Not only does the Russian President’s remarks underscore India’s economic progress under PM Modi’s leadership, he also lauded the Indian government and its efforts in creating “stable conditions” for small and medium-sized enterprises (SMEs), particularly highlighting the economic initiatives spearheaded by Prime Minister Narendra Modi, with a special focus on the “Make in India” Program.

Putin also drew parallels between Russia’s import substitution program and India’s “Make in India” initiative and expressed that Russia is willing to establish manufacturing operations in India. Investments in India are profitable as India’s leadership has focused on prioritising its national interests.

“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,” said Vladimir Putin.

The Russian company Rosneft invested USD 20 billion in the country recently, he added.

Putin 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.

He further urged his BRICS colleagues to cooperate better in key areas of cooperation, adding that this will be brought to the attention of their Brazilian counterparts who will lead BRICS next year.