Russian President Vladimir Putin has announced plans to establish manufacturing plants across India, lauding Prime Minister Narendra Modi’s “India-first” policies and the transformative ‘Make in India’ initiative. Speaking at the 15th VTB Russia Calling Investment Forum in Moscow, President Putin highlighted how India’s stable and growth-oriented policies have attracted significant international investment, including from Russia.
President Putin expressed admiration for PM Modi’s vision, describing the ‘Make in India’ program as a catalyst for India’s global economic ascent. “Prime Minister Modi has a program called ‘Make in India.’ We are 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.
As a testament to the robust Indo-Russian partnership, Putin pointed to Russian energy giant Rosneft’s recent $20 billion investment in India. This marks a significant step in deepening bilateral economic ties and underscores Russia’s confidence in India’s investment climate.
Focus on SMEs and BRICS Collaboration
President Putin also praised India’s focus on fostering small and medium-sized enterprises (SMEs), emphasizing that the creation of stable conditions for these businesses has contributed to India’s development and citizen well-being.
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In the context of international cooperation, Putin highlighted the evolving role of the BRICS and BRICS+ forums in supporting economic growth. He called for enhanced collaboration among BRICS nations, particularly in the SME sector, and urged member countries to identify key areas for partnership at the upcoming BRICS summit in Brazil next year.
Russia’s Vision for Global South and East
Referring to the investment platform Russia is developing with BRICS partners, Putin stressed its potential to serve as a vital tool for supporting economies in the Global South and East. He encouraged member nations to leverage this platform for mutual benefit, aiming to provide financial resources and strengthen economic resilience.
The announcement of Russian manufacturing plants in India signals a deepening of the strategic partnership between the two nations. This collaboration aligns with India’s goals under the ‘Make in India’ initiative and provides a significant boost to bilateral trade and investment.
As India continues its trajectory of economic growth, bolstered by stable policies and international collaboration, the partnership with Russia is poised to play a critical role in driving innovation, creating jobs, and strengthening the nation’s position on the global stage.
