5 DEC ( Press Ki Taquat ) :
Russian President Vladimir Putin praised the Indian government and its leadership for fostering “stable conditions” conducive to the growth of small and medium-sized enterprises (SMEs), particularly commending the economic initiatives spearheaded by Prime Minister Narendra Modi, including the “Make in India” campaign.
During his address at the VTB Investment Forum in Moscow on Wednesday, Putin drew parallels between Russia’s import substitution strategy and India’s “Make in India” initiative, expressing Russia’s willingness to establish manufacturing facilities in India. He acknowledged that the Indian leadership has been prioritizing national interests, which has contributed to the favorable business environment. “Prime Minister Modi has a similar program called Make in India. We are also ready to place our manufacturing site in India… The Prime Minister of India and the Government of India have been creating stable conditions and this is because the Indian leadership has been pursuing an India-first policy, and we believe that investments in India are profitable,” stated the Russian President.
Putin further highlighted the significance of Russia’s import substitution program in relation to the BRICS initiative, emphasizing the necessity for a swift dispute resolution mechanism to facilitate the operations of SMEs within BRICS+ nations. He remarked on the rise of new Russian brands that are filling the void left by Western companies that have exited the market, noting the achievements of local manufacturers across various sectors, including consumer goods, information technology, high-tech industries, and agriculture. “For us, it has special relevance as part of the import substitution program, with the emergence of new Russian brands entering our market, which are replacing the brands by Western partners who have voluntarily left our market. Our local manufacturers have been quite successful not only in consumer goods but also in IT and high tech,” he remarked. He also pointed out the growth in the agricultural sector, citing that while the Soviet Union imported grain worth USD 35 billion in 1988, last year, Russia exported grain valued at USD 66 billion.
