Russia willing to set up manufacturing operations in India? At the VTB Investment Forum in Moscow, the Russian president Vladimir Putin drew parallels between Russia’s import substitution programme and India’s “Make in India” initiative. He indicated Russia’s readiness to establish manufacturing units in India, recognising the Indian government’s emphasis on national priorities.
“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 India comes first policy and we believe that investments in India are profitable,” the Russian President said according to a Ministry of Commerce & Industry release.
During the 15th VTB Russia Calling Investment Forum, Putin commended PM Narendra Modi‘s national-centric approach and the “Make in India” programme. He recognised India’s successful creation of a stable environment conducive to growth, noting how these policies have supported India’s advancement.
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Putin highlighted how the “Make in India” initiative has strengthened India’s global economic position by enhancing manufacturing and drawing foreign investments. His observations emphasised India’s economic achievements under PM Modi’s administration. He particularly noted the government’s success in establishing favourable conditions for small and medium-sized enterprises.
According to a Reuters report, Russian oil producer Rosneft invested $20 billion in India recently, the Indian government quoted Putin as saying.
The Russian President advocated for enhanced collaboration amongst BRICS nations to bolster SME development and suggested member states identify primary areas for partnership at the upcoming Brazilian summit. He discussed Russia’s developing investment platform with BRICS, suggesting its potential advantages for partner nations and its role in supporting economies and providing financial resources to Global South and East countries.
“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,” he added.