Putin lauds 'Make in India,' says willing to invest
What's the story
Russian President Vladimir Putin has said he is ready to set up manufacturing operations in India at the 15th VTB Russia Calling Investment Forum in Moscow.
"Prime Minister Modi has a similar program called Make in India. We are also ready to set up our manufacturing operations in India," Putin said during the forum.
Economic admiration
Putin praises India's economic growth and SME support
Putin praised India's economic growth and stability under Prime Minister Narendra Modi's leadership.
He particularly appreciated the "Make in India" initiative for its major role in India's economic development.
The Russian leader also emphasized the success of Indian policies in creating a stable environment for small and medium-sized enterprises (SMEs).
These efforts, he said, are in line with Russia's import substitution program to promote local brands over Western ones.
Investment potential
Russia views India as profitable investment destination
Putin also emphasized Russia's perception of India as a lucrative investment destination. He mentioned recent investments like Rosneft's $20 billion foray into the Indian market as proof.
The two countries have seen a fivefold increase in bilateral trade in five years, hitting a record $66 billion in 2024.
Both countries hope to increase this to $100 billion by 2030, with key sectors for cooperation being railways, pharmaceuticals, IT, aviation, and cybersecurity.
BRICS cooperation
Putin advocates for BRICS collaboration to support SMEs
At the forum, Putin also stressed the need for BRICS nations to work together to promote SME growth and make business transactions smoother.
He called on member countries to identify key areas of cooperation at the upcoming BRICS summit in Brazil next year.
"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," he added.