Putin Praises Modi's Economic Efforts, Offers Russian Manufacturing in India

During the 15th VTB Investment Forum in Moscow, Russian President Vladimir Putin lauded India's stable economic conditions, praised its 'Make in India' initiative, and proposed setting up Russian manufacturing sites in India. He highlighted Russia's import substitution program and ROSNEFT's significant investment in India.

Russian President Vladimir Putin praised Indian Prime Minister Narendra Modi for fostering a conducive atmosphere for small and medium-sized enterprises, offering to bring Russian manufacturing to India. Putin made the remarks at the 15th VTB Investment Forum in Moscow, acknowledging India's economic framework as a model for stable business operations.

He pointed out the emergence of new Russian brands taking the place of Western ones that have left the market, underscoring local successes in consumer goods, IT, and agriculture. Russia exported grains worth USD 66 billion last year, a remarkable shift from the Soviet era of importing grains for USD 35 billion in 1988.

Putin likened Russia's import substitution initiative to India's 'Make in India' program, citing it as instrumental in promoting indigenous manufacturing. He highlighted that investments, such as Rosneft's USD 20 billion in India, signify the profitability of such ventures, advocating for greater BRICS collaboration to bolster SMEs.

(With inputs from agencies.)