Moscow: Russia has expressed its intent to set up manufacturing facilities in India, with President Vladimir Putin lauding Prime Minister Narendra Modi’s ‘Make in India’ initiative. Speaking at the 15th VTB Russia Calling Investment Forum, Putin drew parallels between Russia’s import substitution programme and India’s manufacturing push, emphasising shared goals of economic self-reliance and industrial growth.
Highlighting the stable conditions under the Modi-led government, Putin said, “We are ready to establish our manufacturing operations in India. Investing in India is profitable.” He pointed to Rosneft’s recent $20 billion investment as an example of Russia’s commitment.
The ‘Make in India’ policy, aimed at boosting manufacturing and attracting foreign investment, has significantly strengthened India’s global economic position, Putin noted. He praised the Indian government for creating an ecosystem conducive to the growth of small and medium enterprises (SMEs), which he said is vital for the BRICS bloc’s economic evolution.
BRICS
Putin also stressed the importance of collaboration within BRICS nations, particularly in facilitating SME growth and creating a dispute resolution mechanism for seamless business. He called for identifying key areas of partnership ahead of the BRICS summit in Brazil next year, with a focus on fostering innovation and economic resilience.
Drawing attention to Russia’s import substitution programme, Putin highlighted the rise of local brands replacing Western companies that exited the market. He noted successes in sectors like IT, agriculture, and consumer goods, which align with India’s manufacturing ambitions.
“The emergence of new Russian brands reflects significant progress, particularly in high-tech industries and consumer markets,” Putin said.
As BRICS plans a unified investment platform to support economies across the Global South, Putin urged partner nations to enhance cooperation. He emphasized that such initiatives could drive mutual growth and bolster the bloc’s economic footprint globally.
