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Russia will set up manufacturing plants across India, Vladimir Putin said today as he praised Prime Minister Narendra Modi for his "India-first" policies. President Putin, who spoke at an investment summit in Moscow today, said he was impressed by how PM Modi's 'Make in India' initiative was "strengthening India's position globally".
Expressing his admiration for Prime Minister Modi, President Putin acknowledged how New Delhi's policies have contributed to India's development by creating a a stable environment for growth.
Impressed with the 'Make in India' policy, Mr Putin said, "Prime Minister Modi has a program called Make in India. We are also ready to set up our manufacturing operations in India. The Indian government, under the Prime Minister's leadership, has been creating stable conditions, driven by a policy of putting India first. We believe that investing in India is profitable." He said that Russian company Rosneft has recently invested $20 billion in India.
Mr Putin also emphasised how India's leadership has focused on "prioritising its national interests" which has translated to India's robust growth and the well-being of its citizens, making a special mention of how India created "stable conditions" for small and medium-sized enterprises (SMEs).
In his speech at the 15th VTB Russia Calling Investment Forum, President Putin also highlighted the significance of the evolution of the BRICS and BRICS+ forums and the contribution of Russia's import substitution program in that context.
President Putin also urged for greater cooperation among BRICS nations to support the growth of SMEs and encouraged member countries to identify key areas for collaboration at the upcoming summit in Brazil next year. "I urge my BRICS colleagues to evaluate the current situation in key areas of cooperation," he said.
Referring to the investment platform Russia is developing with partner countries in BRICS, President Putin said that it has the potential to benefit all partners and is expected to become an important instrument for supporting our economies and providing financial resources to the countries of the Global South and East.