New Delhi, 5 DEC ( Sumit Joshi ) : Russian President Vladimir Putin commended the Indian government and its leadership for creating a “stable environment” that fosters the growth of small and medium-sized enterprises (SMEs), particularly praising the economic initiatives led by Prime Minister Narendra Modi, including the “Make in India” campaign.
Speaking at the VTB Investment Forum in Moscow on Wednesday, Putin compared Russia’s import substitution efforts to India’s “Make in India” program, and expressed Russia’s readiness to establish manufacturing plants in India. He noted that the Indian government has focused on prioritizing national interests, which has contributed to a conducive business climate. “Prime Minister Modi has a similar initiative called Make in India. We are also ready to establish manufacturing facilities in India… The Indian government has been creating stable conditions through its India-first policy, and we believe that investments in India are highly rewarding,” said the Russian leader.
Putin also emphasized the importance of Russia’s import substitution strategy within the BRICS framework, stressing the need for an effective dispute resolution mechanism to support SMEs in BRICS+ countries. He highlighted the emergence of new Russian brands that are filling the gaps left by Western companies exiting the market, noting the accomplishments of local manufacturers in a variety of sectors, such as consumer goods, information technology, high-tech industries, and agriculture. “This is especially significant for us as part of our import substitution program, with new Russian brands entering our market, replacing those left behind by Western companies. Our domestic manufacturers have been quite successful, not just in consumer goods, but also in IT and high-tech sectors,” he said. Putin also pointed to the growth of Russia’s agricultural industry, mentioning that while the Soviet Union imported $35 billion worth of grain in 1988, Russia exported $66 billion worth of grain last year.
