India-Russia Relation: Russian President Vladimir Putin has highly praised Indian Prime Minister Narendra Modi's 'Make in India' initiative, calling it a cornerstone of a stable and progressive India. While addressing the 15th VTB Investment Forum in Moscow, Putin lauded the investment-friendly policies and economic stability fostered by PM Modi's leadership. He also offered to establish Russian manufacturing units in India.
Putin remarked that there are striking similarities between the economic policies of India and Russia. Russia's import substitution program, which focuses on promoting new Russian brands as alternatives to Western products, closely aligns with India's 'Make in India' initiative. He stated,
"Prime Minister Modi's 'Make in India' program is very similar to our import substitution policy. This initiative has played a significant role in strengthening India's position in the global economy."Growing Potential for Russian Investments in India
Putin described India as a symbol of stability and noted that PM Modi's
"India First" policy has made the country an attractive destination for global investors. He added,
"India enjoys stability today because its leadership prioritizes national interests. We believe investing in India is profitable."The Russian President further announced that Russia is prepared to set up manufacturing units in India. Rosneft, Russia's largest oil-producing company, has already invested $20 billion in India, demonstrating the robust economic partnership between the two nations.
Strengthening BRICS Collaboration
Putin emphasized the need for greater cooperation among BRICS countries to support the development of small and medium enterprises (SMEs). He encouraged BRICS members to identify key areas of collaboration ahead of the upcoming BRICS summit in Brazil to further enhance economic ties.
Putin’s Endorsement of Modi's Leadership
This is not the first time Putin has commended PM Modi. He has previously expressed admiration for Modi's policies and leadership style, acknowledging the Modi government's success in maintaining economic stability despite global challenges.
Russia's stance underlines the growing economic and strategic partnership between the two nations. This collaboration is poised to strengthen not only bilateral economic relations but also their influence on the global stage.
