Putin applauds Modi’s ‘India-First, Make in India’ policies

New Delhi, Dec 5: Russian President Vladimir Putin commended Indian Prime Minister Narendra Modi's "India-First" policy and the "Make in India" initiative, calling them transformative for India's economic landscape.

He also praised the Indian government’s efforts to create a stable business environment, particularly for small and medium-sized enterprises (SMEs), and expressed Russia’s eagerness to deepen economic collaboration with India. Putin was speaking at the 15th VTB Russia Calling Investment Forum in Moscow.

“Prime Minister Modi has a similar 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,” said President Putin during his address.

Russian President Putin drew parallels between Russia’s import substitution program and India’s "Make in India" initiative, highlighting the mutual potential in manufacturing and investment.

Putin said that Russian companies, including Rosneft, have already made significant investments in India, citing Rosneft’s $20 billion investment as an example of Russia’s confidence in India’s economic vision.

"India’s leadership has focused on prioritising its national interests, creating favourable conditions for business. These efforts have solidified India’s standing in the global economy," Putin stated. The Russian leader also highlighted the growth of Russian brands as part of his country’s import substitution strategy, emphasising the success of domestic manufacturers in sectors such as consumer goods, IT, and high-tech industries.

"For us, this is particularly important as part of our import substitution program. The emergence of new Russian brands is helping replace those of Western companies that have voluntarily left our market," he added.

President Putin highlighted the critical role of the BRICS investment platform in fostering cooperation among member nations, particularly in supporting SMEs and economies in the Global South.

Putin urged BRICS nations to identify collaborative opportunities ahead of the summit in Brazil next year, emphasizing that the investment platform could be a game-changer for economic development in member states.

"I urge my BRICS colleagues to evaluate the current situation in key areas of cooperation, and we will certainly bring this to the attention of our Brazilian counterparts, who will be leading BRICS next year," Putin said.

The Russian President also stressed the need for a rapid dispute resolution mechanism to streamline business transactions among SMEs in BRICS countries.

President Putin’s remarks reflect a broader vision of enhancing Russia-India economic ties while leveraging multilateral platforms like BRICS to promote inclusive growth.

As Russia continues to pivot towards strengthening ties with the Global South and East, Putin’s endorsement of India's policies reinforces the strategic importance of the India-Russia partnership in shaping the future of the global economy.