Putin Praises India's Economic Policies, Lauds Modi's 'Make in India'

Russian President Vladimir Putin commended the Indian government for fostering "stable conditions" for small and medium-sized enterprises (SMEs) and lauded its economic policies, particularly the "Make in India" initiative led by Prime Minister Narendra Modi. Speaking at the VTB Investment Forum in Moscow on Wednesday, Putin drew parallels between Russia's import substitution program and India's flagship initiative while expressing readiness to establish manufacturing operations in India.

"Prime Minister Modi has a similar program called Make in India. We are also ready to place our manufacturing site in India... The Prime Minister of India and the Government of India have been creating stable conditions and this is because the Indian leadership has been pursuing India comes first policy and we believe that investments in India are profitable," Putin stated.

He further highlighted India's focus on prioritizing national interests as a key factor in creating a favorable investment environment.

The Russian leader also elaborated on the relevance of his country's import substitution program, particularly in the context of BRICS's emphasis on SME development and the need for a streamlined dispute resolution mechanism for SMEs operating within BRICS+ nations.

Discussing the growth of domestic industries, Putin remarked, "For us, it has special relevance as part of the import substitution program, we advent of new Russian brands entering our market, which are replacing the brands by Western partners who have voluntarily left our market. And our local manufacturers have been quite successful not only in consumer goods but also in IT and high tech."

He underscored the success of Russia's agricultural sector, noting, "In agriculture, the number of our manufacturers and producers keeps growing. In 1988, the Soviet Union imported grain for USD 35 billion, and last year, we exported grain to the tune of USD 66 billion, and this is largely the merit of our farmers and producers. And in all these sectors of the Russian Federation, including high-tech ones, there is an acute need to expand opportunities to sell and export products."

Putin also called for enhanced collaboration among BRICS nations to support SME growth, urging member states to identify key areas of cooperation ahead of the 2025 BRICS summit in Brazil. "I would ask colleagues of the BRICS corporation to analyse the situation on the main areas of cooperation, and we will definitely draw the attention of Brazilian colleagues who will chair BRICS next year," he said.

The Russian President’s remarks reflect the growing alignment of economic policies and shared priorities among BRICS nations, particularly in promoting self-reliance and bolstering SME sectors.