Russian Leader Advocates for Enhanced India-Russia Manufacturing Ties and BRICS Cooperation to Boost Global South Economies

AB News, New Delhi, December 6, 2024: In a significant endorsement of India’s economic initiatives, Russian President Vladimir Putin praised Prime Minister Narendra Modi’s “India-First” policy and the “Make in India” initiative during the 15th VTB Russia Calling Investment Forum held in Moscow. President Putin commended India for fostering a stable environment conducive to growth and highlighted the importance of collaboration between the two nations.

Speaking at the forum, President Putin noted, “The ‘Make in India’ initiative has played a key role in strengthening India’s position in the global economy.” He recognized PM Modi’s efforts in creating favorable conditions for investment, particularly for small and medium-sized enterprises (SMEs). He specifically lauded the Indian government’s strategy of prioritizing national interests, which aligns with Russia’s own ongoing export substitution program.

Emphasizing the potential for increased bilateral trade and investment, President Putin declared, “We are ready to establish our manufacturing operations in India. We believe that investing in India is profitable.” He referenced a recent significant investment by the Russian company Rosneft, amounting to $20 billion, as a testament to the confidence in India’s economic landscape.

President Putin drew parallels between the goals of Russia’s import substitution program and India’s “Make in India” initiative. He noted, “Prime Minister Modi has a similar program called ‘Make in India.’ The Indian government, under his leadership, has been creating stable conditions driven by a policy of putting India first.”

Furthering the discussion on cooperation, President Putin emphasized the importance of nurturing small and medium-sized enterprises within the BRICS framework. He underlined the need for a rapid dispute resolution mechanism to facilitate smoother business transactions among BRICS+ countries, ensuring a supportive ecosystem for SMEs.

Highlighting the resilience of the Russian economy, President Putin remarked on the emergence of new Russian brands that are filling the void left by Western companies that exited the market, stating, “Our local manufacturers have achieved significant success, not only in consumer goods but also in the IT and high-tech industries.”

President Putin also called for enhanced cooperation among BRICS nations, particularly in the realm of SME growth, encouraging member countries to pinpoint key areas for collaboration at the upcoming BRICS summit in Brazil next year. He touted the investment platform that Russia is developing within BRICS, which he believes will serve as a vital instrument for supporting economies in the Global South and East.

“I urge my BRICS colleagues to evaluate the current situation in key areas of cooperation as we look towards the summit in Brazil,” he added.

President Putin’s remarks underscore the potential for deepening ties between India and Russia, as well as a broader commitment to mutual economic growth through strategic partnerships and enhanced cooperation within the BRICS framework. As both nations strive to expand their global influence, the focus on manufacturing and SME development positions them favorably in an increasingly competitive economic landscape.