Putin Seeks to Expand Ties with India, Praises 'Make in India' for Boosting SMEs

New Delhi, Dec 5 (KNN) Russian President Vladimir Putin on Wednesday commended India’s economic initiatives, particularly the "Make in India" program, for creating a robust environment for small and medium-sized enterprises (SMEs). 

Speaking at the VTB Investment Forum, Putin highlighted parallels between India's strategies and Russia's own import substitution efforts, underscoring the potential for deeper collaboration between the two nations.

“Prime Minister Modi has a similar program called Make in India. The Indian leadership, through its India-first approach, has created stable conditions, making investments in India highly profitable. We are ready to establish manufacturing facilities in India,” said Putin.

The Russian leader pointed to the success of Russia’s import substitution program, which has spurred the rise of domestic brands across various sectors, replacing Western competitors that exited the Russian market. 

From consumer goods to high-tech industries and agriculture, Putin highlighted how local producers are thriving. “In agriculture alone, we’ve seen remarkable growth. 

While the Soviet Union once imported USD 35 billion worth of grain annually, last year we exported USD 66 billion,” he remarked, crediting Russian farmers for their resilience and innovation.

Putin also called for strengthened cooperation within BRICS, emphasizing the bloc's role in fostering SME growth. He proposed measures to enhance trade, resolve disputes swiftly, and identify primary areas for collaboration. 

“I urge BRICS nations to assess key areas for cooperation. Brazil, as the next chair, will play a vital role in advancing these priorities,” he noted.
With BRICS increasingly focusing on economic partnerships, Putin’s remarks signal Russia’s interest in aligning more closely with India’s industrial agenda. 

Analysts suggest that this mutual emphasis on self-reliance and SME development could pave the way for joint ventures, especially in manufacturing and technology.

As BRICS nations gear up for the 2024 summit in Brazil, Putin’s call for action underscores the bloc's growing influence in reshaping global trade dynamics while bolstering national economic frameworks.

(KNN Bureau)