Investing in India worthwhile: Putin says Russia will now ‘Make in India’, praises PM Modi’s insurance policies

President Vladimir Putin believes that investing in India is “worthwhile” and introduced that Russia is now able to arrange its manufacturing operation in India.

Putin additionally praised Prime Minister Narendra Modi for his “India-first” coverage and the “Make in India” initiative.

India’s management centered on prioritising nationwide pursuits

Addressing the fifteenth VTB Russia Calling Funding Discussion board, Putin mentioned that below the management of PM Modi, the Indian authorities has been creating secure circumstances for development and growth.

The Russian President additionally emphasised that India’s management has centered on prioritising its nationwide pursuits.

“We’re additionally able to arrange our manufacturing operations in India. The Indian authorities, below the Prime Minister’s management, has been creating secure circumstances, pushed by a coverage of placing India first. We consider that investing in India is worthwhile,” Putin mentioned, including that Russian firm Rosneft has already invested $20 billion in India.

Putin additionally drew parallels between Russia’s import substitution program and India’s “Make in India” initiative, to additional categorical Russia’s willingness to ascertain manufacturing operations in India.

“The ‘Make in India’ initiative, aimed toward boosting manufacturing and attracting overseas funding, has performed a key position in strengthening India’s place within the international financial system,” Putin additional mentioned.

The Russian President additionally praised the Indian authorities’s efforts in creating “secure circumstances” for small and medium-sized enterprises.

In his tackle, Putin additionally highlighted the importance of Russia’s import substitution program within the context of Brics’s evolution, specializing in the expansion of SMEs and the need for a speedy dispute decision mechanism to facilitate easy enterprise transactions for SMEs in Brics+ international locations.

Putin additionally urged for larger cooperation amongst Brics nations to assist the expansion of SMEs and inspired member international locations to determine key areas for collaboration on the summit in Brazil subsequent 12 months.

“I urge my BRICS colleagues to judge the present state of affairs in key areas of cooperation, and we will definitely deliver this to the eye of our Brazilian counterparts, who can be main BRICS subsequent 12 months,” he added.

Mentioning in regards to the funding platform which Russia has been creating with companion international locations in Brics, Putin mentioned that it has the potential to profit all companions and is anticipated to develop into an vital instrument for supporting our economies and offering monetary assets to the international locations of the World South and East.