Putin Praises Modi’s Economic Initiatives
In a significant address at the 15th VTB Russia Calling Investment Forum, Russian President Vladimir Putin commended Indian Prime Minister Narendra Modi‘s “India-first” policy and the “Make in India” initiative. This recognition highlights the growing economic ties between Russia and India. President Putin emphasized how these initiatives have fostered a stable environment for growth in India, contributing to the country’s impressive economic development. His remarks reflect a broader trend of international acknowledgment of India’s efforts to enhance its global economic standing.
The Impact of “Make in India”
President Putin underscored the importance of the “Make in India” initiative, which aims to boost manufacturing and attract foreign investment. This program has been pivotal in strengthening India’s position in the global economy. By encouraging local production, the initiative not only enhances India’s manufacturing capabilities but also creates jobs and stimulates economic growth.
Putin noted that the Indian government has made significant strides in creating stable conditions for small and medium-sized enterprises (SMEs). These efforts are crucial for fostering innovation and entrepreneurship within the country. The Russian President’s praise for Modi’s leadership reflects a shared vision for economic development that prioritizes national interests.
Moreover, Putin drew parallels between India’s initiative and Russia’s own import substitution program. He expressed Russia’s willingness to establish manufacturing operations in India, indicating a strong interest in collaboration. This partnership could lead to mutual benefits, as both nations seek to enhance their economic resilience and reduce dependency on external markets.
Strengthening Economic Ties
During his address, President Putin highlighted the recent $20 billion investment by the Russian company Rosneft in India. This investment underscores the growing economic ties between the two nations and reflects confidence in India’s market potential. Putin’s remarks indicate that Russia views India as a lucrative destination for investment, driven by the favorable conditions created by the Modi government.
The Russian President also emphasized the need for greater cooperation among BRICS nations to support the growth of SMEs. He urged member countries to identify key areas for collaboration, particularly in light of the upcoming BRICS summit in Brazil next year. This call for cooperation highlights the importance of collective efforts in addressing common challenges and fostering economic growth within the BRICS framework.
The Future of BRICS and Global Cooperation
Putin’s address also touched on the evolution of BRICS and the significance of Russia’s import substitution program. He pointed out the emergence of new Russian brands that are replacing Western brands that have exited the market. This shift is crucial for enhancing local manufacturing capabilities in sectors such as consumer goods, IT, high-tech, and agriculture.
The Russian President called for a rapid dispute resolution mechanism to facilitate smooth business transactions for SMEs in BRICS+ countries. This initiative aims to create a more conducive environment for trade and investment among member nations.
Furthermore, Putin mentioned an investment platform that Russia is developing with BRICS, which has the potential to benefit all partner countries. This platform is expected to support economies and provide financial resources to countries in the Global South and East. By fostering collaboration and investment, BRICS can play a pivotal role in shaping a more equitable global economic landscape.
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