Fri Dec 06 06:35:42 UTC 2024: ## Putin Praises ‘Make in India’, Signals Increased Russian Investment

**Moscow, December 6, 2024** – Russian President Vladimir Putin has lauded India’s “Make in India” initiative and the Modi government’s economic policies, stating that Russian companies are keen to establish manufacturing facilities in India due to profitable investment opportunities. Speaking at the VTB Investment Forum in Moscow, Putin highlighted the initiative’s success in strengthening India’s global economic standing.

He emphasized the stable conditions created for small and medium-sized enterprises (SMEs) in India, and specifically mentioned Rosneft’s recent $20 billion investment as an example of the lucrative prospects. Putin drew parallels between India’s “Make in India” and Russia’s import substitution program, emphasizing the Indian government’s focus on national interests.

The Russian president further advocated for increased cooperation among BRICS nations (Brazil, Russia, India, China, and South Africa) to support SME growth, urging member countries to identify collaborative areas at next year’s summit in Brazil. He also noted the success of new Russian brands replacing Western counterparts that exited the Russian market following sanctions, showcasing growth in various sectors.

This positive assessment comes amidst a significant increase in bilateral trade between India and Russia, which is projected to surpass $100 billion by 2030. Trade reached $65.42 billion in 2023-24, a substantial increase from the previous year, largely driven by India’s increased imports of discounted Russian crude oil. Russia’s share of India’s oil imports surged from less than 1% before the Russia-Ukraine conflict to over 40%. Putin’s statement signifies a strengthening of economic ties between the two nations.

Read More