Putin Praises India's 'Make in India' for Boosting MSMEs
Emphasizes 'Make in India' campaign Spearheaded by Narendra Modi
Russian President Vladimir Putin appreciated the Indian government and its leadership for its efforts to create "stable conditions" for small and medium-sized enterprises, highlighting India's economic initiatives, especially the "Make in India" initiative led by Prime Minister Narendra Modi.
Addressing the VTB Investment Forum in Moscow on Wednesday, Putin pointed out the similarities between Russia's import substitution programme and India's "Make in India" initiative and expressed Russia's readiness to set up manufacturing operations in India.
Putin also said that the leadership in India is focused on the policy of prioritizing its interests. "Prime Minister Modi has a similar programme called Make in India.
We are also ready to set up our manufacturing site in India. The Prime Minister of India and the Government of India are creating stable conditions and this is because the Indian leadership follows the policy of giving India priority and we believe that investment in India is profitable. "
Putin Notes the Emergence of Russian Brands
Putin also emphasized the relevance of Russia's import substitution program in the context of the transformation of BRICS for the development of MSMEs and the need for an accelerated dispute resolution forum for the comfortable treatment of MSMEs in the BRICS+ countries.
He noted the emergence of new Russian brands that are replacing Western brands that have been out of the market and pointed to the success of local Russian manufacturers in areas such as consumer goods, IT, high-tech and agriculture.
"For us, this assumes particular relevance as part of the import substitution program, the advent of new Russian brands entering our market, replacing the brands of Western partners who have voluntarily left our market," he said. "
In 1988, Soviet Union Imported US $35 billion Worth of Grain
"The number of our producers and producers in agriculture is constantly growing. In 1988, the Soviet Union imported 35 billion US dollars worth of grain and last year we exported 66 billion US dollars of grain and this is largely the merit of our farmers and producers.
Putin called for increased cooperation among BRICS countries for the development of MSMEs and called on member states to assess key areas of cooperation during the summit to be held in Brazil next year.
"I will ask the partners of the BRICS corporation to analyze the situation on the main areas of cooperation and we will certainly draw the attention of the colleagues of Brazil who will chair the BRICS next year," he said. "
[Agency]