Putin Praises PM Modi’s Support for SMEs Through 'Make in India'

Russian President Vladimir Putin praised PM Modi’s leadership in creating "stable conditions" for small and medium-sized enterprises (SMEs), particularly through his "Make in India" initiative.

Putin praises India's support for SMEs

On Wednesday, the President drew similarities between Russia's import substitution program and India's "Make in India" initiative at the VTB Investment Forum in Moscow.

Further, he expressed Russia's readiness to establish manufacturing operations in India. 

"Prime Minister Modi has a similar program called Make in India. We are also ready to place our manufacturing site in India... The Prime Minister of India and the Government of India have been creating stable conditions and this is because the Indian leadership has been pursuing India comes first policy and we believe that investments in India are profitable," the Russian President said.

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Putin also stressed the relevance of Russia's import substitution program in the context of BRICS's shift toward the growth of SMEs.

"For us, it has special relevance as part of the import substitution program, we advent of new Russian brands entering our market, which are replacing the brands by Western partners who have voluntarily left our market. And our local manufacturers have been quite successful not only in consumer goods but also in IT and high tech," Putin said.

"In agriculture, the number of our manufacturers and producers keeps growing. In 1988, the Soviet Union imported grain for USD 35 billion, and last year, we exported grain to the tune of USD 66 billion, and this is largely the merit of our farmers and producers. And in all these sectors of the Russian Federation, including high-tech ones, there is an acute need to expand opportunities to sell and export products," the Russian President added.

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