Moscow, Russia — Russian President Vladimir Putin praised Prime Minister Narendra Modi and the Indian government for fostering “stable conditions” that support the growth of small and medium-sized enterprises (SMEs) in India. He also expressed Russia’s interest in placing manufacturing sites in India as part of broader economic cooperation between the two nations.
Speaking at the 15th VTB Investment Forum in Moscow on Wednesday, Putin acknowledged the success of local Russian manufacturers who have filled the void left by Western companies exiting the market. He highlighted the growth in sectors such as consumer goods, IT, high-tech, and agriculture.
Putin noted that Russia’s import substitution programme has been successful in these areas, particularly in agriculture, where Russian exports have soared. “In 1988, the Soviet Union imported grains for USD 35 billion. Last year, we exported grains to the tune of USD 66 billion,” Putin said, emphasizing the success of Russian farmers and producers.
Drawing a parallel between Russia’s import substitution programme and India’s “Make in India” initiative, Putin suggested that Russia is keen to collaborate more closely with India in manufacturing. “We would be ready to place our manufacturing site in India,” he offered, referencing Rosneft’s significant USD 20 billion investment in the Indian economy.
Putin also commended India’s leadership for prioritizing its national interests, which he believes has created a favorable environment for foreign investment. “The Prime Minister of India and the Government of India have been creating stable conditions… investments in India are profitable,” Putin said.
In addition, the Russian president urged increased cooperation among BRICS nations—Brazil, Russia, India, China, and South Africa—to further promote the growth of SMEs, calling for deeper collaboration in key areas. He also pointed out that Brazil, which will chair BRICS next year, should focus on enhancing cooperation within the bloc.
The discussion at the VTB Investment Forum underscored the growing economic ties between Russia and India, with an emphasis on expanding trade and manufacturing opportunities for mutual benefit.
