![[File] Prime Minister Narendra Modi and Russian President Vladimir Putin](https://img.theweek.in/content/dam/week/week/news/defence/images/2024/9/6/modi-putin-russia.jpg "[File] Prime Minister Narendra Modi and Russian President Vladimir Putin")
President Vladimir Putin hailed Prime Minister Narendra Modi's 'Make in India' initiative and said Russian companies are eager to set up manufacturing facilities in India as investments are profitable.
Speaking at the 15th VTB Investment Forum in Moscow, Putin said the initiative, aimed at manufacturing and attracting foreign investment, played a key role in strengthening India's position in the global economy.
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The 'Make in India' initiative was launched on September 25, 2014, to facilitate investment, foster innovation, and make India a hub for manufacturing, design and innovation.
Putin said that India has created stable conditions for small and medium-sized enterprises.
"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," said Putin.
We are ready to place our manufacturing site in India, he added.
Putin also emphasised that Russia's import substitution programme is similar to India's 'Make in India' initiative.
He also urged for greater cooperation among BRICS nations to support the growth of SMEs and encouraged member countries to identify key areas for collaboration at the upcoming summit in Brazil next year.
Noting the success of the Russian brands, replacing the Western ones, Putin said the local Russian manufacturers have been successful in sectors such as consumer goods, IT, high-tech and agriculture.
“For us, it has special relevance as part of the import substitution programme, we see the advent of many new Russian brands substituting the brand 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, high tech and agriculture,” he said.
India and Russia agreed to boost bilateral trade to over USD 100 billion by 2030 by reinvigorating investments, using national currencies for trade and increasing cooperation in sectors ranging from energy to agriculture and infrastructure.
The bilateral trade has increased to USD 65.42 billion in 2023-24 as against USD 49.4 billion in 2022-23.
