Russian President Vladimir Putin heaped praises on Indian Prime Minister Narendra Modi stating that the country’s “India-First” policy and the “Make in India” initiative are the key catalysts for New Delhi’s economic growth and global positioning.

He also praised the Indian government for fostering “stable conditions” for small and medium-sized enterprises (SMEs). Putin specifically commended Modi’s economic initiatives, with a particular emphasis on the “Make in India” program, which has been instrumental in promoting entrepreneurship.

Drawing parallels between Russia’s import substitution program and New Delhi’s “Make in India” initiative, Putin said that Moscow was willing to establish manufacturing operations in India.

“Prime Minister Modi has a similar program called Make in India. We are also ready to set up our manufacturing operations in India. The Indian government, under the Prime Minister’s leadership, has been creating stable conditions, driven by a policy of putting India first. We believe that investing in India is profitable,” stated the Russian president at the 15th VTB Russia Calling Investment Forum.

Putin also emphasized the importance of Russia’s import substitution program in the context of BRICS’ growth, particularly in promoting the development of small and medium-sized enterprises (SMEs).

“For us, this is particularly important as part of our import substitution program. The emergence of new Russian brands is helping replace those of Western companies that have voluntarily left our market. Our local manufacturers have achieved significant success, not only in consumer goods but also in IT and high-tech industries,” he said.

The Russian president further urged for greater cooperation among BRICS countries to back the expansion of SMEs and urged member countries to determine key areas for cooperation at the upcoming summit in Brazil scheduled for the year 2025.

“I urge my BRICS colleagues to evaluate the current situation in key areas of cooperation, and we will certainly bring this to the attention of our Brazilian counterparts, who will be leading BRICS next year,” Putin added.