Ready to set up manufacturing ops in India: Putin

Putin (centre) at a meeting of the Council for Strategic Development and National Projects in Moscow

Russian President Vladimir Putin lauded Prime Minister Narendra Modi and the Indian government for creating "stable conditions" for small and medium-sized enterprises (SMEs) and offered to place Russian manufacturing sites in India.

Speaking at the 15th VTB Investment Forum in Moscow on Wednesday, Putin also noted the rise of new Russian brands replacing Western brands that have exited the market, noting the success of local Russian manufacturers in sectors such as consumer goods, IT, high-tech, and agriculture.

"In agriculture, the number of our manufacturers and producers keeps growing. In 1988, the Soviet Union imported grains for US$35 billion, and last year, we exported grains to the tune of US$66 billion, and to a large extent that is to our farmers and producers. And in all these sectors of the Russian Federation, including high-tech ones, there is an acute need to expand the opportunities to sell and export products," Putin said.

He mentioned that Russia's import substitution programme is similar to India's "Make in India" initiative and noted that India's leadership focused on a policy of prioritising its interests. "This is a very similar programme to ours, and we would be ready to place our manufacturing site in India. Also, the biggest investment in India in the economy to the tune of US$20 billion by Rosneft happened not long ago," he added. Rosneft is the biggest oil producer company in the Russian
Federation.

Putin also urged for cooperation among BRICS nations to support the growth of SMEs. The nine-member BRICS bloc includes India, China, Russia, and Brazil.

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