Russian President Vladimir Putin praises PM Modi’s ‘Make In India’ initiative and expresses readiness for manufacturing ventures in India at the VTB Russia calling Investment Forum

At the 15th VTB Russia Calling Investment Forum in Moscow, Russian President Vladimir Putin praised Prime Minister Narendra Modi’s ‘Make In India’ initiative, declaring that Russia sees investing in India as a profitable endeavour. Putin emphasised that Moscow is ready to set up manufacturing operations in India, underscoring the growing economic ties between the two nations.

“We are also ready to set up our manufacturing operations in India … We believe that investing in India is profitable,” Putin said, further solidifying the long-standing partnership between the two countries. This statement came amid rising collaboration between New Delhi and Moscow, particularly in the realms of defence and diplomacy. The two countries, which have enjoyed a strong relationship since the days of the former Soviet Union, are now seeking to deepen their economic engagement, especially in the context of the shifting global economic landscape.

Putin’s remarks at the forum reflect Russia’s increasing interest in expanding its footprint in India. With a growing population and a stable economic environment, India is becoming an attractive destination for foreign investment. Modi’s ‘Make In India’ campaign, which encourages manufacturing and business in India, has significantly contributed to the country’s stable growth, prompting Russia to see the potential for mutually beneficial ventures.

The announcement comes just days after Indian Foreign Minister Subrahmanyam Jaishankar spoke about the need for better access to the Russian economy. “We are pressing the Russian leadership very strongly saying look, we are buying so many things … we also need better access … I think we will make progress,” Jaishankar said at a recent conference, reflecting India’s ambition to enhance its economic ties with Russia.

This growing economic cooperation between India and Russia is expected to continue as both countries look to strengthen their partnership. Putin is scheduled to visit India early next year, marking his first visit since the war in Ukraine began. Kremlin officials have confirmed that preparations for the trip are already underway.

As India continues to pursue growth and development, the prospect of increased Russian investment in the country could further bolster its economic standing, especially in manufacturing sectors. The strengthening of India-Russia ties could prove significant for both nations in navigating the evolving global market dynamics.