Russian President Vladimir Putin on Thursday emphasized the deepening economic ties between Russia and India, expressing readiness to establish manufacturing operations in India. This announcement comes after two significant meetings between Putin and Prime Minister Narendra Modi this year.

Speaking at the 15th VTB Russia Calling Investment Forum, Putin praised India's "India-first" policy and acknowledged the Indian government's efforts in fostering growth, particularly for small and medium-sized enterprises (SMEs). He also highlighted Modi's "Make in India" initiative as a driving force behind India's economic progress.

Russia and India have achieved a record-breaking bilateral trade volume of $66 billion in 2024, marking a fivefold increase over the past five years. Both nations are now targeting $100 billion in trade by 2030. Key sectors identified for collaboration include railways, pharmaceuticals, information technology, aviation, and cybersecurity.

"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," Putin said.

He also pointed to Russian oil company Rosneft's $20 billion investment in India as an example of profitable ventures in the country.

Rise of Russian Brands Amid Economic Shifts
Putin noted the emergence of new Russian brands, particularly in consumer goods, IT, high-tech industries, and agriculture, as a response to the withdrawal of Western companies from the Russian market. He described this development as a significant step in Russia's import substitution program.

"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," Putin said.

Call for BRICS Collaboration
Addressing the importance of BRICS partnerships, Putin urged member nations to focus on SME growth and streamline business transactions, especially in the Global South. He proposed using the investment platform Russia is developing with BRICS to support economic projects in the Global South and East.

"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," he added.

The upcoming BRICS summit in Brazil is expected to provide a platform for discussing these initiatives, further strengthening ties among member nations.

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