NEW DELHI: While backing government’s Make in India initiative, Russian president Vladimir Putin has said that Russian companies will look to invest in the country and urged BRICS members to come on a common platform.
While drawing parallels with Russia’s import substitution plan, at the VTB Russia Calling Investment Forum, Putin said: “PM Modi has a similar programme called Make in India. We are also ready to set up our manufacturing operations in India. The Indian govt, under the PM’s leadership, has been creating stable conditions, driven by a policy of putting India first. We believe that investing in India is profitable.”
Putin’s comments and his reference to Rosneft’s investment of $20 billion in the country, may be apointer to discussions that Russian companies have had with Indian counterparts and authorities, regarding pumping in money into certain sectors, which can export goods to Russia and other parts of the world. In fact, food, pharma and certain other sectors had been identified as potential investment bets with money generated from sale of crude to India being used for the purpose. The statement comes ahead of his proposed visit to India next year.
The Russian president used the forum to promote his own govt’s initiative arguing that new Russian brands are replacing Western brands that exited the market after the US and European countries imposed sanctions in the wake of the conflict in Ukraine.
In a statement, the Indian govt said Putin sought greater cooperation among BRICS nations to support growth of SMEs and suggested that member countries identify key areas for collaboration. “Referring to the investment platform Russia is developing with BRICS, President Putin said it has the potential to benefit all partner countries and is expected to become an important instrument for supporting our economies and providing financial resources to the countries of the Global South and East,” he was quoted as saying.
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