The Make in India initiative, which targets enhancing manufacturing and drawing foreign investment, has significantly contributed to solidifying India's status in the global economy, as per Putin. Russian President Vladimir Putin has stated his intention to establish their production facilities in India. Putin praised Prime Minister Narendra Modi for his "India-first" approach and the "Make in India" campaign during his speech at the 15th VTB Russia Calling Investment Forum on Thursday.

Putin additionally commended the Indian administration and its initiatives in establishing "stable conditions" for small and medium-sized enterprises (SMEs). He also compared Russia's import substitution strategy with India's "Make in India" program and remarked that investments in India yield profits.

"Prime Minister Modi has a similar program called Make in India. We are also ready to set up our manufacturing operations in India," he added.

According to Putin, Russian company Rosneft recently invested $20 billion in India. During his speech, Putin emphasised the importance of BRICS nations collaborating to support SME growth. He also encouraged member countries to identify key areas for collaboration at the upcoming summit in Brazil next year.

Putin stated that the Russian firm Rosneft has recently put $20 billion into India. In his address, Putin highlighted the significance of BRICS countries working together to foster the growth of SMEs. He further urged member nations to pinpoint essential areas for cooperation at the forthcoming summit in Brazil next year.

"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.