The Indian portfolio referred to President Vladimir Putin’s comments at the 15th “VTB Russia Calling” Investment Forum, which ends Thursday in Moscow, in which Putin also referred to the Brics as a key investment platform to support the economies of the Global South and East.
At the event, the Russian leader mentioned the recent investment in India of $20 billion by Russia’s Rosneft.
Putin praised Prime Minister Narendra Modi’s India First policy and the Make in India initiative and acknowledged the South Asian nation’s efforts to foster a stable environment for growth and development.
The Make in India initiative, aimed at boosting manufacturing and attracting foreign investment, plays a key role in strengthening that country’s position in the global economy, the Russian head of state emphasized. President Putin’s remarks underscored India’s economic progress and government efforts to create stable conditions for small and medium-sized enterprises, the Indian Ministry of Commerce and Industries said.
Putin underlined the potential of the bloc of emerging economies created by Brazil, Russia, India, China and South Africa to benefit all partner countries, noted the New Delhi-based authority.
The government entity agreed with the Russian leader’s perspective on the Brics, expanded in membership in 2023 with Iran, Saudi Arabia, Egypt and Ethiopia, as an important instrument to support the economies of its members and provide financial resources to the nations of the Global South and East.
Putin also urged greater cooperation among the Brics nations to support the growth of small and medium-sized enterprises (SMEs) and encouraged them to identify key areas for collaboration.
He noted the importance of Russia’s import substitution program in the context of the bloc’s evolution with a focus on SME growth.
He also referred to the need for a quick dispute resolution mechanism to facilitate smooth business transactions for SMEs in the enlarged Brics countries.
Putin noted the emergence of new Russian brands replacing those in the West that left Russia voluntarily and highlighted the success of local manufacturers in sectors such as consumer goods, information technology, high-tech and agriculture.
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