Putin praises India's Make in India initiative as Russian firms seek manufacturing opportunities

Russian President Vladimir Putin praised India's 'Make in India' initiative, stating that it has made investments in the country profitable. He noted that Russian companies are eager to establish manufacturing operations in India, highlighting the stable conditions created by Prime Minister Narendra Modi's government. Putin emphasized the importance of cooperation among BRICS nations to support small and medium-sized enterprises. He also mentioned the success of new Russian brands in various sectors, which have emerged following the exit of Western companies from the Russian market. Bilateral trade between India and Russia has increased significantly, reaching $65.42 billion in 2023-24. This growth is largely due to a rise in Russian oil imports, which now account for over 40% of India's oil imports, up from less than 1% before the Russia-Ukraine conflict.