Vladimir Putin says Russia is ready to set up its manufacturing operations in India; hails 'Make in India' initiative

Russian President Vladimir Putin has hailed 'Make in India' initiative and the Prime Minister Narendra Modi-led government's stable policies, saying this would encourage Russian companies to set up manufacturing bases in India.

The 'Make in India' initiative, aimed at boosting manufacturing and attracting foreign investment, has played a key role in strengthening India's position in the global economy, Putin has said at a Russia's investment forum in Moscow.

He said that India has created stable conditions for small and medium-sized enterprises.

Putin has expressed Russia's willingness to establish manufacturing operations in India as investments in India are profitable.

"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," he has said, adding Russian company Rosneft has invested $20 billion in the country recently.

The president also urged for greater cooperation among BRICS nations to support the growth of SMEs and encouraged member countries to identify key areas for collaboration at the upcoming summit in Brazil next year.