This is how it's making India a key destination for Russian investments: Piyush Goyal after Vladimir Putin praises PM Modi's 'India-first' policy

Russian President Vladimir Putin has praised Prime Minister Narendra Modi's "India-first" policy and "Make in India" drive at the VTB Russia Calling Investment Forum in Moscow, expressing confidence that they will encourage Russian firms to set up manufacturing bases in India. He also mentioned Russia's willingness to set up manufacturing operations in India. 

The 'Make in India' drive has played a key role in strengthening India's position in the global economy, Putin said at the event.

Sharing a video clip of the event, Commerce and Industry Minister Piyush Goyal took to microblogging site X (formerly Twitter) to assert that this is how "it is making our nation a key destination for Russian investments!"

Putin has also mentioned Russia's willingness to establish manufacturing operations in India. Investments in India are profitable, said the Russian leader, highlighting that Russia-based Rosneft has already invested $20 billion in India.

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Praising India's economic progress under PM Modi's leadership, Putin lauded the Indian government and its efforts in creating "stable conditions" for SMEs. He also mentioned the economic initiatives spearheaded by PM Modi with a special focus on the 'Make in India' program.

The Russian President also drew parallels between Russia's import substitution program and PM Modi's 'Make in India' initiative.

India's leadership has focused on prioritising its national interests, said Putin. 

He also highlighted the significance of Russia's import substitution program in the context of the evolution of the BRICS bloc. 

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Putin also called for greater cooperation among BRICS nations to support the growth of SMEs, encouraging member countries to identify key areas for collaboration at the upcoming summit in Brazil next year.

"I urge my BRICS colleagues to evaluate the current situation in key areas of cooperation, and we will certainly bring this to the attention of our Brazilian counterparts, who will be leading BRICS next year," said the Russian President.