Moscow, 5 Dec

Russian President Vladimir Putin lauded Prime Minister Narendra Modi and the Indian government for creating "stable conditions" for small and medium-sized enterprises (SMEs) and offered to place Russian manufacturing sites in India.

Speaking at the 15th VTB Investment Forum in Moscow on Wednesday, Putin also noted the rise of new Russian brands replacing Western brands that have exited the market, noting the success of local Russian manufacturers in sectors such as consumer goods, IT, high-tech, and agriculture.

"For us, it has special relevance as part of the import substitution programme, we see the advent of many new Russian brands substituting the brand by Western partners who have voluntarily left our market. And our local manufacturers have been quite successful not only in consumer goods but also in IT, high tech and agriculture," he said.

"In agriculture, the number of our manufacturers and producers keeps growing. In 1988, the Soviet Union imported grains for USD 35 billion, and last year, we exported grains to the tune of USD 66 billion, and to a large extent that is to our farmers and producers. And in all these sectors of the Russian Federation, including high-tech ones, there is an acute need to expand the opportunities to sell and export products," Putin said.

He also mentioned that Russia's import substitution programme is similar to India's "Make in India" initiative and noted that India's leadership focused on a policy of prioritising its interests.

He also offered to place Russian manufacturing sites in India. "Prime Minister Modi has a similar programme 'Make in India'. This is a very similar programme to ours," Putin said. "And we would be ready to place our manufacturing site in India. Also, the biggest investment in India in the economy to the tune of USD 20 billion by Rosneft happened not long ago," he added.