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‘Investing in India is profitable’: Putin heaps praises on PM Modi; says Russia ready to set up manufacturing operations in India

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Putin commended PM Narendra Modi’s national-centric approach and the “Make in India” programme.

Russia willing to set up manufacturing operations in India? At the VTB Investment Forum in Moscow, the Russian president Vladimir Putin drew parallels between Russia’s import substitution programme and India’s “Make in India” initiative. He indicated Russia’s readiness to establish manufacturing units in India, recognising the Indian government’s emphasis on national priorities.
“Prime Minister Modi has a similar program called Make in India. We are also ready to place our manufacturing site in India. The Prime Minister of India and the Government of India have been creating stable conditions and this is because the Indian leadership has been pursuing India comes first policy and we believe that investments in India are profitable,” the Russian President said according to a Ministry of Commerce & Industry release.
During the 15th VTB Russia Calling Investment Forum, Putin commended PM Narendra Modi’s national-centric approach and the “Make in India” programme. He recognised India’s successful creation of a stable environment conducive to growth, noting how these policies have supported India’s advancement.
Also Read | India’s Apple iPhone production scales new highs, but share of revenue far behind China – here’s why
Putin highlighted how the “Make in India” initiative has strengthened India’s global economic position by enhancing manufacturing and drawing foreign investments. His observations emphasised India’s economic achievements under PM Modi’s administration. He particularly noted the government’s success in establishing favourable conditions for small and medium-sized enterprises.
According to a Reuters report, Russian oil producer Rosneft invested $20 billion in India recently, the Indian government quoted Putin as saying.
The Russian President advocated for enhanced collaboration amongst BRICS nations to bolster SME development and suggested member states identify primary areas for partnership at the upcoming Brazilian summit. He discussed Russia’s developing investment platform with BRICS, suggesting its potential advantages for partner nations and its role in supporting economies and providing financial resources to Global South and East countries.
“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,” he added.





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Adani spreads wings in aviation, to acquire leading MRO Air Works

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58 mins ago

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December 23, 2024

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NEW DELHI: The Adani Group, that operates airports in seven cities including Mumbai and is building a greenfield one at Navi Mumbai, is expanding its presence in the aviation space. It is acquiring India’s biggest private sector MRI (maintenance, repair & overhaul) player Air Works for an enterprise value of Rs 400 crore.
Adani Defence Systems & Technologies Ltd (ADSTL) has signed a SPA to acquire 85.8% shareholding in Air Works, which does line maintenance, heavy checks, interior refurbishment, painting, redelivery checks, avionics and asset management services for its Indian and global customers.
Air Works does base maintenance for narrowbody, turboprop and rotary aircraft at its facilities in Hosur, Mumbai and Kochi and has regulatory approvals from civil aviation authorities of over 20 countries. It also handles defence MRO.
Adani Airports director Jeet Adani said: “The Indian aviation industry stands at a transformative juncture, now the third largest globally and on track to induct over 1,500 aircraft in the coming years. This growth aligns seamlessly with Govt’s vision to connect every corner of our nation, creating unprecedented opportunities in aviation services. For us, creating a presence in the MRO sector is more than just a strategic step — it’s a commitment to building an integrated aviation services ecosystem that strengthens the backbone of India’s aviation infrastructure. Together, we are excited to play a pivotal role in shaping the future of India’s skies,” said
Adani Defence & Aerospace CEO Ashish Rajvanshi said: “This acquisition represents a pivotal step in Adani Defence & Aerospace’s mission to strengthen India’s MRO capabilities. Our vision is to deliver a full-spectrum MRO offering — spanning line, base, component, and engine maintenance — to meet the needs of both commercial and defence aviation sectors. In a time when

aatmanirbharta

in defence is a national imperative, we stand fully committed to scaling domestic capabilities to serve both our armed forces and the broader aviation sector.”





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Bitcoin posts its first weekly decline since Trump’s victory

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5 hours ago

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December 23, 2024

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Trump has also backed the idea of a strategic national Bitcoin stockpile, though many question the feasibility of the proposal.

Bitcoin marked its first weekly decline since Donald Trump’s election victory as the Federal Reserve’s cautious policy outlook tempered optimism over the president-elect’s embrace of the crypto sector.
The largest digital asset was down more than 7% for the seven-day period through 9:27am Monday in Singapore, the biggest such drop since September. A wider crypto market gauge, encompassing smaller tokens such as Ether and meme-crowd favorite Dogecoin, suffered a sharper decline of about 10%.
The Fed on Wednesday delivered a third straight interest-rate cut while signaling a slower pace of monetary easing next year to keep inflation in check, sending global stocks into a tailspin. The hawkish pivot also damped the speculative spirits unleashed in the crypto market by Trump’s pledge of friendly regulations and his backing for a national Bitcoin stockpile. A record outflow from US exchange traded funds investing directly in Bitcoin last week will weigh on prices in the near term, said Sean McNulty, director of trading at liquidity provider Arbelos Markets.
“We should hold the $90,000 level for Bitcoin into the year end, but if we break below that could trigger further liquidations,” McNulty said adding that “meaningful downside hedging” was seen in the options market last week with large buyers for January, February and March puts in $75,000 to $80,000 strikes.
The original cryptocurrency changed hands at about $94,344, nearly $14,000 below the record high set on December 17. The token is up nearly 37% since the presidential election on November 5.
Choppy price action near term ahead of a “bullish trajectory” into the first quarter of 2025 is still the “most likely scenario,” David Lawant, head of research at crypto prime broker FalconX, wrote in a note.
Lawant said a “low-liquidity environment may bring more volatility as we enter into the final days of the year, especially because on December 27 crypto is likely going to see the biggest options expiry event of its history.”
All eyes are on whether leveraged Bitcoin proxy MicroStrategy Inc, the former dot-com-era software maker, continues its weekly buys of the largest cryptocurrency into US Monday and hits the next price trigger, traders said.





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