Russian President Vladimir Putin Lauds India's Economic Growth Of 7.5 Per Cent, Calls It Example For Many BRICS Nations

Russian President Vladimir Putin on Wednesday (23 October) commended India’s impressive economic growth, citing it as a model for other BRICS nations.

His remarks came during the 16th BRICS Summit, held in Kazan, Russia, where he extended his gratitude to Indian Prime Minister Narendra Modi for attending the three-day event.

"All of us talk about the need to ensure high economic growth rates; you (Modi) manage to do this successfully," Putin was quoted as saying by the state-run TASS news agency.

"We congratulate you on these results 7.5 per cent growth; this is an example for many of us," he noted thanking India for its initiatives.

Putin’s praise coincided with comments from a senior International Monetary Fund (IMF) official who emphasised India’s strong macroeconomic position.

"India is said to remain the largest growing economy in the world. We project growth at seven per cent in FY24-25, supported by recovery in rural consumption, as there have been favourable harvests. Inflation is expected to decline to 4.4 per cent in FY24-25, despite some volatility as food prices normalize," Krishna Srinivasan, Director for the IMF Asia Pacific Department, said on Tuesday.

In comparison, global economic growth is forecasted, by the IMF, to remain at 3.5 per cent

On the sidelines of the BRICS summit, Putin and Modi held bilateral talks. During their meeting, Putin highlighted the strong trade relationship between Russia and India, describing the current trade turnover as being in "good condition."

According to the press service of the Russian President, last year bilateral trade turnover reached a record high of USD 56.8 billion, an increase of more than 60 per cent, TASS reported.

In January-August of this year, due to oil supplies, trade turnover between Russia and India increased by 9 per cent year-on-year and amounted to USD 37.4 billion.

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