Putin warn with ‘Those who impose sanctions on India will themselves bear the consequences’:

Read, Digital Desk : Russian President Vladimir Putin has been a vociferous supporter of India’s strategic autonomy and independent foreign policy. Russian President Vladimir Putin said that a threat of sanctions against India would lead to a backlash.

Addressing an annual St. Petersburg International Economic Forum (SPIEF), the Russian president stated that India is acting like a sovereign country and under the guidance of the Indian PM any threats of sanctions against India will lead to a backfire immediately.

“We have been in very close communication with PM Modi for a very long time. As far as I can understand, all sanctions have been lifted, and cooperation between India and the United States are developing successfully.”

He said that the products India deem to be the most modern and suitable for the nation are India’s decision entirely and that it will always operate on its own national interests.

India-Russia relationship will not be affected by any political environment

The Russian President has clearly stated that the Kremlin’s relationship with India will not be subject to any particular political climate and it will continue to uphold commitments toward trustworthy partners such as India.

“Cooperation with India as well as with other of our partners is not subject to the political situation and no one can dictate what we sell or don’t sell to India and no one can dictate and no one will dictate anything to us.”

Major economic changes in the global arena

Referencing to the shifting dynamics of the global economy, Putin said BRICS has surpassed G7 in economic size. He also added that the developed economies’ share in global economy are falling with rising prominence of developing economies in the world economy.

Presenting economic statistics, Putin has stated that in the past five years, developing countries in the BRICS alliance contributed to approximately half (49%) of global GDP annual growth, whereas the G7 group’s contribution is expected to be at around 18%.

India’s share in digital economy

By considering purchasing power parity (PPP) BRICS countries’ share in the world’s GDP is 40% with the G7 nations accounting for less than 29% share in the global GDP. He added that BRICS have surpassed the G7 back in 2020 and is expanding the gap even further.

Putin has predicted a 1.1% GDP growth rate at max in developed economies (G7), whereas the BRICS economies would witness growth at 4% plus range.

Commending the role of India in digital economy, the Russian president stated that India is a reliable partner of the nation. He said, “Another key partner of ours, India, is a leading player in IT sector. India holds a considerable stake in the global software market.”