Putin calls India a key partner, hails its Global IT dominance

Russian President Vladimir Putin hailed India for playing an important role in the global technology sector and described New Delhi as as one of Russia’s key strategic partners. Speaking at the annual St Petersburg International Economic Forum on Friday he said, “another key partner of ours is India, which is one of the leading players in the IT industry. It accounts for a significant share of the global software market."

Putin's comments come amid both the countries looking to further deepen cooperation across a range of sectors, including technology, energy and defence.

Russia has always laid emphasis on strengthening ties with India as it looks to build relations beyond the Western markets.

'Developing countries playing important role in the global economy'

During the event Putin also spoke about how the developing countries are playing an important role in the global economy, while the share of Western economies have slowly been fading.

Laying out statistic the Russian President said, "If you look at the global GDP dynamics of the last five years, you will see that almost half of its annual growth, 49%, is accounted for by Brics countries, whereas the contribution of the so-called group of seven is estimated at 18%."

"The share of Brics and the world GDP based on purchasing power parity stands at 40%, whereas the G7 share is less than 29%," he further said and added, “So Brics has already overtaken the G7, and it did so back in 2020, but this gap is increasing. This gap is expected to grow in favour of Brics.”