Vladimir Putin Promises Support to Small Businesses in Russia

President of Russia Vladimir Putin took part in the plenary session of the National Entrepreneurs’ Forum Small Business – National Idea?

The forum examined issues such as support for small and medium-sized enterprises and measures to encourage business activity.

The forum, organised by the OPORA Russia national public association of small and medium-sized enterprises, took place in Moscow on January 19–20.

It brings together business people and officials from relevant ministries and agencies to discuss issues such as reducing bureaucratic pressure on private companies, improving tax legislation, and encouraging people to get into business.

[ Narendra Modi Announces Rs. 10,000-Crore Fund for Entrepreneurs ]

Putin said the positive trend is clearest in the services sector. He said the number of registered small businesses increased by 2.9 percent in 2015, and the number of self-employed entrepreneurs was up by 3.7 percent.

“We have modest earnings growth. Production companies in the small business sector saw their earnings rise by 8 percent, for example, in January-September 2015, compared to the same period in 2014. The figure was up by 4.5 percent over the same period for the wholesale sector,” Putin said.

“Of course, we do need to make every possible effort to maintain stability in the small business sector and ensure that temporary limitations, whether economic or budgetary, do not prevent a growing number of educated people with a modern outlook and sense of initiative from entering this sector,” Putin said.

Photo courtesy: Kremlin