- Thursday, May 09, 2024
The Russian president credited the Indian leadership for creating an effective model that fosters local manufacturing capabilities and attracts foreign investors.
By: Shubham Ghosh
RUSSIAN president Vladimir Putin has praised Indian prime minister Narendra Modi as a close friend of Russia and commended the impact of his ‘Make in India’ campaign on India’s economy.
Speaking at a forum in Moscow organised by Russia’s Agency for Strategic Initiatives (ASI), he lauded the initiative’s impressive effect on the Indian economy and expressed the importance of emulating successful strategies regardless of their origin.
“Our friends in India and our big friend, prime minister Narendra Modi, launched the ‘Make in India’ initiative several years ago. It has had a truly impressive effect on the Indian economy. It would do no harm to emulate what is working well, even if it was not us but our friends who created it,” Putin was quoted as saying by Russia’s RT News.
Addressing the opportunities for Russian companies amidst western sanctions policies, the Russian leader underscored the need for support tools to enhance the marketing of his country’s products. He credited the Indian leadership for creating an effective model that fosters local manufacturing capabilities and attracts foreign investors. Putin highlighted the significance of industrial and product design as vital resources for domestic business development.
The remarks by Putin came shortly after a brief armed rebellion against him led by Yevgeny Prigozhin and his Wagner group, marking a significant challenge to his long rule. In light of the developments, Russia’s Security Council secretary Nikolai Patrushev briefed India’s national security advisor Ajit Doval on the situation.
The ‘Make in India’ initiative, launched by Modi in 2014, aimed to promote domestic manufacturing, encourage investments, and boost the production of products within India. The country’s vast population of over 1.4 billion people and its sizeable GDP of around $3.7 trillion (£2.9 trillion) have positioned India as an attractive destination for license manufacturing and a significant consumer market for foreign investors.
Official data indicates India’s improved export performance, rising from approximately $468 billion (£370 billion) in 2014 to an estimated $770 billion (£608.9 billion) in the 2022-23 fiscal year.
Additionally, the country has witnessed a notable increase in foreign direct investment, soaring from $36 billion (£28.4 billion) in 2014 to over $81 billion (£64 billion) in 2020-21.
The meeting between Putin and Modi in September 2022 during a regional security bloc summit in Uzbekistan marked their most recent encounter.
(With agency inputs)
