Vladimir Putin cites 'big friend' Narendra Modi's Make in India idea, says Russia must emulate it (WATCH)
By Vipin Vijayan | First Published Jun 30, 2023, 8:41 AM ISTRussian President Vladimir Putin commends India's 'Make in India' initiative, highlighting its success in boosting the Indian economy. He urges the adoption of similar strategies to support domestic businesses and attract foreign investors.
Russian President Vladimir Putin praised India's efforts to promote local manufacturing and inspire companies to develop, manufacture, and assemble products within the country. Taking part in a forum organized by Russia's Agency for Strategic Initiatives (ASI) in Moscow, Putin spoke highly of Prime Minister Narendra Modi and the 'Make in India' initiative. Emphasizing upon the remarkable impact it has had on the Indian economy, the Russian President encouraged the adoption of successful strategies, even if they originated from friendly nations.
When Putin gives example of Prime Minister Modi’s ‘Make in India’ and the impact it has had on India’s economic fortunes… pic.twitter.com/JnqE7sXvRw
— Amit Malviya (@amitmalviya)“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,” the president said.
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Highlighting the opportunities arising from the Western sanctions, Putin emphasized the need for Moscow to provide support tools to facilitate effective marketing of Russian products. He attributed India's success in creating a conducive environment for local manufacturing and attracting foreign investors to the visionary leadership of the country.
The Russian president stressed the importance of enhancing product design and functionality, making them more modern and appealing to consumers. He viewed industrial and product design as crucial resources for the growth of domestic businesses.
Make in India
Launched in 2014 by the Modi-led government, the 'Make in India' initiative targets 25 sectors, including automobiles, textiles, pharmaceuticals, electronics, and renewable energy. It has proven to be a catalyst in positioning the Indian economy as a global manufacturing powerhouse.
With a population of over 1.4 billion people and a GDP of approximately $3.7 trillion, India has not only become an attractive destination for license manufacturing but has also emerged as a thriving consumer market for foreign investors. Official data reveals a significant improvement in India's export performance, surging from $468 billion in 2014 to an estimated $770 billion in the 2022-23 fiscal year.
Foreign direct investment inflows into India have also witnessed substantial growth, rising from $36 billion in 2014 to over $81 billion in 2020-21. This trend further validates India's appeal as an investment destination.
By acknowledging India's 'Make in India' initiative as a successful model for economic growth, Vladimir Putin highlighted the significance of promoting domestic manufacturing capabilities and attracting foreign investments. It demonstrates India's transformation into a vibrant global player and a thriving consumer market, solidifying its position on the world stage.
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