Putin hails PM Modi’s ‘Make in India’ initiative; ‘Visible effect on Indian economy’ | India News

NEW DELHI: During a forum organized by Russia’s Agency for Strategic Initiatives (ASI) in Moscow, President Vladimir Putin praised India for its efforts in promoting local development, manufacturing, and assembly of products. He specifically highlighted the success of India’s ‘Make in India‘ initiative, which was launched by Prime Minister Narendra Modi in 2014.
“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 Russian president said.
Recognizing India as a valuable example, Putin suggested that other countries should consider implementing similar strategies. Putin drew attention to the opportunities available to Russian companies in light of Western sanctions policies and stressed the importance of providing support to help these companies market their products more effectively.
India has emerged as a key buyers of Russian oil in the wake of western sanctions imposed on Moscow since the invasion of Ukraine. According to data from analytics firm Kpler, Russia accounted for 46% of India’s oil imports last month, a staggering leap from less than 2% before the invasion of Ukraine.
Putin credited Indian leadership for creating a successful model that encourages local manufacturing capabilities and attracts foreign investors. Furthermore, Putin emphasized the significance of enhancing product design and functionality to boost domestic business development.
The ‘Make in India’ initiative, which spans 25 sectors such as automobiles, textiles, pharmaceuticals, electronics, and renewable energy, was launched in 2014 by the Modi-led government. It has played a crucial role in positioning the Indian economy as a global manufacturing powerhouse. With a population exceeding 1.4 billion people and the fifth-largest GDP of approximately $3.7 trillion, India has become an attractive destination for both license manufacturing by global companies and foreign investment due to its vast consumer market.
Recently, Russian ambassador Denis Alipov in New Delhi has said that the “special Russia-India strategic partnership” has shown strength and is “growing stronger as ever”.
“There have been lies about Russia on a daily basis and on a global scale. Efforts are being made to disrupt Russia – India relations,” Envoy Alipov said during the state reception hosted in the national capital that was dedicated to the National Day of the Russian Federation.
(With inputs from agencies)
Watch Russian President Putin hails PM Modi’s ‘Make in India’ initiative

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