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29 Jun, 2023 19:34

Putin hails Modi’s ‘Make in India’ as example to follow

The Russian leader has said New Delhi’s move to boost local manufacturing has worked well for Indian economy
Putin hails Modi’s ‘Make in India’ as example to follow

Russian president Vladimir Putin has cited India as an example of a country encouraging companies to develop, manufacture, and assemble products locally. He spoke at a forum in Moscow organized by Russia’s Agency for Strategic Initiatives (ASI).

“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.

Putin made a case for India as he discussed the opportunities for Russian companies due to the West’s sanctions policies, and the need for the Moscow to “offer support tools to help our companies market their products more efficiently.”

Crediting Indian leadership for creating an effective model to develop local manufacturing capabilities and woo foreign investors, Putin emphasized the need to think about “making our products more convenient and functional, with a modern look and properties.” Industrial and product design should become an important resource for the development of domestic business, he said.

The Make in India initiative, which targets 25 sectors, including automobiles, textiles, pharmaceuticals, electronics, and renewable energy, was launched by the Modi-led government in 2014, and has emerged as a catalyst for placing the Indian economy on a path to become a global manufacturing powerhouse.

With the largest population of over 1.4 billion people and the 5th largest GDP of around $3.7 trillion, India has in recent years emerged not only as an alternative destination for license manufacturing for global companies, but also as a massive consumer market for foreign investors. India's export performance has improved, according to official data, from around $468 billion in 2014 to an estimated $770 billion in the 2022-23 fiscal year.

India has also seen a significant increase in foreign direct investment inflows, from $36 billion in 2014 to over $81 billion in 2020-21.