Russian President Vladimir Putin has commended India’s ‘Make in India’ initiative, introduced by Prime Minister Narendra Modi in 2014, for its remarkable impact on the Indian economy. The initiative is aimed towards encouraging development and manufacturing of products made in the country and improve India’s capability as a global design and manufacturing hub. Speaking at a forum organized by Russia’s Agency for Strategic Initiatives (ASI) in Moscow, Putin highlighted the success of India’s endeavors in promoting local development, manufacturing, and product assembly.
Putin urged that other countries should think about adopting similar measures, citing India as a role model. He applauded the ‘Make in India’ initiative for its ability to attract foreign investors and foster a favorable environment for domestic business growth. India’s transformation into a global manufacturing powerhouse, supported by a population of over 1.4 billion people and a GDP of approximately $3.7 trillion, has made it an appealing destination for license manufacturing by multinational corporations and foreign investments, owing to its vast consumer market.
The success of India’s ‘Make in India’ Initiative:
The ‘Make in India’ initiative covers 25 industries, including those in the automotive, textile, pharmaceutical, electronics, and renewable energy industries, and plays a vital role in the growth of the Indian economy. Putin underscored the importance of enhancing product design and functionality to further expedite domestic business development. He urged countries to focus on making their products more convenient, functional, and visually appealing, emphasizing that industrial and product design should become a valuable resource for the growth of domestic industries.
Opportunities for Russian Companies in India:
Putin also highlighted the prospects available to Russian companies in India, particularly in light of Western sanctions. He acknowledged the significant increase in India’s reliance on Russian oil imports, which accounted for 46% of India’s oil imports last month, a remarkable rise from less than 2% prior to the invasion of Ukraine. This highlights the potential for collaboration between the two countries, particularly in the energy sector.
Attracting Foreign Investors and Promoting Domestic Business:
Putin stressed the importance of providing support to Russian companies, enabling them to effectively market their products. He recognized the necessity of assisting these companies in navigating the global market and overcoming challenges posed by sanctions policies. Drawing upon the success of India’s ‘Make in India’ initiative, Putin urged the adoption of similar strategies to drive economic growth and enhance the capabilities of domestic industries in other nations.
In addition to Putin’s praise for India’s initiative, Russian Ambassador Denis Alipov in New Delhi emphasized the strength of the “special Russia-India strategic partnership” during a state reception commemorating the National Day of the Russian Federation. Alipov condemned the dissemination of falsehoods about Russia on a daily basis, acknowledging attempts to disrupt Russia-India relations. However, he highlighted the resilience and continuous strengthening of the strategic partnership between the two nations.
In conclusion, Vladimir Putin’s acknowledgment of India’s ‘Make in India’ initiative reflects its profound impact on the Indian economy. The initiative has not only stimulated domestic manufacturing capabilities but has also attracted foreign investment. Putin’s call for other countries to replicate India’s success and his emphasis on supporting Russian companies highlight the significance of economic partnerships in driving growth and fortifying global alliances. Despite efforts to disrupt the relationship, the Russia-India strategic partnership continues to evolve and strengthen, reinforcing the enduring bond between the two nations.
