President Putin Applauds PM Modi's 'Make in India' Campaign as a Game-Changer for Indian Economy
Putin specifically highlighted the positive impact of the 'Make in India' initiative on the Indian economy. He commended Prime Minister Modi for creating a successful model that promotes local manufacturing capabilities and attracts foreign investments. The President emphasized the importance of emulating successful strategies, even if they were not originally devised by Russia.
During his speech, Putin also discussed the current challenges faced by Russian companies due to Western sanctions policies. He stressed the need to provide support tools and assistance to Russian businesses to enhance their product marketing efficiency in the face of these obstacles. Putin cited India's leadership in creating an effective framework for developing domestic industries and urged the exploration of ways to improve product convenience, functionality, and aesthetics.
The forum marked a significant public appearance for President Putin, coming shortly after a brief but notable armed rebellion by a Russian mercenary group led by Yevgeny Prigozhin and his Wagner group. This rebellion posed one of the most serious challenges to Putin's rule during his two-decade tenure as President.
In light of the recent developments in Russia, including the rebellion, Russia's Security Council Secretary Nikolai Patrushev provided a briefing to India's National Security Advisor Ajit Doval on the situation in the country. This exchange of information highlights the importance of maintaining diplomatic channels and cooperation between Russia and India.
The 'Make in India' initiative, launched by Prime Minister Modi in 2014, aims to encourage domestic manufacturing, attract foreign investments, and boost the Indian economy. Over the years, India has emerged as an appealing destination for global companies seeking to establish manufacturing units and tap into the country's massive consumer market.
Official data indicates a significant improvement in India's export performance since the inception of the 'Make in India' campaign. Exports have grown from approximately $468 billion in 2014 to an estimated $770 billion in the 2022-23 fiscal year. This surge in exports demonstrates India's increasing prominence as a global trade partner.
Furthermore, India has experienced a substantial increase in foreign direct investment (FDI) inflows. FDI has risen from $36 billion in 2014 to over $81 billion in 2020-21, indicating growing confidence among international investors in India's business environment and potential for economic growth.
The meeting between President Putin and Prime Minister Modi took place in September 2022 on the sidelines of a regional security bloc summit held in Uzbekistan. The engagement between the two leaders underscores the importance of bilateral relations and the potential for further collaboration between Russia and India in various fields, including trade, investment, and strategic partnerships.
