Putin praises PM Modi’s “Make in India” Initiative at Eastern Economic Forum

Russian President Vladimir Putin lauded Indian Prime Minister Narendra Modi’s “Make in India” initiative during his address at the 8th Eastern Economic Forum (EEF) in Vladivostok. Putin emphasized the importance of domestically produced goods and commended India’s policies under PM Modi’s leadership as a positive example.

In his speech, President Putin reminisced about a time when domestically manufactured cars were a rarity in Russia, contrasting them with the Mercedes and Audi cars that flooded the market in the 1990s. He acknowledged that Indian-made vehicles might appear more modest in comparison, but he expressed his belief that emulating India’s focus on domestically produced goods is a step in the right direction. “I think that Prime Minister Modi is doing the right thing in promoting the Make in India program. He is right,” Putin stated.

Putin clarified that using Russian-made automobiles is entirely acceptable and does not violate any World Trade Organization (WTO) obligations, as it primarily pertains to state purchases. He suggested implementing a system that dictates which classes of officials should use domestically produced cars. “We must create a certain chain regarding what cars different classes of officials can drive so that they will use domestically-made cars,” Putin said, emphasizing the importance of supporting local industries.

Regarding the India-Middle East-Europe Economic Corridor (IMEC), Putin dispelled concerns that this initiative might negatively impact Russia. He regarded it as a project that would ultimately benefit the country and the broader region. This statement came in the wake of India, the United States, the United Arab Emirates, Saudi Arabia, France, Germany, Italy, and the European Union signing a Memorandum of Understanding (MoU) to establish the IMEC during the G20 Summit in New Delhi.

“I believe that this will only benefit us. I believe that this will only help us develop logistics. Firstly, this project has been discussed for a long time, for several years,” Putin remarked, emphasizing the potential positive impact on trade and connectivity in the region.

The Russian president’s endorsement of “Make in India” demonstrates the importance of fostering domestic production and prioritizing locally manufactured products. It also underscores the importance of developing sustainable economic partnerships in the region, as exemplified by Russia’s positive outlook on the India-Middle East-Europe Economic Corridor.

The “Make in India” initiative, launched by Prime Minister Narendra Modi in 2014, aims to transform India into a global manufacturing hub by encouraging domestic production and attracting foreign investment. It focuses on key sectors such as automobiles, electronics, defense, and infrastructure, with the goal of creating jobs, boosting economic growth, and reducing dependence on imports.

Putin’s acknowledgment of India’s efforts to promote domestic manufacturing sends a strong message about the significance of self-reliance and the benefits of prioritizing locally made products. It also highlights the potential for collaboration and economic development through initiatives like the India-Middle East-Europe Economic Corridor, which promises to strengthen trade and connectivity between nations in the region.

As India continues to make strides in its “Make in India” campaign and fosters international partnerships like the IMEC, it remains at the forefront of global efforts to bolster domestic production, create economic opportunities, and build stronger economic ties with other nations. President Putin’s praise serves as a testament to the growing recognition of India’s efforts in this regard and its potential to drive economic growth not only at home but also on the international stage.