Putin Hails India's 'Make in India' Initiative for Impressive Impact on Economy

NEW DELHI: In a forum organized by Russia's Agency for Strategic Initiatives (ASI) in Moscow, Russian President Vladimir Putin commended Indian Prime Minister Narendra Modi and lauded the success of India's 'Make in India' initiative. Putin praised the initiative for its truly impressive effect on the Indian economy, emphasizing the need to learn from successful strategies implemented by other countries.

Citing India as an example, Putin applauded the Indian government's efforts to encourage companies to develop, manufacture, and assemble products locally. He expressed the view that emulating successful models, even if created by other countries, can yield positive results. Putin suggested that Russia should offer support tools to enhance the efficiency of local companies in marketing their products, taking inspiration from India's effective approach in developing local manufacturing capabilities and attracting foreign investors.

Putin further emphasized the importance of enhancing the functionality, convenience, and modern appeal of Russian products. He highlighted the need to adapt to evolving market demands and ensure competitiveness in the global marketplace.

The 'Make in India' initiative, launched globally in September 2014, forms a key part of India's manufacturing-focused strategy. It aims to position India as the preferred global manufacturing destination. The initiative seeks to integrate Indian companies into the global supply chain and enhance their performance in a globalized workspace.

The Indian government has implemented a range of measures to improve the ease of doing business and support the growth of domestic manufacturing. By creating a favorable environment for both local and foreign companies, India aims to stimulate investment, foster innovation, and promote the production of high-quality goods.

Putin's praise for India's 'Make in India' initiative underscores the recognition of its positive impact on the Indian economy. The acknowledgement from a global leader such as Putin serves as an endorsement of India's efforts to bolster its manufacturing sector and attract international investments. The Indian government's commitment to creating a conducive environment for businesses is reflected in its ongoing reforms to streamline regulations, enhance infrastructure, and promote entrepreneurship.

As countries navigate the complexities of global trade and economic recovery, initiatives like 'Make in India' provide valuable lessons and inspiration for other nations seeking to revitalize their manufacturing sectors and boost economic growth. The commendation from Putin also strengthens the strategic partnership between India and Russia, fostering collaboration in areas of mutual interest and promoting shared prosperity.

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