RUSSIAN President Vladimir Putin has cited India as an example of a country encouraging companies to develop, manufacture, and assemble products locally.
The Russian president made the comments in a forum held in Moscow wherein he drew on India’s experience to promote the development of local products and brands.
He made a case for India as he talked about the opportunities for Russian companies due to the sanctions policies imposed by the West, and the need for Russia to offer support tools to help their companies market their products more efficiently.
“Our friends in India, and Prime Minister Narendra Modi, a great friend of Russia,” Pres. Vladimir Putin, Russian Federation said.
A few years ago, presented the concept ‘Make in India’.
“It’s not a sin to adopt what’s been invented by others and works well.”
“Especially from our good friends.”
“Citing Modi’s leadership for an effective model to develop domestic manufacturing capabilities and woo foreign investors,” Putin said.
The Russian President Putin is referring to the initiative called ‘Make in India‘.
Launched by the Modi administration in 2014, make in India targets 25 sectors including renewable energy, electronics, automobiles, and so on.
India is currently the 5th largest GDP in the world, with around 3.7 trillion U.S. Dollars.
And in recent years, India has emerged as a massive consumer market for foreign investors from around $468 billion in 2014 to an estimated $770 billion in the 2022-23 fiscal year, as per the data of the Indian Ministry of Commerce and Industry.
