Putin lauds PM Modi for 'Make in India' initiative, says no harm if Russia adopts ‘friend's’ template
Putin-Modi-Reuters
Russian President Vladimir Putin has lauded his 'friend'Indian Prime Minister Narendra Modi's 'Make in India' initiative to take the economy to new heights, according to state-controlled news channel RT.
Putin made the comments at an annual forum 'Strong ideas of our time'held by the state Agency for Strategic Initiativesin Moscow wherein hedrew on India's experience to promote the development of domestic products and brands.
"Our friends in India and Prime Minister Narendra Modi, a great friend of Russia, a few years ago presented a concept 'Make in India' and it had a very visible effect on the Indian economy," said Putin.
"It would do no harm to emulate what is working well, even if it was not us but our friends who created it,” he added.
Earlier,Russian Ambassador Denis Alipov in New Delhi remarked that the special "Russia-India partnership" was growing "stronger as ever".
"There have been lies about Russia on a daily basis and on a global scale. Efforts are being made to disrupt Russia-India relations,"said Alipov.
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"The indispensable truth however is — the special Russia-India strategic partnership has shown strength and we keep growing stronger than ever," he added.
Watch |Vladimir Putin hails India's Prime Minister Narendra Modi
Make-in-India paying dividends?
Notably, the much-popularised 'Make in India'initiative was launched by the Indian PM in September 2014, soon after taking the reins of the country for the first time. Though ridiculed by armchair economists at the time, the initiative has managed to change the direction of the Indian manufacturing sector, especially in the defence sector.
According to a government report released last month,India recordedan extraordinary 23 times rise in military exports during the nine years of the Modi government.
“India’s defence exports have reached an all-time high, surging from Rs 686 crore ($82 million) in FY 2013-14 to nearly Rs 16,000 crore ($1.9 billion) in FY 2022-23. This remarkable 23-fold increase reflects India’s progress in the global defence manufacturing sector," read the report.
For a country that has been heavily reliant on military imports since its independence, the meteoric rise in exports suggests that a defence manufacturing setup (still in its relative infancy)hasalready started to pay dividends.
While India's exports grew, its defence imports declined by 11 per cent between 2013-17 and 2018-22. The decline has been linked to a complex procurement process, efforts to diversify arms suppliers and attempts to replace imports with local designs. India’s domestic procurement climbed to 68 per cent in FY22.
(With inputs from agencies)
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