PM Modi's 'Act East' push at Eastern Economic Forum in Russia: India to give $ 1 Billion line of credit

Follow us on

In a big push to the government's "Act East" policy, Prime Minister Narendra Modi on Thursday announced line of credit worth US$ 1 Billion for the development of Far East. Modi was speaking at the Eastern Economic Forum in Vladivostok, Russia. 

10 Highlights: PM Modi's historic address at the Eastern Economic Forum in Russia

1. For the development of Far East, India will give line of credit worth US$ 1 Billion. My govt has actively engaged East Asia as part of its 'Act East' policy. This will also give a new dimension to our economic diplomacy.
2. In India also we are building a New India on the 'mantra' of 'sabka saath sabka vikas'. We are aiming to be US$ 5 trillion economy by 2024.
3. The relation of India and Far East is not new but ages old. India is the first country which opened its consulate in Vladivostok. Even during Soviet Russia when there was restrictions on other foreigners, Vladivostok was open for Indians.
4. Indian companies and people have contributed to the development of many regions in the world and have created wealth in those places. I am sure that the Indian diaspora will make an active contribution in the Russian Far East.
5. India is a proud and active participant in the various activities of the Eastern Economic Forum. Participation has come from top levels of government and industry.
6. Was in St. Petersburg two years ago and here I am today in Vladivostok. In a way, it’s been a trans-Siberian journey for me as well.
7. Confident that today’s session will not only give a new energy and momentum to efforts towards welfare of Russia’s Far East, but the entire humanity.
8. Whenever President Putin and me meet, we do so in a very informal atmosphere. Our discussions are also extensive.
9. India and Russia friendship isn’t restricted to governmental interactions in capital cities. This is about people and close business relations.
10. India is proud of the achievements of the Indian diaspora. I am sure here in the Russian Far East too the Indian diaspora will make an active contribution towards the region’s progress.

ALSO READ | PM Modi, President Putin against 'outside influence' in internal matters of state

ALSO READ | Russia an integral friend, trustworthy partner of India, says PM Modi