Russian President Vladimir Putin on Friday hailed Prime Minister Narendra Modi as a "big friend" and commented that his 'Make in India' initiative had made significant impact on India's economy.
"Our friends in India and our big friend, Prime Minister Narendra Modi, launched the ‘Make in India’ initiative several years ago. It has had a truly impressive effect on the Indian economy. It would do no harm to emulate what is working well, even if it was not us but our friends who created it," Russian media quoted the President during a forum in Moscow.
During his remarks, Putin said that the Indian leadership had created an effective model to bolster local manufacturing capabilities and attract foreign investors, while stressing the need to provide tools for Russian products more efficiently.
He also asserted Russia's need to increase conevenience and functionality of products with a modern look and properties, while discussing on Russian companies amid sanctions imposed by Western countries over the ongoing Russia-Ukraine war.
Earlier on Wednesday, National Security Advisor (NSA) Ajit Doval was briefed on latest developments in Russia by its Security Council Secretary Nikolai Patrushev, following a short-lived mutiny by the Wagner Group, a Russian mercenary force led by Yevgeny Prigozhin. The insurrection marked one of the most serious challenges faced by Putin.
About Make in India
The 'Make in India' initiative, launched by PM Modi in 2014, aimed towards encouraging development and manufacturing of products made in the country and improve India's capability as a global design and manufacturing hub.
In recent years, India has become an enormous consumer market for foreign investers, as shown by a massive rise in Foreign Direct Investment (FDI) inflows from USD 36 billion in 2014 to USD 81 billion in 2020-21. India's export performance has also improved from USD 468 billion in 2014 to USD 770 billion in 2022-23.
(with PTI inputs)
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