VLADIVOSTOK: Russian President Vladimir Putin has expressed admiration for Prime Minister Narendra Modi’s ‘Make in India’ initiative and suggested that Russia can draw inspiration from the success stories of its partners, such as India, to promote the growth of its own domestic industries. Commending the policies in the Russian port city of Vladivostok, Putin stated that PM Modi is making the “right decisions.”
During his speech at the 8th Eastern Economic Forum (EEF), Putin emphasized the importance of promoting domestically manufactured automobiles and drew parallels with India’s policies under the leadership of PM Modi. He underscored the need for Russia to follow suit, with a focus on the production and utilization of Russian-made vehicles. According to Putin, Prime Minister Modi’s ‘Make in India’ program sets a positive example by encouraging the use of domestically produced cars in India.
In his address at the forum, Putin acknowledged that Russian-made cars may appear more modest in comparison to luxury brands such as Mercedes or Audi, which were prevalent in Russia during the 1990s. However, he stressed that the primary focus should be on promoting and using domestically manufactured vehicles. He reassured that using Russian-made cars would not contravene Russia’s WTO obligations, particularly concerning state purchases. Putin proposed the establishment of a framework to determine which types of cars various classes of officials should use to promote the utilization of domestically produced automobiles.
The ‘Make in India’ campaign, initiated by Prime Minister Modi in 2014, aims to attract investments, foster innovation, develop skills, protect intellectual property, and build world-class manufacturing infrastructure in India. It operates on four key pillars, with the goal of boosting entrepreneurship not only in manufacturing but also across various sectors.
Furthermore, Putin discussed the India-Middle East-Europe Economic Corridor (IMEC) and expressed his belief that this project would benefit Russia. He noted that the IMEC would enhance Russia’s logistics capabilities and highlighted that discussions about the project had been ongoing for several years. Despite the United States’ involvement in a new economic corridor project with the European Union, Saudi Arabia, and India, Putin saw the IMEC as advantageous for Russia, contributing to the development of the North-South project.
In a historic agreement announced on the sidelines of the G20 Summit, India, the United States, Saudi Arabia, and the European Union unveiled plans to launch a mega India-Middle East-Europe shipping and railway connectivity corridor. Prime Minister Narendra Modi welcomed this initiative, emphasizing its potential for economic integration between India, South Asia, and Europe.
In summary, President Putin’s remarks at the Eastern Economic Forum praised India’s ‘Make in India’ initiative, encouraged the use of domestically manufactured cars, and highlighted the significance of the India-Middle East-Europe Economic Corridor for Russia’s logistics development.