Putin Commends PM Modi’s ‘Make in India’ Policy
The President of Russia, Vladimir Putin has propounded elevated praise for the Indian Prime Minister Narendra Modi’s ‘Make in India’ initiative during a speech at the 8th Eastern Economic Forum (EEF). Putin accentuated the importance of using domestic manufactured products and signified the admiration of India’s policies under PM Modi’s leadership as a positive example.
“You know, we didn’t have domestically made cars back then, but we do now,” said Putin. Although they do have a more trivialised appearance than the luxurious brands like Mercedes or Audi vehicles we purchased in large quantities in the 1990s, this is unimportant. I believe we ought to model ourselves after many of our allies, including India. They are concentrating on the production and use of automobiles built in India. In my opinion, Prime Minister Modi is acting adequately by promoting the Make in India initiative. He is correct.
Russian President’s take
The Russian President also stressed the importance of using Russian-made automobiles, particularly for state purchases. He highlighted that such a move would not violate Russia’s WTO obligations and proposed the creation of a system to determine which classes of officials should use domestically made cars.
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Putin asserted his support for the India-Middle East-Europe Economic Corridor (IMEC) and focused on that it will not be detrimental to Russia but rather help the nation on a broader aspect. India, the United States, the UAE, Saudi Arabia, France, Germany, Italy, and the European Union are all scheduled to actively engage themselves in the IMEC, which is destined to develop into a gigantic infrastructure and trade network. By upgrading the connectivity and trade between these regions, this corridor hopes to promote economic integration with a scalability range among the various nations.
Putin stated, “I believe that this will only benefit us. I believe that this will only help us develop logistics. Firstly, this project has been discussed for a long time, for several years.”
Wrap Up
The development comes after India, the US, and several other nations signed a Memorandum of Understanding (MoU) to establish the India-Middle East-Europe Economic Corridor on the sidelines of the G20 Summit in New Delhi. This initiative, involving key global players, is expected to reshape trade dynamics and enhance economic cooperation across three continents.
In a summarised sequel, it is concluded that Putin’s endorsement of the ‘Make in India’ program and his assertive support for the India-Middle East-Europe Economic Corridor reflect growing collaboration between Russia and India in both economic and geopolitical spheres. These developments and upgradation in this self-reliant manufacturing sector, hold the potential to strengthen trade ties benefiting not only India but also the broader international community.
