Russian President Vladimir Putin commended Indian PM Narendra Modi’s ‘Make in India’ initiative on Thursday, stating that the strategy has had a truly impressive effect on the Indian economy.
While addressing an event in Moscow, Putin stated, “Our friends in India and Prime Minister Narendra Modi, a big friend of Russia, a few years ago presented a concept ‘Make in India’, and it had a very visible effect on the Indian economy.”
Putin Praises India
Speaking at a forum organised by Russia’s Agency for Strategic Initiatives (ASI), ‘Strong Ideas for a New Time’ in Moscow, Putin acknowledged India as an example of a government encouraging businesses to design, produce, and assemble products locally, as reported by the Russian television network RT.
The Russian President praised India’s attempt to promote domestic products and brands in his country, saying Moscow could “offer support tools to help [Russian] companies market their products more efficiently.”
Putin emphasised the need for domestic business development: “We need to think about making our products more convenient and functional, with a modern look and properties. Therefore, industrial and product design should become an important resource for the development of domestic business.
The Russian President praised India’s attempt to construct an effective paradigm for developing its manufacturing capabilities and attracting foreign investment.
The ‘Make in India’ initiative was launched globally in September 2014, as part of India’s increased emphasis on manufacturing. The initiative aims to promote India as the most preferred global manufacturing location.
Russia's Putin praises Indian PM Modi and make in India initiative says, "Our friends in India & PM 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.
— Megh Updates 🚨™ (@MeghUpdates) June 29, 2023
Speaking at an event in Moscow,… pic.twitter.com/n8WpTHhpVi
Encouraging Russian Entrepreneurs and Domestic Products
Putin stressed that monopoly and dominance cannot last forever, and Russian firms are ready for competition. “As you are aware, no monopoly or dominance lasts forever. Our businesses and teams are ready for competition. This has been demonstrated several times earlier. When I say monopoly, I mean your Western competitors, since they have a monopoly in many fields,” he added.
“We need our own brands that the country will be proud of, trademarks that will be recognisable not only in Russia but in the rest of the world.”
Russian-made products may initially interest its “closest neighbours in the CIS, then the SCO and BRICS countries. These markets are enormous, even colossal,” he stated.
Putin acknowledged that “Russian entrepreneurs filed more than 43,000 applications for trademark registration in the first five months of this year, which is 35 percent more than in the same period last year.” He noted, “The number of registered domestic brands and the turnover of rights to trademarks are on the rise, meaning that they are gaining value as assets.”
Encouraging the promotion of Russian brands, he added, “we need a targeted policy of all-round promotion of Russian brands, at all levels: in the media, in the top state media, and on social media, and in new media as well.
❗️Any monopoly and dominance is not eternal. We are ready to compete with the West, Putin said at ASI Forum
— Dialogue works (@Dialogue_NRA) June 29, 2023
🇷🇺 Main statements from Vladimir Putin at the plenary forum of the Agency for Strategic Initiatives "Strong Ideas for a New Era":
📍Despite the sanctions, the world has… pic.twitter.com/gJHeKb27CM
On Role of the West in Limiting Russian Products
Putin stated, “large foreign companies have been working for a long time to oust our national products, and not always by offering better quality and lower prices, but through aggressive advertising.” He said that some Western companies have been “subsidising their domestic production, which reached an extremely high level with regard to some products.”
The Russian President also commented on the diminished role of the World Trade Organisation: “The WTO prefers not to notice this, or, if it does notice it, it cannot do anything because our foreign colleagues, especially in Europe, have learned very well how to circumnavigate WTO requirements.”
Putin emphasised that Western sanctions have paved the way for more opportunities. “Our world did not collapse because of the sanctions or the withdrawal of Western companies. On the contrary, this created many more opportunities for Russian companies.”
ASI Forum was Putin’s first major public appearance since Wagner chief Yevgeny Prigozhin attempted a short-lived armed insurrection against the Russian government. The mutiny can be marked as the most serious challenge to Putin in more than two decades of his rule.