Russia Admires India’s ‘Make In India’ Initiative, Wants To Replicate
The ‘Make in India’ initiative, launched by Indian Prime Minister Narendra Modi in 2014, aims to transform India into a global manufacturing hub and boost economic growth.
The initiative focuses on attracting domestic and foreign investment, promoting innovation, and fostering the development of domestic products and brands.
Russian President Vladimir Putin recently praised the ‘Make in India’ initiative during an annual forum in Moscow.
He commended Prime Minister Modi for his efforts to promote the domestic manufacturing sector and acknowledged the visible impact it has had on the Indian economy.
Putin emphasized the importance of learning from successful initiatives, even if they were created by other countries.
The ‘Make in India’ initiative has particularly shown success in the defense sector. A government report revealed a remarkable 23-fold increase in India’s military exports during the nine years of the Modi government.
The country’s defense exports surged from Rs 686 crore ($82 million) in FY 2013-14 to nearly Rs 16,000 crore ($1.9 billion) in FY 2022-23.
This significant growth indicates India’s progress in the global defense manufacturing sector and highlights the shift from heavy reliance on defense imports to developing a domestic defense manufacturing setup.
India’s efforts to boost domestic defense production have resulted in a decline in defense imports and an increase in domestic procurement. Between 2013-17 and 2018-22, India’s defense imports decreased by 11 percent.
This decline can be attributed to efforts to diversify arms suppliers, streamline the procurement process, and promote the use of local designs. In FY22, India’s domestic procurement reached 68 percent.
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The success of the ‘Make in India’ initiative has presented India’s brilliant strategy to the world. Most of the international leaders praised it and now they are planning to emulate this in their country.
India is creating more jobs, attracting global investment, and strengthening its economy at a rapid speed by promoting its domestic production, innovation, and exports.
