At the heart of the matter is the quest for stability in global oil markets.
Russian President Vladimir Putin has praised Prime Minister Narendra Modi’s Make in India initiative, saying that India has set an example through its policies to promote in-house manufacturing. Speaking at the 8th Eastern Economic Forum on Russian-made cars, President Putin said Russia need to emulate its partners and cited the example of PM Modi’s Make-in-India initiative to boost manufacturing.
“You know we didn’t have domestically made cars back then but we do have now. It is true that they look modest in comparison with Mercedes and Audi cars, which we bought in the vast amount in the 1990s. But this is not an issue.
“I think we should emulate some of our partners, for example India. They are focused on manufacturing and use of India made vehicles. I think that Prime Minister Modi is doing the right thing by promoting Make-in-India program,” Putin added.
The Russian President urged people to use more and more country-made vehicles and said that there would not be any infringement of WTO obligations in doing so.
“We have Russian-made automobiles, and we must use them; this is absolutely fine. This will not lead to any infringements of our WTO obligations, absolutely not. It will concern state purchases. We must create a certain chain regarding what cars different classes of officials can drive, so that they will use domestically-made cars,” Putin said in Vladivostok.
”You probably know about the proposals to continue buying these cars. It would be easy to do, because the logistics are streamlined,” he added.
The Make-in-India initiative was launched by Prime Minister Modi on September 25, 2014 during his first tenure to boost manufacturing in the country.
Manufacturing in several sectors has seen growth by many-folds in India. As of 2022, the foreign direct investment has doubled and the defence sector has registered 10-times growth in exports in 2022-23 in the last 8 years.