Putin Praises India’s Economic Growth Under PM Modi’s Leadership

Russian President Vladimir Putin has once again emphasized India’s growing economic prowess under Prime Minister Narendra Modi’s leadership. Speaking at his annual press conference in Moscow, Putin acknowledged India’s rise as a global economic powerhouse, placing it alongside the United States and China in terms of economic volume and purchasing power parity.

Russia’s Position in the Global Economy

Putin also highlighted Russia’s economic achievements, noting that the country has overtaken Germany and Japan to become the largest economy in Europe by purchasing power parity and the fourth-largest globally. Despite these achievements, he stressed that there is no room for complacency and that Russia must continue to adapt and enhance its economic momentum amidst external challenges, including the ongoing conflict with Ukraine.

Contrasting Global Economic Trends

The Russian President pointed out the dynamic development of emerging economies like India and China while critiquing the stagnation in the Eurozone. “If the Eurozone has fallen asleep, then there are other centres of world development, they are also moving forward,” Putin remarked, underscoring the need for Russia to maintain its economic progress in an evolving global landscape.

Putin Praises PM Modi’s ‘India-First’ Policy

Earlier this month, during the 15th VTB Russia Calling Investment Forum, Putin lauded Prime Minister Modi’s ‘India-first’ policy and the ‘Make in India’ initiative. Drawing parallels between Russia’s import substitution programme and India’s manufacturing drive, he expressed Russia’s willingness to establish manufacturing operations in India.

Russia’s Interest in Investing in India

Putin emphasized the profitability of investing in India, attributing it to the stable conditions created under Prime Minister Modi’s leadership. He highlighted that India’s policy of fostering domestic manufacturing aligns with Russia’s economic strategies, presenting opportunities for bilateral collaboration.

Recognition of India’s Global Stature

In September, during a meeting with India’s National Security Advisor (NSA) Ajit Doval in Saint Petersburg, Putin praised India’s rising global stature. He acknowledged India’s success in strengthening its statehood and building its economy under Modi’s leadership.

Strengthening Strategic Partnerships

Putin also celebrated the deepening of the special privileged strategic partnership between Russia and India. He expressed satisfaction with the growing strength of bilateral ties and reiterated Russia’s commitment to supporting India’s continued success on the global stage.

Conclusion

Russian President Vladimir Putin’s repeated acknowledgment of India’s economic growth and leadership under Prime Minister Narendra Modi underscores the nation’s rising global stature. His praise for initiatives like ‘Make in India’ and the stable conditions created by the Indian government highlights the mutual respect and potential for deeper collaboration between the two nations.

As India continues to strengthen its economy and global influence, the strategic partnership with Russia is poised to flourish further. With shared goals in manufacturing, investment, and innovation, both countries can look forward to leveraging each other's strengths for sustained growth in an evolving global economic landscape.