President Pranab Mukherjee on Sunday asked the Indian community in Russia to bring in their skills and capital to support the government's initiatives to make the country a global manufacturing hub.
President Pranab Mukherjee on Sunday asked the Indian community in Russia to bring in their skills and capital to support the government's initiatives to make the country a global manufacturing hub.
He also asked the Indian community here to contribute substantially to further enhance Indo-Russia ties, especially economic ties. Addressing the Indian Community members in Russia, Mukherjee said India-Russia relations have now touched almost every field of human endeavour and it involves cooperation in political, security, defence, trade, science and technology, education and culture.
"Having said that, there is a need to further enhance our level of economic engagement. Trade and investments are the pillars of economic relation," he told the impressive gathering. The President said total trade between India and Russia is US $6 billion annually which is 0.8 per cent of India's trade amounting to US $765 billion. Since April 2000, FDI inflows into India is US $4246 billion and out of which only US $1 billion or 0.4 per cent of the total inflows has come from Russia.
"Given the size of our economies, there is huge potential to enhance commercial and investment exchanges. It is a challenge for all of us to utilise synergies and new opportunities that are arising between the two economies. "All of you, as a repositories of unique information and insights about India and Russia, have an important role to play in propelling our economic ties to a higher trajectory," he said.
The President said government of India has provided fresh impetus to India's economic growth and development through new initiatives like 'Make in India', ' digital India', 'smart cities', 'model villages' and 'clean Ganga' which seek to transform India. "The Indian community abroad can contribute to these initiatives by bringing their skills and capital. New opportunities have been created specially for NRIs and PIOs to come forward and play a major role in contributing to India's success such as the NRI fund to clean and develop the Ganga river.
"You can also acquaint enterprises in your adopted country of the new opportunities available in India. We need to forge partnerships in friendly nations like Russia to bring in ideas, innovations, technologies and investment. You have to facilitate the creation of such partnerships," he said. Around 15,000 Indians live in Russia of which 4,000 are students.
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