PM in Russia: India extends USD 1 bn line of credit for Far East development

Prime Minister Narendra Modi on Thursday extended a line of credit worth USD one billion as part of its investment for the Far East region, during his address at the 5th Eastern Economic Forum in Russia's Vladivostok.

Addressing the plenary Session, the Prime Minister said, "For the development of Far East, India will give a line of credit worth USD 1 billion. My govt has actively engaged with East Asia as part of its 'Act East' policy. This will also give a new dimension to our economic diplomacy."

Thanking Russian President Vladimir Putin for extending an invitation to attend the Forum, Prime Minister Modi said that the brainstorming on the occasion will not only strengthen the efforts for human welfare in Far East, but also the entire mankind.

He stressed that the relation of India and Far East is not new but ages old.

Meanwhile, noting that India is the first country to open its consulate in Vladivostok, the Prime Minister said, "Even when there were restrictions on other foreigners, Vladivostok was open for Indians."

Modi further said that New Delhi is working towards building a New India on the 'mantra' of 'sabka saath sabka vikas', wherein "we are aiming to be USD five trillion economy by 2024."

The Prime Minister is attending the Eastern Economic Forum as a Chief Guest and it shows the importance India attaches to the Russian Far East, an area with which New Delhi has had few links in the past.