PM Modi lauds Putin's participation in "Make in India" campaign

Prime Minister Narendra Modi on Thursday said that Russian President Vladimir Putin's participation in "Make in India" campaign will help expand manufacturing and create jobs for youth in the country.

"President Putin's enthusiasm for Russia participating in "Make in India" campaign will help expand manufacturing and create jobs for our people. I want major diamond mining companies from Russia to sell directly to the Indian diamond industry," said Prime Minister Modi after inaugurating the World Diamond Conference here.

"We are especially pleased that President Putin is here for the World Diamond Conference. India is a natural venue for this conference, it is believed diamond is India's gift to the world. Out of 10 diamonds sold globally, nine have been processed in India. Diamond has become universal symbol of wealth. In India it is also a great source of employment for our people. India and Russia have outstanding cooperation in a broad range of areas," he said.

"It will be good for them and for India. I will make three proposals to President Putin. I would like ALROSA direct long term contract with more Indian companies. I am pleased to know that they are moving in that direction. I want ALROSA and others to trade directly with us. We have decided to create a Special Notified Zone which will benefit Indian diamond industries. I ask President Putin to reform regulation so that Russian jewelry market can send their diamonds to India and re-import Polish diamonds without any duty. This will give a boost to our diamond industry," he added.

Minister of State for Commerce and Industry Nirmala Sitharaman was also present on the occasion.

President Putin arrived in New Delhi late last night on a two-day visit to attend the 15th India-Russia annual summit.

The India- Russia Annual Summit was initiated under President Putin's leadership during his visit to India in October 2000.