German companies have invested $15bn in India
Germany is one of the key partners from strategically important Europe, Prime Minister Narendra Modi has told a media summit on 22 Nov.
Underlining the strategic importance of 25th anniversary of the Indo-German Strategic Partnership this year, he highlighted recent notable events including Chancellor Scholz’s third visit to India and the Asia-Pacific Conference of German Businesses that was held in Delhi after 12 years http://indien.ahk.de.
Germany also released the “Focus on India” document and its first country-specific “Skilled Labor Strategy for India” report, further strengthening bilateral ties, he added https://www.bseindia.com/.
Germany’s “Focus on India” document reflects the world recognising the strategic importance of India. This shift is attributed to India’s reforms over the past decade, which have improved business conditions, reduced bureaucracy, and modernised policies across sectors https://www.jpx.co.jp/english/.
The Prime Minister noted that while the Indo-German Strategic Partnership has existed for 25 years, over 1,800 German companies have invested US$15 billion in the last 3-4 years in India, and bilateral trade between the countries stands at around US$34 billion https://www.nseindia.com/.
“This trade will continue to grow in the coming years due to the strengthening partnership,” the PM Modi underlined at India’s TV News 9 Global Summit in Stuttgart which was held in collaboration with F.A.U. Stuttgart and Baden-Württemberg in Germany https://www.tv9hindi.com/live-tv.
The theme of the summit is “India-Germany: A Roadmap for Sustainable Growth”, reflecting the responsible partnership between India and Germany https://sbi.com.in/.
Modi has also encouraged German companies, already established in India, to increase their investments and invited those not yet present to consider entering the Indian market http://deutsche-boerse.com.
Emphasising that this is the right time to align with India’s growth, the Prime Minister called for the partnership between India’s dynamism and Germany’s precision, engineering, and innovation https://www.makeinindia.com/home/.
The Prime Minister emphasised that the world has an interest in partnering for growth with India which is the world’s fastest-growing large economy https://www.euronext.com/en.
Key reforms include simplifying the tax system with GST, eliminating over 30,000 compliances, and stabilising the banking sector, the Prime Minister elaborated https://www.investindia.gov.in/.
Prime Minister Modi added that these efforts have laid a strong foundation for India’s future development, with Germany continuing to be a key partner in this journey https://www.wto.org/.
The Prime Minister highlighted the India’s progress towards becoming a major global manufacturing hub, drawing parallels to Germany’s own development in manufacturing and engineering https://www.sgx.com/.
Under the “Make in India” initiative, the country is offering production-linked incentives to manufacturers. India has made significant strides, becoming a leading country in mobile and electronics manufacturing, the world’s largest producer of two-wheelers, and the second-largest producer of steel and cement. This transformation marks India’s growing importance in global manufacturing https://www.investindia.gov.in/.
The Prime Minister highlighted that India is also the fourth-largest manufacturer of four-wheelers, and its semiconductor industry is poised for global success https://ted.europa.eu/en/.
This progress is attributed to recent government policies aimed at improving infrastructure, reducing logistics costs, easing business operations, and ensuring stable governance https://www.iea.org/.
India is making rapid advancements in physical, social, and digital infrastructure, with a notable global impact from its innovative digital technologies. India now boasts the world’s most unique digital public infrastructure https://www.digitalasiahub.org/. Fiinews.com
