PM Modi: India-Germany economic relations would reach a “Limitless” phase in key areas
PM Modi: India and Germany have committed to turn their economic alliance into a “limitless” collaboration, expanding deeper cooperation into vital industries, according to Prime Minister Narendra Modi.
The Prime Minister said at the India-Germany CEOs Forum that Chancellor Merz’s choice of India for his first trip to Asia shows high levels of confidence and underscores India’s vital position in Germany’s diversification agenda.We have made the decision to extend this smooth economic collaboration indefinitely. This implies that there will now be more collaboration in key areas in addition to conventional economic sectors. “Today, we are exchanging a Joint Declaration of Intent in the defense sector,” the prime minister said.
According to him, India is continuing to expand at a rate of more than 8% thanks to extensive reforms in key industries including nuclear energy, mining, space exploration, and defense. India has become a worldwide symbol of progress and optimism due to the decrease of compliance costs and the improvement of the ease of doing business.
He pointed out that a new chapter in trade, investment, and bilateral ties would be made possible by the anticipated imminent implementation of the India-EU Free Trade Agreement.
The prime minister extended an invitation to German business to combine India’s speed and scale with its accuracy and inventiveness. He gave the group his word that the Indian government will use long-term planning and solid policies to improve collaboration.You have a clean route ahead of you. I welcome India’s size and speed to blend with German ingenuity and perfection. You may produce in India, fully use local demand, and export without any limitations. “On behalf of the government, I can assure you that India will further strengthen its cooperation with Germany through mutual trust, stable policies, and a long-term vision,” Modi said.
The Prime Minister claims that the India-Germany alliance benefits both countries and promotes world peace, especially as India advances to become a leader in green hydrogen, solar, wind, and biofuels.
Opportunities for German businesses are growing in the production of batteries, wind turbines, solar cells, and electrolysers. For German businesses, this presents enormous manufacturing prospects in fields like wind turbines, batteries, electrolysers, and solar cells. Together, we can create global solutions for everything from food and health security to e-mobility. We can guarantee a human-centric digital future by connecting Germany’s AI ecosystem with India’s comprehensive vision for AI,” Modi said.
In addition, the two nations decided to turn reliable alliances into technical collaborations with an emphasis on important and cutting-edge technologies. “Semiconductors, power electronics, biotech, fintech, quantum computing, and cyber security” are regions with enormous potential, according to the prime minister.
Bilateral commerce has exceeded the “fifty billion dollar mark” as the countries commemorate their platinum jubilee. Joint ventures in the automotive, chemical, and energy industries, as well as cooperation between Indian MSMEs and Germany’s Mittelstand, assist this expansion.