Prime Minister Narendra Modi met top German business leaders in Hannover on Sunday and told them about steps being taken by his government to ensure the ease of doing business in India.
The Prime Minister outlined the steps at a roundtable where the business leaders shared their views on how to improve the ease of doing business in the country.
Mr. Modi, who reached this northern German city from Paris, held the roundtable meet with CEOs from leading German companies like Daimler, Bombardier, Voith and Metro AG, on the first day of his three-day visit to Germany.
As many as 15 CEOs attended the roundtable followed by one-on-one meetings with Mr. Modi.
The Prime Minister told them he has already taken steps to ensure doing business and has identified around 80-90 things in this regard, sources said.
Giving an assurance to them, he said he was personally monitoring implementation of these steps.
Later speaking at another function, Mr. Modi said India presents vast opportunities as it was modernising and developing.
He particularly referred to opportunities in areas of manufacturing, infrastructure development, cleaning of the Ganga and solid waste management.
“Business is 1st in order of priority PM @narendramodi assisted by @CimGOI engages with German business leaders,” tweeted External Affairs Ministry spokesperson Syed Akbaruddin.
“Movers & shakers of German economy/industry meet with PM,” Mr. Akbaruddin tweeted.
Mr. Modi was accompanied by Commerce and Industry Minister Nirmala Sitharaman.
The Prime Minister also praised German innovation and excellence in manufacturing.
Mr. Modi, who arrived in Hannover earlier in the day, tweeted, “Hallo Germany! Reached Hannover a short while ago.”
From the Langenhagen Airport he went straight to his hotel where several Indians enthusiastically greeted him.
He shook hands with some of them as they shouted “Modi, Modi”.
During his stay, Mr. Modi will meet German Chancellor Angela Merkel. Business and technology is the focus of his first trip to Germany.
He will visit the Hannover Fair where India is a partner country this year. About 400 Indian companies are participating in the fair which will see the presence of about 100-120 Indian CEOs besides about 3,000 German delegates.
Mr. Modi, along with Ms. Merkel, will inaugurate the India Pavilion of the fair and address an Indo-German business summit. The two leaders will have detailed talks in Berlin with focus on how Germany can work with India in its developmental agenda.
The two leaders will address the Hannover Fair Business Summit, which focuses on the possibilities for promoting trade and industrial cooperation between India and Germany.
They will hold detailed discussions on various aspects of bilateral relations and international issues of “mutual interest” at their official talks in Berlin on Tuesday.
Germany is India’s largest trading partner in the E.U. and one of the top ten global trading partners.
The overall exchange of goods and services between the two countries was valued at around around 15.96 billion euros last year, a drop of €1.14 billion from the level of €16.10 billion registered in 2013.
While India’s exports to Germany rose marginally to €7.03 billion in 2014, its German imports dropped to €8.92 billion from €9.19 billion in the previous year, according to the Federal Statistical Office.
Germany is the eighth largest foreign investor in India. Its foreign direct investments in India during January-November 2014 was valued at around $995.7 million.
More than 1,600 Indo-German collaborations and around 600 Indo-German joint ventures are currently in operation.
On Saturday, in France, Mr. Modi projected India as a land of “immense opportunities” and invited investments and technology from across the globe.
Mr. Modi said he wants countries to compete among themselves in terms of doing business in India, contending that it will be beneficial for not only India but the entire world.
