Indian Prime Minister Narendra Modi Tuesday made a pitch for his two ambitious initiatives – ” Make in India” and “Digital India” – at the Indo-German Summit that he held with visiting German Chancellor Angela Merkel in the southern city of Bengaluru.
As India is on the threshold of a big IT revolution, the nation is well prepared to absorb technology and investment from outside.
Before flying back to Germany, Merkel was to give a speech on business topics to representatives from German and Indian companies.
German minister of defence Ursula von der Leyen and minister of economic affairs and energy Sigmar Gabriel didn’t accompany Merkel, indicating that further discussions were required for supplying of submarines a few major on defence contracts, even though both sides argued that defence contracts were linked to tendering processes and not government decessions. The presentation on Industry 4.0, which is about connected smart manufacturing and the use of robotics and virtual reality in manufacturing sector was of special significance in view of the Make in India concept.
German Chancellor Angela Merkel, who is on a three day visit to India, said the defense co-operation between the countries would be based on a broad foundation. Germany will provide India with 1 billion euros, each, for India’s Green Energy Corridor project and country-wide solar projects.
The two sides also announced setting up a Fast-Track system for German companies in India.
Ahead of Merkel’s visit, German Ambassador Martin Ney said the third Inter-Governmental Consultations are expected to come out with “path-breaking results” and inking of “substantial” number of agreements between the two countries. Modi said the statue was a symbol of the victory of good over evil.
The pacts also covered measures for improving the investment climate in India under which a separate body would be set up with the task to facilitate investment by German firms in India and weed out obstacles faced by them in doing business here. But many have welcomed Modi’s efforts to make it a faster and more reliable place to invest.
Merkel said in her address that Bengaluru has seen the fusion of German engineering and India’s IT expertise.
Modi also said India is committed to protecting Intellectual Property Rights of all innovators and entrepreneurs.