Union Minister Ashwini Vaishnaw has urged German companies to invest in India, emphasizing the country’s political and economic stability and its status as a trusted global partner.
Speaking at the News9 Global Summit in Stuttgart, Vaishnaw outlined India’s steady economic growth and its robust pool of skilled talent as key attractions for foreign investors.
India’s Economic Strengths and Global Opportunities
Vaishnaw highlighted India’s position as one of the fastest-growing major economies, with an annual growth rate of 6-8%. He invited German businesses to make India a part of their global supply chains. “India hosts over 1,800 global capability centres across virtually every sector. We offer a vast pool of talent, with world-renowned capabilities in IT,” Vaishnaw said.
He also underscored the country’s trustworthiness in the global market: “We in India offer you trust, talent, and stability.” The minister noted India’s healthy fiscal management, with public debt at 57% of GDP—significantly below the levels of many large economies. “This success is not a coincidence. It is the result of a clear, well-thought-out strategy and meticulous execution,” he stated.
Four Pillars of India’s Growth Strategy
Vaishnaw described the government’s development approach, anchored on four key pillars: 1. Infrastructure Investment: Large-scale public investment in physical, social, and digital infrastructure.
- Inclusive Growth Programs: Initiatives aimed at fostering equitable development.
- Focus on Manufacturing and Innovation: Driving industrial growth and technological advancements.
- Legal and Compliance Reforms: Simplifying regulatory frameworks to boost ease of doing business.
Highlighting the reforms under Prime Minister Narendra Modi’s leadership, Vaishnaw said, “The government believes in minimum government, maximum governance. Over 1,500 outdated laws have been repealed, and 40,000 unnecessary compliance requirements have been removed.”
Framework for a Digital Future
Vaishnaw emphasized India’s readiness for the digital age, citing new legislations such as the Digital Personal Data Protection Act and the Telecom Act. “These provide a transparent framework for today’s digital economy,” he said.
Invitation to German Businesses
Vaishnaw concluded by encouraging German companies to witness India’s transformation firsthand. “Come invest in India. This is a once-in-a-decade opportunity for you. This is an opportunity which will help you grow. This is a win-win for all of us,” he said.
The News9 Global Summit, held from November 21 to 23 in Stuttgart, focused on strengthening ties between India and Germany, fostering economic growth, and building sustainable partnerships.
