PM Narendra Modi and the German Chancellor, Dr. Angela Merkel shaking hands at the Joint Press Statements, in Berlin, Germany on May 30, 2017

At the Business Meeting in Germany yesterday (May 30, 2017) Prime Minister Modi has called Germany as one of India's most important partners both bilaterally and in the global context.

"I am very happy to see participation of German companies in India's growth story. It is equally heartening to see that Indian companies have also made their presence felt in Germany," he said. Germany ranks 7th among foreign investor countries in India.

Major sectors attracting FDI inflows from Germany are engineering, chemicals and services. About 600 Indo-German joint ventures are presently operating in India. They provide employment to around two hundred thousand people.

"However, there is tremendous further potential in India-Germany economic collaboration. Our economic partnership is still below its full potential. To enhance this, we, in India, are ready with open arms to welcome German companies. With a view to help the German companies, we have put in place a Fast Track Mechanism. A number of issues have already been resolved through this mechanism. We are doing it sincerely because we value German participation a lot," the PM said.

Sharing that India is already the 6th largest manufacturing nation in the world, the PM further added that we are working hard on various enablers to make it better.

"Through our ‘Make in India' initiative, we are committed to transform India as a major player in the global value chain. Prime motive is creation of jobs and narrowing the gap between affluent and lower sections of society. Make in India has already created a strong impact."

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