PM Modi woos German investors, promises stable environment
HANNOVER, GERMANY: “Demography, democracy and demand make India attractive to the world today,” said Prime Minister Narendra Modi this morning as he inaugurated the India pavilion at the Hannover Trade Fair in Germany, pitching the country as a potential manufacturing hub.
- German Chancellor Angela Merkel joined the Prime Minister to inaugurate the India pavilion at the world’s largest trade fair. This year, 14 states are participating at the fair, competing with each other to get investment.
- The PM thanked Germany for inviting India to be a partner at the fair and noted that over 400 Indian companies are participating.
- The backdrop to the big stage at the India pavilion is the lion logo of the ‘Make in India’ campaign. That is the focus of his visit and he said yesterday, “I want to thank you for allowing us to unleash our lions in this city… the lions are a symbol of new India,” the PM said, referring to the ‘Make in India’ logo of a lion made of cogs to depict manufacturing.
- On Sunday, as he inaugurated the fair with Ms Merkel, PM Modi promised global investors all possible steps to make it easy to do business in India. At a roundtable, he also interacted with top German CEOs.
- The PM leaves for Berlin today after an interaction with Indian CEOs. In Berlin, he will meet members of the Indian community in Germany.
- On Sunday, PM Modi promised global investors a “predictable, stable and competitive” tax regime in India and said his government is “removing unnecessary regulations and simplifying our procedures” to make doing business in India easy.
- He had dinner with Ms Merkel last night. The dinner was prepared by 45 of India’s top chefs who are in Hannover for the trade fair. This morning, the chefs served mango lassi to Ms Merkel and Gujarati treats like khandvis, dhoklas andkhakras for snacks to Mr Modi.
- In Berlin, the grandnephew of Subhas Chandra Bose has said he will try to meet the Prime Minister at a dinner this evening, amid a row back in India over revelations that close relatives of the freedom fighter were spied upon.
- German CEOs have shared feedback on doing business in India with the PM. Some German companies brought up land acquisition as a hurdle to investing in Indian projects. Executives from BMW told the Prime Minister that India’s tax structure is problematic. Other companies talked about the problem of tight delivery timelines.
- The PM is on a nine-day tour of three countries. He spent three days in France before landing in Germany for a two-day visit. He goes to Canada from Germany.