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India is better country today for foreign investors: Modi
Hannover, April 13
Prime Minister Narendra
Modi, who has invited global companies to invest in India, continued his
pitch at the grand industrial fair here on Monday, this time listing
what exactly makes the country an attractive destination.
Inaugurating
the India Pavilion and a business summit at Hannover Messe with German
Chancellor Angela Merkel, Modi said the 10 months of his government has
put an end to the retrospective tax regime, eased the regulatory
environment, fast-tracked approvals and encouraged innovation and
entrepreneurship.
"All this is a historic opportunity for German
companies. You would already be knowing the direction of my government
and the steps we are taking. We have committed ourselves for creating
and improving the business environment.
"I can assure you that once you decide to be in India, we are confident to make you comfortable.
"You
will be able to see for yourself the winds of change in India. We are
very keen to develop the sectors where you are strong. We need your
involvement. The scope and potential, the breadth and length of
infrastructure and related developments is very huge in India."
India is the partner country this year at the world's largest industrial fair here.
"Indo-German
partnership should and will flourish. Participation at Hannover Messe
will be beneficial for both sides," the prime minister said.
Hannover Messe, which exists since 1947, normally has around 6,000 exhibitors and about 200,000 visitors over a one-week period.
At the inaugural, India showcased its 'Make In India' prowess, which left the German chancellor rather impressed.
"I've
never seen a vibrant show like this. It brought alive India's
civilization, culture and technology," Merkel told Modi as they walked
around the India Pavilion.
India was last partner country in
2006, while the Indian business participation this year has 350
companies taking part. Heads of several leading companies will be
present, including Tata Group chairman Cyrus Mistry and Infosys' Vishal
Sikka.
Modi's entourage to the fair comprises five union
ministers and three chief ministers. Eighteen Indian states are taking
part in Hannover Messe.
India is very much present in Germany
these days through the lion logo representing the 'Make in India'
campaign unfurled all over the country, at airports and other public
places.
"The symbol of the lion has been carefully chosen. The
lion cannot be stopped, like our journey cannot be stopped, that too by
our own rules," Modi said.
"There is more potential in
Indo-German economic collaboration. Our economic partnership is not as
much as what both nations would like to have," he added.
Germany
is the eighth-largest foreign direct investor in India. German FDI in
India during the period 1991-2014 was valued at $7.57 billion.
Germany
is also India's largest trading partner in the European Union, with
bilateral trade amounting to some 16 billion euros in 2014.
In an
Op-Ed piece in German newspaper Frankfurter Allgemeine Zeitung on
Monday, Modi said that through "our 'Act East' and 'Link West' policy,
India has the potential of becoming the middle ground for East and West
as a manufacturing hub that serves both our vast domestic market and
becomes a base for global exports and general well-being".
"I
visualize India as a key engine of global growth. Our democratic
principles and practices are guarantors of stability. We have a free
media and an independent judiciary that allows all opinions to be aired
without fear."
Modi has since arrived in Germany's capital Berlin, where he will hold bilateral talks with Merkel.