‘Now is the moment to get involved in India’s growth story’: PM Narendra Modi tells German businesses

Prime Minister Narendra Modi urged German businesses to invest in India, declaring that now is the perfect moment to engage with the country’s growth narrative. 

Speaking at the 18th Asia-Pacific Conference of German Business 2024 on October 25, Modi stressed the opportunity for foreign investors to get involved in India’s development, highlighting the “Make in India” initiative and the vision of “Make for the World.” 

He noted Germany’s increased confidence in India’s skilled workforce, as the country plans to raise the number of work visas for skilled Indian workers from 20,000 to 90,000 annually, which he believes will further bolster Germany’s economic growth. 

“This is the right time to become part of India’s growth story... as India emerges as a global trade and manufacturing hub,” Modi stated, emphasizing the nation’s solid foundations built on democracy, demography, demand, and data. 

The conference marked a significant return after a 12-year hiatus. 

Modi outlined the government’s roadmap to transform India into a developed nation by 2047, coinciding with Germany’s release of a ‘Focus on India’ document aimed at strengthening bilateral ties. 

Current bilateral trade between Germany and India exceeds $30 billion, with hundreds of German companies active in India and a growing number of Indian firms establishing a presence in Germany. 

The Prime Minister also praised the strategic partnership between India and Germany, particularly in a time of global tensions and uncertainties. 

During the Seventh Inter-Governmental Consultations with German Chancellor Olaf Scholz, Modi described the India-Germany relationship as a transformative partnership between two strong democracies, rather than merely transactional. 

“With the world facing significant tensions and conflicts, particularly in the Indo-Pacific region where issues like the rule of law and freedom of navigation are concerning, our strategic partnership stands as a crucial anchor,” he said. 

PM Modi also addressed the ongoing conflicts in Ukraine and the Middle East, expressing India's commitment to contributing to peace efforts. This followed discussions with Chancellor Scholz, who urged India to play a role in seeking a political resolution to the long-standing conflict in Ukraine. 

“The ongoing conflicts in Ukraine and the Middle East are concerning for both our nations. India believes that war is not a solution to problems and is prepared to contribute to restoring peace,” Modi affirmed after the consultations. 

(With inputs from agencies)