It said India and Germany had negotiated about 723 million euros worth projects in 2012 as part of a pact on development cooperation between them.
Today's agreement was signed by German Embassy's Deputy Chief of Mission Cord Meier-Klodt and Joint Secretary in the Department of Economic Affairs Rajesh Khullar.
"India is a global player in the making, facing at the same time enormous challenges. Germany is a natural partner of India in tackling these challenges -- from sustainable economic development and environmental protection to energy supply as well as energy efficiency," Steiner said.
Germany has committed to support expansion of renewable energy in India with one billion euros.
The Agreement on Financial and Technical Cooperation generally contains priority areas such as energy, environmental issues and management of natural resources, the statement said.