Make in India outreach has attracted many German SMEs: PM Modi
Prime Minister said at the India-Germany business summit that his government had been progressively easing its rules on doing business to encourage foreign investment.india Updated: May 30, 2017 21:20 IST
The Make in India Mittelstand (MIIM) launched to encourage German small and medium industry (SME) to India has evoked major interest in Germany, giving further boost to bilateral business ties, Prime Minister Narendra Modi said on Tuesday.
“Germany is contributing in a big way to the Make in India. The Strategic Market Entry Programme -- MII Mittelstand -- started in September 2015 to facilitate entry into the Indian market has been a major success,” Modi said addressing the India-Germany business summit also attended by German Chancellor Angela Merkel.
Over 83 German companies have expressed interest in joining the programme, 73 have officially enrolled, while 47 companies’ investments are in advanced states of implementation,” he said.
Modi noted that the Indo-German Managers Training Programme had led to increased investments and creation of joint ventures by companies from both countries.
“More than 500 Indian managers have benefited from this programme,” he said.
Describing Germany as among India’s “most important partners” globally, which is the 7th largest source of foreign direct investment (FDI) into India, the Prime Minister cited the examples of German majors in India.
“Bosch, Siemens, BASF... they have also started exclusive R&D facilities in India. Mercedes Benz have started their second facility in Chakan (Pune) which will double their capacity to 20,000 units per annum,” Modi said.
Noting that India attaches great value to the German partnership and has had several meetings with CEOs from that country, Modi said that India had been progressively easing its rules on doing business to encourage foreign investment.
“Last week, we decided to abolish our Foreign Investment Promotion Board (FIPB) in order to increase overseas engagement in India. FDI inflows into India reached $60 billion in 2016-17,” he said.
According to the Indian government, the MIIM programme has so far mobilized investment of about euro 650 million and helped create 4,000 employment opportunities in India,