India to create space for German industry: PM

Manmohan Singh said his Government will create an enabling environment conducive to such a step.

Inviting German investment into India, Prime Minister Manmohan Singh on Monday said his Government will create an enabling environment conducive to such a step.

HT Image

Inaugurating the Indo-German Business Summit in Hanover along with German Chancellor Angela Merkel, he said that India's economy is "strong and robust" and the country was confident of sustaining high economic performance and growth rate and raising it to the 8 to 10 per cent bracket.

"I believe 65 per cent of German manufacturing companies already have a presence in India and another 30 per cent plan to come there. This is a good augury for expanded cooperation between us in future," Manmohan Singh told a gathering here of top German business leaders.

"To newcomers, I wish to say, that a warm welcome will await them in India. Our Government will create enabling environment conducive to risk-taking, adventurism and enterprise which have been long associated with German industry," he said.