India / Germany sign mutually beneficial deals

INVEIndoGerPrime Minister Narendra Modi and German chancellor Angela Merkel held talks and signed 18 deals that include renewable energy and fast tracking approvals for German companies to operate in India.

The two countries signed agreements worth $2.25 billion on German investment in India. Germany is already India’s most important trading partner in Europe and both leaders are keen to increase trade.

Merkel’s Foreign Minister Frank-Walter Steinmeier said their companies are concerned about the excessive red tape, infrastructure, corruption, lack of skilled labour and tax disputes even as he applauded Modi’s government for moving in the right direction.

Germany also agreed to lend India some of the vocational education expertise that turned it into an engineering giant, with skilled workers, crucial for Modi’s ‘Make in India’ initiative.