Bengaluru, Oct 6: The roll out of technology and innovation in the manufacturing and the IT sector were the highlights of the Indo-German summit at Bengaluru today. Prime Minister Narendra Modi and German Chancellor, Angela Merkel are in Bengaluru today.
In his address, the Prime Minister said that India is becoming a manufacturing hub. There is a lot of potential and despite a global slowdown, India continued to be a hotspot for investments.
Speaking on the Indo-German relationship, Modi said that the full potential needs to be tapped. There is a lot of potential in the Indo-German relations he also said. India continues to strive to ensure that the nation becomes a favourable place for business and we have launched Make in India to there is a major push in the manufacturing industry, Modi also pointed out.
Assuring investors, Modi said that there is transparency today and we have fast tracked approvals and and clearances for industry. We have also expedited regulatory clearances including security and environmental clearance, he said. He also pointed out that the GST bill has been introduced in Parliament and he is confident that the same will be rolled out in 2016.
On the threshold of an IT revolution:
Modi said that India is on the threshold of a major IT revolution. It is the software of India that will move the hardware of the world. We have never before been so prepared to absorb talent and technology from outside, he also said.
On the tax system, the PM said that he wants to make it as transparent as possible. We have liberalized the FDI regime and transparent auction and allocation of spectrum have been given a level playing field.
India has good competency:
Angel Merkel said that India has good competency in IT and there is a need to strengthen ties with India. German engineering and Indian brilliance in IT is fused here and actually complements each other.
Our two countries have great opportunities in the area digitization, infrastructure and energy supply. For Germany, I can say that Indian investors will be warmly welcomed.