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Highlights of PM Modi- Merkel meeting at Business Forum in Bengaluru
Here are some important things PM Modi said in the meet
- There is tremendous potential in India-Germany economic collaboration.
- At a time of global slowdown, India represents a bright spot for investments.
- With a very open and global mindset, we have worked aggressively in the last fifteen months to make India an easy place to do business.
- We are keen to build futuristic physical and social infrastructure.
- Germany ranks 7th among foreign investor countries in India.
- About 600 Indo-German Joint ventures are already operating in India. However, as of now, our economic partnership remains below our full potential.
- We are particularly keen to develop the sectors where Germany is strong. We are working hard to create conducive conditions for the same.
- In addition, we are setting up an India Investment and Infrastructure Fund.
- We have targeted an annual flow of Rs 20,000 Crore (which is approximately 2.7 billion euros) into this fund from our own resources.
- We are committed to creating favorable conditions for business and industry because we believe that they are necessary for improving the lives of ordinary citizens in India.
- We have also come up with the mechanism of Tax Free Infrastructure Bonds for projects in rail, road and irrigation sectors.
- There were a number of regulatory and taxation issues which were adversely impacting on the sentiments of foreign investors.
- We have taken very decisive steps to remove a number of long pending concerns of investors.
- We need to provide a huge push to manufacturing which has stagnated at around 16% of the GDP for several decades in India.