STOCK MARKET BSE NSE

Doing Business in India Gets Easier For Germany

Modi, Merkel hold talks, 18 pacts inked; Germany offers €1 bn aid for solar projects

Published: 06th October 2015 04:31 AM  |   Last Updated: 06th October 2015 04:33 AM   |  A+A-

DOING

NEW DELHI:  India on Monday laid the red carpet for German investment by agreeing to fast track business approvals for German firms through a single window system, even as Chancellor Angela Merkel and Prime Minister Narendra Modi agreed to take forward the India-EU free trade agreement which has been stalled over the ban on Indian drugs. They also inked significant pacts in the security sector.

In all, 18 agreements, ranging from teaching of languages, solar energy, exchange of information on terror suspects, sky marshals to railways and manufacturing, were signed after the third Inter-Governmental Consultations. Germany has also agreed on a package of over €1 billion for solar projects in India.

With ease of business being Merkel’s top priority, India agreed to give German firms similar privileged treatment that Japanese companies now receive. Later, the joint statement said Germany welcomed Modi’s commitment “to improve ease of business in India”, with a fast track system for German firms to be set up in the Department of Industrial Policy and Promotion, which would be operational by 2016.

Foreign secretary S Jaishankar said Germany appreciated that the “business climate improved” after Modi took over. With 1,600 companies operating in India, the total bilateral trade is around $20 billion.

A big policy decision was also made with both countries agreeing on “resumption of negotiations as soon as possible” for the EU-India broad-based Trade and Investment Agreement. Jaishankar said Modi had raised the ban on 700 generic drugs with Merkel in the context of restarting the FTA talks.

He said Modi “urged the Chancellor... to ensure that the right decision was made by regulators”.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

edexworks
flipboard facebook twitter whatsapp