After Prime Minister Narendra Modi’s much talked about Silicon Valley trip, Chancellor of Federal Republic of Germany, Angela Merkel, visited India for a three-day tour. Merkel along with her delegation that included heads of companies like Siemens, Airbus, E.ON and Thyssenkrupp attended the Third Inter-Governmental Consultations (IGC) organised by Nasscom.
PM Modi and Merkel, on Tuesday, visited the facilities of German automotive major Bosch where they were briefed on "Industries 4.0 to Big Data” on solutions developed at Bosch India.
Bosch also announced its plans to invest Rs 650 crores in 2015 to further strengthen its hold in the Indian market.
Out of the 18 MoUs that India and Germany has signed, there have been three important developments which is expected to be fruitful for India’s economy.
The two countries have signed deals worth Rs 2.25 billion (around Rs. 14,600 crore) to develop India's clean energy corridors and solar energy industry. On which Modi said, “We have agreed on India — German Climate and Renewable Alliance with a long term vision and a comprehensive agenda of co-operation. I place great value on Germany’s assistance of over one billion Euros for India’s Green Energy Corridor and a new assistance package of over a billion Euros for solar projects in India.”
Modi-Merkel also agreed to setup fast-track system for the German Companies, the agreement for which was signed on Monday. The Fast-Track system will ensure German companies have a single and direct point of contact with the Indian government in order to avoid the multi-layered bureaucracy. The fast-track system for German companies will be taken care of by the Department of Industrial Policy and Promotion (DIPP), and will become operational by March 2016.
On this development Merkel said, “I was very glad we were able to sign the fast-track agreement today so that the speed with which you provide licences to companies to set up business is increased.”
The two leaders also discussed on the need to revive negotiations for the long-pending India-EU Free Trade pact. Modi also asked Merkel to use her influence in the grouping to remove impediments so that talks could resume.
Modi said, “We see Germany as a natural partner in achieving our vision of India’s economic transformation. German strengths and India’s priorities are aligned. Our focus tends to be on economic ties. But, I believe that in a world of seamless challenges and opportunities, India and Germany can also be strong partners in advancing a more human, peaceful, just and sustainable future for the world.”
Interestingly, despite such key developments, what took social media by storm was Modi and Merkel’s color-coordinated attire. Here are a few excerpts: