'Make in India initiative finds resonance in Germany'

The Make in India initiative of Prime Minister Narendra Modi has been "enthusiastically welcomed by the German industry and political establishment", and a large business delegation led by a minister of the German state of Hessen would be going to India in November to take this forward, the Indian consulate here has said.

Hessen Trade and Invest GmbH (HTAI) CEO Rainer Waldschmidt said during a panel discussion here Tuesday that Tarek-al Wazir, the state's minister for economics, energy, transport and regional development, would lead the delegation.

"Positive business sentiments were expressed by the participants at the panel discussion who were senior representatives from the electronics, pharmaceuticals and renewable energy sectors," a statement issued by the consulate, which organised the event, said.

Indian Consul General Raveesh Kumar gave an overview of the enabling atmosphere created by the new government under Prime Minister Modi to attract investments into India.

"He enumerated the various measures that had been announced over the last few months towards this end," the statement said, adding: "He shared that the initiative was launched with the intention of making India a manufacturing hub in the coming years."

The panelists, representing leading German companies, "reflected the collective optimism of the German industry on the changed market sentiments with respect to the Indian economy and projected substantial gains for their respective sectors with the ongoing revision in the policy framework", the statement said.

"One thing that was emphasized by all participants was the shift in the nature of cooperation between Indian and German companies. It was emphasized that superior technology was no longer the preserve of only the German side with several Indian companies displaying very high standards of quality in terms of both products and human resources," the statement added.

The event was attended by over 100 participants representing German companies, law & consultancy firms, the entrepreneurial class, government organisations and financial institutions.

Officials from the German side "made their presence felt at the event as India has been identified as one of the most promising economies for German industry in the coming years", the statement said.

As the partner country, India will be taking its largest-ever contingent to 'Hannover Messe 2015' in April with over 400 Indian firms participating.