FM Sitharaman invites Austrian firms to invest in emerging sectors in India

Finance Minister Nirmala Sitharaman on Friday urged Austrian companies to invest in India as it offers many opportunities in new and emerging sectors.

Addressing the India-Austria business roundtable in the capital city Vienna, she said Austrian companies should harness many opportunities that India offers as the country has made tremendous progress as a result of the government's efforts in accelerating economic growth and equity as well as reforms to ensure the ease of doing business.

"I also highlighted emerging opportunities in new and emerging sectors such as green hydrogen, electric vehicles, digital public infrastructure and innovation. India is an excellent gateway to Asia and the global south," she said.

Overall, she said, the prospects for a stronger India-Austria, economic and commercial partnership are very bright.

Stressing that India has the manufacturing base and scale, she said, several Austrian companies have set up capability centres in India to leverage the excellent digital and IT talent in India.

Recalling Prime Minister Narendra Modi's visit to European nation last year, she said, it was a milestone in the India-Austria partnership, especially in elevating economic and commercial linkages to a higher trajectory.

During her bilateral meeting with the Austrian Economy Minister and Finance Minister, Sitharaman discussed a wide array of issues relating to the India-Austria partnership across financial, economic, trade and investment areas.

Both countries have agreed to leverage the complementarities for their mutual benefit.

"Based on the capacities of Austria and the potential for engagement, we have also identified priority areas for the enhanced bilateral relationship. These include green and digital technologies, infrastructure, renewable energy, water management, life sciences, as well as electric mobility and transportation," she said.

Talking about startups and innovation, Sitharaman said these are a key priority for both governments.

India has over 110 unicorns and several 1,000 successful startups, she said, adding that Austria has a well-recognised startup ecosystem.