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India eyes German participation in infrastructure

Business

There is tremendous potential for cooperation between India and Germany in various sectors including infrastructure development, bio-technology, telecom and health care among others, said Indian Finance Minister, Pranab Mukherjee. He was addressing the 17th Session of Indo-German Joint Commission Meeting on industrial and economic cooperation, in New Delhi.

Highlighting the infrastructural challenge India faces today, Mukherjee said, “We need much more investment in sectors such as power, roads, railways, ports and aviation. We have outlined an ambitious programme of investment in these areas to meet the deficit which is based on a combination of public investment and public private partnership.” The PPP route, he said, should offer attractive opportunities for German investors. The Delhi-Mumbai Industrial Corridor and the Chennai-Bangalore Industrial clusters offer new avenues for foreign investors.
“The rising demand for energy has become another very important challenge for our economic growth. Energy availability is critical to attaining a 9-10% growth rate, as 1% growth needed 0.8% increase in energy availability. While the overall generation of power has increased, we have launched several new programmes and projects with the aim to enhance the generation and transmission of energy in the country,” he added. The government has a target of 30,000 MW of power from renewable energy sources, including 20,000 MW through solar power, by 2022. “German companies are well known for their technology and innovation in these sectors. This could be another area for joint collaboration,” he added.
Speaking on the occasion, Rainer Bruderle, German Minister of Economics and Technology said that there is a great scope for investment by Indian industries in Germany and vice-versa. He said that both the countries have come out to the recent international financial crisis successfully and have greater scope of cooperation in the field of energy including renewable energy and infrastructure sector among others.
The Finance Minister said that the joint commission meeting will give an opportunity for both the countries to identify their strengths as well as bottlenecks for making the process smoother in the coming months.
The Finance Minister also gave a brief account on the recent developments in the Indian economy and said that our economy has grown by 8.8% in the first quarter of this current financial year due to an upswing in the manufacturing sector and a better farm output of 2.8%.

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