NEW DELHI, Nov 23: Prime Minister Narendra Modi emphasized that India’s strategic importance is now being recognized worldwide, a shift attributed to the government’s mantra of “reform, perform, and transform” that has been in place for the last decade.

Speaking at an event through video conferencing which was organised by a media House in Germany’s Stuttgart, themed “India-Germany: A Roadmap for Sustainable Growth,” PM Modi asserted that India has established itself as the fastest-growing economy globally, attracting a keen interest from various nations seeking collaboration for development.

Highlighting the significance of bilateral relations, he pointed to Germany’s ‘Focus on India’ document as a testament to the world’s evolving perception of India’s role on the global stage, illustrating how this shift reflects India’s growing importance.

The Prime Minister outlined the government’s commitment to fostering growth across different sectors through the introduction of new policies. He noted that efforts to eliminate bureaucratic red tape have successfully nurtured an environment conducive to ease of doing business. Furthermore, he emphasized the strengthening of the banking system, which aims to make affordable capital more accessible for developmental projects.

Mr. Modi described the foundational work being done in India as pivotal for building a prosperous future, referring to the vision of ‘Viksit Bharat,’ or developed India. He expressed confidence that Germany would emerge as a reliable partner in this developmental journey.

Over the years, the partnership between India and Germany has strengthened, with over 1,800 German companies currently operating in India. These companies have invested approximately $15 billion in the last three to four years, contributing to bilateral trade that has reached around $34 billion, with expectations of further growth in the future.

The Prime Minister noted Germany’s success in manufacturing and engineering and stated that India is progressing towards becoming a global manufacturing hub. He highlighted initiatives like the Production Linked Incentive under the ‘Make in India’ campaign, and shared that India is now among the leading nations in mobile and electronics manufacturing.

In his address, PM Modi stressed the necessity of enhancing investments in physical, social, and digital infrastructure for rapid national development. He outlined the ongoing infrastructure initiatives in these areas and encouraged German companies to increase their investments in India, particularly those that have not yet established a presence in the country.