German companies plan to double, triple growth in India over 3-5 years: Piyush
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German companies are planning significant growth in India over the next three to five years. Piyush Goyal emphasized partnerships in technology co-creation and skill development for Indian youth. During his visit to Germany, he met with various industry leaders to discuss investment opportunities. There is a focus on expanding German manufacturing and research capabilities in India. Promising sectors for collaboration include electronics, automobiles, and smart manufacturing.
Berlin: German companies plan to double or triple their growth in India over the next three to five years as they look to cut costs, expand manufacturing and become more competitive in global markets, commerce and industry minister Piyush Goyal said on Friday at the conclusion of his visit to Germany.Goyal proposed licensing arrangements under which India and Germany could work as trusted partners on technologies they co-create and help develop the skills of Indian youth. While stressing the need to bring Indian talent back to the country, he ruled out any China-like state-backed programmes to reverse the brain drain.
The minister emphasised the need to bring Indian talent back to the country but added that it would require more than monetary incentives.
"I realise it's not just about money, it's about the enabling environment, the support of the ecosystem. So I'm going to go back and talk along with my colleagues in the government, with educational institutions, both in the government and private sector, with academia, with leading research institutions in India, and industry, to see how we can forge industry, academia and researchers partnerships," he said.
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Interacting with students, he said India was looking at inviting universities to establish campuses in the country to help co-create, co-develop and co-learn, and reshape curricula to suit the modern world.
"Children from developed countries will ultimately have to come to countries like India, Africa, Latin America, whose growth engine of the future is there... So we are working on that," he said.
However, the minister said the "problem statement is how to get people back to India".
Investment interest
The minister discussed investment opportunities in India with German companies including Siemens Healthineers, Bayer and Fresenius, among others, during his visit."As I met the leadership of companies like Siemens Healthineers, Bertelsmann Investment, Volkswagen, Skoda, and many more, the CEOs echoed one message-German companies no longer see India only as a market, but as their partner, base for manufacturing, research and development, innovation," he said.
"Each one of them tells me about their growth plans, and it's not small growth plans. Almost everyone talks of doubling or tripling. The period of time may be about three years, two years, five years," Goyal said at a briefing.
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He said German industry's need to cut costs and improve global competitiveness was driving companies to look at expanding manufacturing in India.
"As regards their innovation and their design work, almost every company tells me about existing centres, GCC (global capability centres), in a big way in India, where they employ lakhs of talented young boys and girls," Goyal said.
There are more than 2,100 GCCs in India.
"Gradually, this is obviously going to result in co-creation and co-innovation also but I would like to go step by step," the minister said, inviting German research institutions to set up operations in India.
According to the minister, promising areas for cooperation include power, electronics, the semiconductor ecosystem, quantum computing, smart manufacturing, automobiles and auto components, batteries, logistics and agriculture.
At a separate interaction, he said no company in India produces LED screens.
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