Stuttgart (Germany), Nov 23 (IANS ) Prime Minister Narendra Modi has said that the transformative impact of India's "Reform, perform, transform" mantra over the last decade was due to the country's emergence as a key global player.
Speaking during the News9 Global Summit via videoconferencing about the growing international acknowledgment of India's strategic importance, the Prime Minister pointed to Germany's 'Focus on India' document as a testament to the country's rising influence.
The theme of the summit is "India-Germany: A Roadmap for Sustainable Growth," reflecting the responsible partnership between India and Germany, PM Modi remarked.
Prime Minister Modi said that in the last few years, the Indo-German partnership has been strengthened.
"Today, India is one of the fastest-growing large economies. Every country in the world seeks to partner with India for development. Germany's 'Focus on India' document is a significant example of this. It highlights how the world acknowledges India's strategic importance. This shift in global perception and India's development can be attributed to the ‘Reform, Perform, Transform' mantra, which has played a major role over the last ten years," he added.
The Prime Minister outlined key reforms that have strengthened India's economic foundation.
"We improved the ease of doing business by ending 30,000 compliances and changed the complicated tax system by introducing GST," he said.
He also highlighted efforts to stabilise the banking sector, ensuring timely and affordable capital for development.
"We have created a stable and progressive policy-making environment so that our businesses can move forward," he added.
He also said that India has created a "stable and progressive policy-making environment" to support businesses. These measures, he said, have positioned India as one of the fastest-growing large economies, attracting international partnerships.
Pointing to strong India-Germany relations, PM Modi mentioned the significant presence of the Indian diaspora in Germany.
"Today in Germany, there are about three lakh Indians, and more than 50,000 Indian students are in German universities-the largest group of Indian students abroad," he said.
Apart from that, he highlighted the operational presence of "over 18,000 companies in India," reflecting robust bilateral cooperation.
Addressing the gathering, PM Modi said that this summit is an addition of a new chapter to the Indo-German Partnership.
The Prime Minister said, "I am happy that a media group from India is trying to connect with Germany and the German people in today's information age. This will also provide a platform for the people of India to understand Germany and the people of Germany."
Prime Minister Modi emphasised Europe's strategic importance to India, particularly in terms of geopolitical relations, trade, and investment, with Germany being one of India's key partners.
The year 2024 marks the 25th anniversary of the Indo-German Strategic Partnership, making it a historic year, he said.
The Prime Minister highlighted the notable events including Chancellor Olaf Scholz's third visit to India and the Asia-Pacific Conference of German Businesses being held in Delhi after 12 years.
The Prime Minister noted that while the Indo-German Strategic Partnership has existed for 25 years, the relationship between the two countries dates back centuries.
It was a German who created Europe's first Sanskrit grammar books, and German merchants introduced Tamil and Telugu printing to Europe.
Bilateral trade between the two countries stands at around $34 billion, and this trade will continue to grow in the coming years due to the strengthening partnership, the Prime Minister added.
The Prime Minister highlighted India's progress towards becoming a major global manufacturing hub, drawing parallels to Germany's own development in manufacturing and engineering.
Under the "Make in India" initiative, the country is offering production-linked incentives to manufacturers.
India has made significant strides, becoming a leading country in mobile and electronics manufacturing, the world's largest producer of two-wheelers, and the second-largest producer of steel and cement. This transformation marks India's growing importance in global manufacturing, PM Modi said.
The Prime Minister added that India is also the fourth-largest manufacturer of four-wheelers, and its semiconductor industry is poised for global success. This progress is attributed to recent government policies aimed at improving infrastructure, reducing logistics costs, easing business operations, and ensuring stable governance.
India is making rapid advancements in physical, social, and digital infrastructure, with a notable global impact from its innovative digital technologies. India now boasts the world's most unique digital public infrastructure, the Prime Minister said.
Prime Minister Modi encouraged German companies already established in India to increase their investments and invited those not yet present to consider entering the Indian market.
Emphasising that this is the right time to align with India's growth, the Prime Minister called for a partnership between India's dynamism and Germany's precision, engineering, and innovation.
The Prime Minister concluded his address by highlighting how India as an ancient civilisation has always welcomed global partnerships and invited all to join in building a prosperous future for the world.