German Chancellor to meet PM Modi in October, European Free Trade Agreement to be on the agenda

German Chancellor Olaf Scholz and Prime Minister Narendra Modi (file photo)

German Chancellor Olaf Scholz and the Prime Minister Narendra Modi will meet in New Delhi at the end of October. The two leaders will discuss Free trade Agreement that Europe is looking to sign with India, the possibility of hiring more Indian workers, climate change and, above all, the manufacturing of German submarines by the Mazagon docks in Mumbai.

German Ambassador Philip Ackerman told reporters that a German company had already tied up with Mazagon Docks, an Indian state-owned company, and that a decision from the Indian defence ministry on the submarines it wants to manufacture in India was awaited. The Spanish, as well as Larsen and Toubro, are also in the running. Besides the submarine deal, other German defence manufacturing companies, based on the new policies of the Scholz government, are keen to participate in the Make in India process. Other companies – there are currently 2,000 in India working in sectors such as machine tools, automobiles, engineering and pharmaceuticals and employing 750,000 Indians – are keen to expand their bases in India. Some, like Siemens, have been here for decades, but others, smaller ones, are bullish on India. This is despite concerns about cybersecurity (although it is a global problem), air pollution and rising protectionism.

Dr Stefan Halusa, Managing Director and Georg Ettiyil, President of the Indo-German Chamber of Commerce, said that German industry is optimistic about India’s growth. A report they discussed indicated that 82% of German companies in India expect their revenues to increase in 2029 and 74% expect their profits to rise. Also, 59% plan to invest more in India, a figure that has only increased since 2021. It is important to note that German industry has high expectations from the Narendra Modi government, with 67% believing it will simplify regulations, fight corruption and strengthen the legal system. About half of them hope for more infrastructure development and improved trade ties.

The report talks about the advantages that India offers. They include relatively low labor costs, political stability and the fact that India has enough highly skilled people to hire. But red tape and the tax system were a concern. The fact that India's economic growth has been strong in recent years and that most people speak English has given it an edge over other Asian countries, the report says.

The interest in German education in India has been an added bonus, Ackerman said. There are currently 45,000 Indian students in India and that number is set to grow. More than 70,000 students have applied to German universities this year and that number is likely to grow.

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