Right time to join India's growth story, PM Modi tells German biz forum

New Delhi: Inviting German businesses to invest in the country, Prime Minister Narendra Modi on Friday said there is no better place for investment than India and this is the right time to join the country's growth story.

Addressing the 18th Asia-Pacific Conference of German Business 2024 here, the prime minister emphasised that the time was 'right' for foreign investors to participate in India's growth story, join 'make in India' initiative and 'make for the world'.

He also said the confidence that Germany has expressed in India's skilled manpower is amazing as the European nation has decided to increase visas for the skilled Indian workforce from 20,000 to 90,000 per year and this will give a further push to the economic growth of germany.

"This is the right time to join India's growth story... India becoming a global trade and manufacturing hub," Modi said, adding, today India stands on strong pillars of democracy, demography, demand and data.

He further said that India is doing record investments in roads, railways, airports and ports and the Indo-Pacific region is very important for the future of the world.

The conference was held on Friday after a gap of 12 years.

Modi said that the government has prepared a roadmap for making India a developed nation by 2047 and in this important time, the German cabinet has released a "Focus on India" document to further strengthen ties between the two countries.

He added that India is becoming a major hub for diversification, de-risking, trade and manufacturing, and it provides huge business opportunities for German firms.

For investors and businesses, he said, "what could be a better place than India?" He added that the four key pillars of India's growth are talent, technology, innovation, and infrastructure, and to drive all this, "we have the power of aspirational India (AI).

India is focussing on skills and democratisation of technology and its important missions related to sectors such as artificial intelligence, semiconductor, green hydrogen, and space technology too provide opportunities for investments and collaborations, the prime minister said.

He added that the visiting delegation should enjoy India's culture, cuisines and shopping also.

The bilateral trade is over USD 30 billion at present. Hundreds of German companies are operating in India while Indian firms are also increasing their presence in Germany.