Ashwini Vaishnaw invites German companies to invest in India

New Delhi: Union Minister Ashwini Vaishnaw has invited German companies to invest in India, saying it is a trusted partner which offers political and economic stability.

Addressing the TV9 Global Summit in Stuttgart on Thursday evening, he said India was growing steadily at 6-8 per cent and was poised to continue this trajectory for many years to come.

"Consider including India in your supply chain. India hosts over 1,800 global capability centres across virtually every sector. We offer a vast pool of talent, with world-renowned capabilities in IT," the minister said.

"The success of our government reflects in the fact that good economics can also make good politics. While many democratic nations have faced turmoil, India remains a trusted partner, offering both political and economic stability," he said.

Vaishnaw said India had a very healthy balance sheet, with debt at 57 percent of the GDP, well below the debt levels seen in other large economies.

"This success is not a coincidence. It is the result of a clear, well-thought-out strategy and meticulous execution," he said.

The minister said India's growth strategy was based on four pillars of public investment in physical, social and digital infrastructure; large number of inclusive growth programs; focus on manufacturing and innovation and simplification of legal and compliance structures.

Vaishnaw said the government led by Prime Minister Narendra Modi believed in the vision of minimum government, and maximum governance and has repealed over 1,500 outdated laws and removed 40,000 unnecessary compliance requirements.

"New legislation, such as the Digital Personal Data Protection Act and the Telecom Act, now provide a transparent framework for today's digital economy," he noted.