Indian government today understands the fact that a country’s growth is possible if it is collaborative in nature. In today’s world, it is essential for various nations to build a synergic relation with others and have trans-movement of economy that can strengthen various parameters for building the nation. India has its own strategy of promoting various trending issues and its friendly gestures attract various world powers to invest in India which results in enhancing the business portfolio. Germany has turned out to the largest European trading partner of India. With the recent, 5th Inter-Governmental Consultations (IGC), German chancellor Angela Markel visited New Delhi for 2 days and set very important agreements with India. I would like to highlight the various amendments that took place during her visit and how it shall benefit India on a global level.
During the 5th IGC, 17 agreements and 5 MOUs in the field of education, medicine, maritime technology, civil aviation and space were signed. Germany and India signed the promising financial support for climate change initiative which is a world-wide concern. India’s ambitious step of green mobility received funding of 1.12B$. The fund shall help in curbing pollution caused due to vehicular movement and shall promote to cleaner air. Under this initiative, India has planned to substitute the diesel vehicles with its electronic counterpart. The initiative includes building infrastructure, promoting electronic business and introducing methods to curb carbon emission. Germany affirmed to work with India in the field of agritech, green urban mobility and cleantech. Apart from mobility programme, India and Germany focused on promotion of renewable resources to mitigate climate change.
In the technology aspect, both the nations agreed to strengthen on cyber security and artificial intelligence. With the given hype in leak of data, cyber security is one of the most trending issues worldwide. It has become necessary to protect user data and government needs to administer strict methods to enhance virtual security. As technology is improving, artificial intelligence is the new future that Germany strongly advocates. The nations further penned down ways to induce robust technology and fight various threats existing in today’s world.
The business sector called for free trade agreement between the two nations. India and Germany held talks in order to improve its trade policies and improve their trade relations. The bilateral trade in FY2017 was 22B$ which rose to 24B$ in FY2018 and has shown a steady increase till now. There are more than 1700 German companies operating in India which have collectively invested 12B$ since 2000. Hence Germany continues to be one of the strongest allies of India. Educational sector also turned out to be an instrument to induce cultural understanding between the students. Indian students pursuing education in Germany currently stands at 20,000 and Germany emphasized on increasing the student exchange programme, promoting cross movement of students between nations and enhancing the social and cultural understanding. I as a student of Calcutta Business School feel that fruitful bilateral initiatives are important for India to progress its economy which shall also contribute to global index.