The Hindu Business Line : PM to inaugurate Hannover fair

IBEF report
Some 65 per cent of the companies rated India `high' or `very high' in terms of attractiveness of market size.
Nearly 85 per cent said that India is one of the most exciting growth markets in the world

New Delhi , April 20

The Prime Minister. Dr Manmohan Singh, will inaugurate the Hannover Technology Fair in Germany along with the Chancellor of Germany, Dr Angela Merkel, on April 24.

After a gap of 21 years, India has been named the partner country of the fair this year in acknowledgement of the country's growing economic strength. The Commerce and Industry Minister, Mr Kamal Nath, will be present on the occasion.

The Hannover Technology Fair, which is widely recognised as the world's largest and most important technology event, would be held from April 24-28 and is the single biggest brand-building exercise for Indian manufacturing, engineering and related technologies.

IBEF report

Meanwhile, the India Brand Equity Foundation (IBEF) has released a special report titled `Proven Strategies: Successful German Companies in India' ahead of the fair.

The report synthesises insights and strategies of 30 top German companies with an established presence in India.

Some 65 per cent of the companies rated India `high' or `very high' in terms of attractiveness of market size, and nearly 85 per cent said that India is one of the most exciting growth markets in the world. The report also highlighted that 65 per cent of the manufacturing companies have established manufacturing facilities in India and another 30 per cent are planning to set-up a manufacturing base in the near future to leverage the advantages that India offers.

As many as 76 per cent of the respondents stated size and growth of the economy as the primary reason for their decision to enter India; the other reasons include change in Government policies (21 per cent) and people advantage (12 per cent).

Meanwhile, an official release said that India's participation at the fair would be the largest ever by a partner country. The country would organise a business event on each day of the fair. Also, it has taken 11,500 sq m of space, the largest ever by a partner country.

Some 320 Indian companies, including Bharat Forge, Reliance and Ashok Leyland, and five State Governments are participating in the fair representing various sectors including automotive, energy, engineering services, research and development, subcontracting, digital processes, micro-technology, and science and technology. Moreover, business delegations led by Presidents of the Confederation of Indian Industry, Automotive Components Manufacturers' Association, FICCI and the Engineering Export Promotion Council will participate.