Industry & Economy
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Foreign Trade
Germany sees huge potential for India
Badal Sanyal
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Recently in Munich
The German construction equipment and building material machinery industry feels that the Indian market will have a huge potential in the near future. This is because of New Delhi's decision to abolish import licences and reduce further import tariffs.
In fact, according to the German Engineering Federation (VDMA), the subcontinent has slowly opened up to entities and products from overseas.
The Managing Director of Construction Equipment and Building Materials Machinery Association (within VDMA), Mr Joachim Schmid, told Business Line here recently — at the Bauma 2007 press conference — that India had the potential to raise its domestic coal production to a considerable extent utilising the latest technology.
The country's coal production, during 2004-05, of 382 million tonnes was only a low percentage of the potential, he said. The export of German Mining Machinery to India would touch 26 million in 2006 — an increase of more than 365 per cent in comparison to 2005. Mr Schmid said India's average annual growth rate was a steady 10 per cent.
He felt many German companies could decide to invest in joint venture projects in India at the Bauma 2007, to be held from April 23 to 29, 2007.
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