The German industry is keen to invest more in India and would do so once there is a sign of pick up in industrial growth.

This was conveyed to the Finance Minister, Arun Jaitely, by German industry’s creme de la creme during a meeting at North Block here on Friday.

This sense of commitment is significant as the feedback from many German companies operating in India had been not that positive in recent years.

The top German business leaders who called on Jaitley include Juergen Fitschen, co-Chief Executive Officer of Deutsche Bank, Ulrich Grillo, President and Chairman of Federation of German Industries and Hubert Lienhard, Chairman of Asia-Pacific Committee of German Business. The fact that this meeting happened a day after a new Government’s maiden Budget was presented, reflected the interest of German industry in the Indian market.

Once right conditions for investment are put in place, there would be more German companies investing here, it was conveyed.

In particular, the German industry leaders pitched for a transparent tax system, security of patents and investment protection.

“India has lot of potential. It has to ensure the right conditions for investments,” Fitschen said later at a press conference.

Currently, there are 1,500 German companies operating in India whereas nearly 6,000 German companies are operating in China.

The German industry was encouraged by the latest Budget announcements to hike FDI limits in insurance and defence sectors, said Lienhard.

On his part, Jaitley is understood to have assured the German industry leaders that no fresh liability will arise on account of the retrospective amendment carried on indirect share transfers in budget 2012 by the erstwhile UPA government.

This stance of the new Indian government was very encouraging for visiting German industry leaders, according to Michael Steiner, Ambassador for Germany in India.

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