PM Modi woos German investors, promises stable environment

Apr 13 Prime Minister Narendra Modi invited German companies to invest in India and participate in the 'Make in India' initiative. Addressing the largest global Industrial Fair with German Chancellor Angela Merkel in Hannover last night, Mr Modi said that opportunities in India are seamless and huge for a vibrant economic partnership. He said that India is working on a predictable and transparent environment to open up investments. Prime Minister said India is creating an environment that is stable, where rules will not be changed frequently and there will be no surprise elements. Mr Modi said that 'Make in India' is not a slogan or a brand, but a new national movement. He said it covers whole spectrum of government, society and business. Describing Germany as a valuable partner,he said the two countries share a close and warm relationship that has grown in depth and diversity. Pitching for investment, trade , innovation and skill development, he said India needs them to fulfill dreams of its youth. The Prime Minister said that his government has allowed hundred percent FDI in railways, defence, construction and Insurance. He said his government is setting up a rational framework for acquisition of land without causing distress to farmers. Mr Modi's address was preceded by a cultural extravaganza where an animated lion depicting the 'Make in India' logo, drew huge round of applause from the gathering. Welcoming the Prime Minister on the occasion, Ms Merkel said Germany was ready to give a new dimension to partnership with India. She asked her industrialists to be flexible and partner with India. Earlier in the day, Mr Modi met the top CEOs of German companies who shared their views on how to improve ease of doing business in India.The Prime Minister also unveiled a bust of Mahatma Gandhi in Hannover. He said that the teachings and principles of Mahatma Gandhi were the appropriate answer to challenges like terrorism and global warming. Today, Mr Modi and Ms Merkel will jointly inaugurate the Indian pavilion at the Hannover industrial fair. India is the partner country in the largest industrial fair in the world. 14 states and 350 companies from India and 120 CEOs are participating in the 5-day fair.