Union Commerce and Industry Minister Piyush Goyal has said India is poised to make a significant contribution to global economic growth, as he urged German businesses to tap opportunities in manufacturing, research and development (R&D), and emerging technologies.
Speaking in Berlin during his two-day official visit to Germany, Goyal highlighted the potential of combining German precision engineering and technology with India's talent pool and cost-effective manufacturing capabilities to serve global markets.
"Can you imagine German precision technology and engineering, Indian talent and affordable costs of manufacturing, serving the globe? That's the ambition that I have come to invite you to," Goyal said, addressing the Berlin Global Dialogue.
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ANI reported that the minister said the conclusion of the India-European Union Free Trade Agreement (FTA) had opened a new chapter in India's economic partnership with Germany, creating opportunities for joint research, product design, innovation and manufacturing.
According to Goyal, India's existing free trade agreements cover two-thirds of global markets, with the share expected to rise to 75% of global GDP over the next 12 to 18 months.
He called on German companies to view India not merely as a consumer market but as a manufacturing and innovation partner, capable of supporting their global expansion.
During the visit, Goyal met senior German government officials and business leaders, including German Economic Affairs and Energy Minister Katherina Reiche. Discussions centred on strengthening bilateral trade and investment ties and identifying opportunities arising from the India-EU FTA.
He also met senior executives from Siemens Healthineers, Bertelsmann Investments, Volkswagen and Skoda Auto, while engaging with research institutions on cooperation in advanced manufacturing, microelectronics, power electronics, logistics and battery technologies.
Goyal said the success of the India-EU FTA would ultimately depend on its ability to generate new business, orders, investments, technology partnerships and employment opportunities.
The minister also co-chaired an India-Germany Business Roundtable, bringing together German business representatives to explore ways to convert trade opportunities into tangible investments and industrial partnerships.
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Separately, Goyal identified handicrafts, handlooms, culinary traditions and tourism as sectors where India could build global leadership despite rapid advances in artificial intelligence (AI).
"I personally believe there are many areas where India can take global leadership, considering the skills and talent of our youth," he said, adding that these sectors would remain important to improving the lives of India's 1.4 billion people.
On whether the government would offer incentives to support these sectors, Goyal said assistance would be provided if required, but stressed that growth would also depend on private-sector participation and emerging business opportunities.
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