Prime Minister Narendra Modi met with prominent business leaders at the European Round Table for Industry (ERT) to discuss ways to expand the global footprint and strengthen economic partnerships. The meeting, held in New Delhi, focused on enhancing collaboration between Indian and European companies in key sectors such as technology, manufacturing, and green energy.
Key Highlights of the Meeting
During the roundtable, PM Modi emphasized India's commitment to becoming a global manufacturing hub and invited European businesses to invest in the country. He highlighted recent economic reforms, including tax simplification and labor law changes, which have improved the ease of doing business in India.
Focus on Technology and Innovation
The discussions also centered on leveraging technology and innovation to drive sustainable growth. Leaders from ERT member companies, including Siemens, Airbus, and Nestlé, shared insights on digital transformation and renewable energy initiatives. PM Modi noted that India's young workforce and digital infrastructure offer immense opportunities for collaboration.
Strengthening Supply Chains
Another key topic was diversifying global supply chains. With ongoing geopolitical shifts, both sides agreed on the need to build resilient and diversified supply networks. India's production-linked incentive (PLI) schemes were highlighted as a catalyst for boosting manufacturing and exports.
Commitment to Green Energy
PM Modi reiterated India's ambitious targets for renewable energy, including 500 GW of non-fossil fuel capacity by 2030. He called for European partnerships in solar, wind, and hydrogen technologies. European leaders expressed interest in collaborating on green hydrogen projects and sustainable infrastructure.
Future Cooperation
The meeting concluded with a commitment to deepen economic ties through the India-EU Trade and Technology Council (TTC). Both sides agreed to work towards a balanced and ambitious free trade agreement (FTA) that would benefit businesses and consumers.
The ERT is a forum of around 60 chief executives from major European multinational companies. This engagement marks a significant step in strengthening India-Europe relations, with a focus on mutual growth and global stability.
