German companies plan to double, triple growth in India over 3-5 years: Piyush Goyal

German companies anticipate a significant surge in growth within India over the next three to five years, according to Commerce Minister Piyush Goyal. Speaking at the end of his visit to Germany, Goyal emphasized the potential for cost reduction, manufacturing expansion, and heightened competitiveness in global markets. He further proposed licensing agreements between India and Germany to collaboratively develop technologies and enhance the skills of Indian youth.

Goyal stressed the importance of reinstating Indian talent to the country, though this would necessitate more than just financial incentives. He advocated for creating a conducive environment and support system, involving various stakeholders such as educational institutions, academia, and the industry. Goyal also proposed inviting universities to establish campuses in India to foster co-creation, co-development, and co-learning, and to tailor curricula to modern needs.

During his discussions with German companies, Goyal noted their ambitious growth plans, which include doubling or tripling their operations in India. These plans are driven by the need to cut costs and boost global competitiveness. German companies, such as Siemens Healthineers, Bayer, and Fresenius, expressed their intention to establish manufacturing bases, research and development centers, and innovation hubs in India.

The minister highlighted several promising areas for cooperation, including power, electronics, semiconductors, quantum computing, smart manufacturing, automobiles, auto components, batteries, logistics, and agriculture. He also pointed out the lack of LED screen production in India, presenting an opportunity for collaboration.

Goyal further outlined his plans to involve German research institutions in India, emphasizing the potential for co-creation and co-innovation. He invited these institutions to establish operations in India, paving the way for stronger partnerships and a mutually beneficial relationship.