The Union minister, however, expressed hope that India and Germany can deepen strategic partnerships and translate this collaboration into real growth for the economies and the citizens of both the countries.

From AI adoption to semiconductors, from fostering the nation’s vibrant startup ecosystem to collaborating on green technology, the synergies between India and Germany can drive unprecedented growth, says Goyal.

Germany’s art of precision engineering coupled with India’s ability to scale up in the physical, digital or social infrastructure will help create something extraordinary for the world, Goyal said while inaugurating the 18th Asia Pacific Conference of German Business in New Delhi.

The Union minister said that the Asia-Pacific region encompasses 60% of world's population and by 2030, two-thirds of the global middle class will reside in Asia. This demographic shift presents a fertile ground for businesses seeking to expand their reach and capitalise on emerging sectors, he said.

Noting that today’s India is built on strong macroeconomic fundamentals, Goyal said that reform, resilience and readiness is available for the future for businesses across the world. On combating climate change, Goyal emphasised India’s commitment at the UN Climate Change Conference (COP21) in 2015, and said that India collectively with the Global South got together with the developed countries to be a part of the solution. He added that India, currently ranked 7th in Climate Change Performance Index (CCPI), is on track to exceed the nationally determined contributions (NDCs) and also the targets set before the world.

Last month, Goyal exhorted India's auto industry to combine their organic growth with a certain amount of inorganic outreach across the world as that would help India to get access to some “enviable” technologies. Recalling a message he received, Goyal said: “A very large German company, as a matter of respect I will not take the name, has possibly gone down to zero value in the stock market. The gentleman who sent me that message was urging me that India needs to buy it off. Why doesn’t the government or some of its companies buy it off?” Goyal said on the opportunity to buy a German carmaker. “Government will not be in a position to take a decision overnight and assess the pros and cons, negotiate value with the German government. But anyone of you can possibly do that from the private sector. But with that company will come large amount of enviable technologies which India could do wonders with,” he said.

Robert Habeck

China blocking sale of tunnel boring machines to India: Piyush Goyal to German minister