Synergies between India, Germany can drive unprecedented growth: Piyush Goyal

Advocating mutual respect and understanding in the negotiations of the free trade agreement (FTA) between the two sides, the minister said 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, who inaugurated the 18th Asia Pacific Conference of German Business (APK) in the national capital, said the Asia-Pacific region encompasses 60 per cent of the 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," the minister told the gathering.

Stressing that today's India is built on strong macroeconomic fundamentals, he added that reform, resilience, and readiness are available for the future for businesses across the world.

On climate change, the Commerce Minister emphasised India's commitment at the UN Climate Change Conference (COP21) in 2015, saying that the country, collectively with the Global South, got together with the developed countries to be a part of the solution. India, currently ranked 7th in the Climate Change Performance Index (CCPI), is on track to exceed the nationally determined contributions (NDCs) and also the targets set before the world.

The Union Minister 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 countries. "India can offer a very large market with 1.4 billion aspirational and young population. You have technologies, ideas and innovations, but you have high costs of manufacturing, high cost of providing those services," said Goyal.