German firms eye India for future tech collaborations in manufacturing sector
New Delhi [India], June 8 (ANI): As India is on the brink of becoming the fourth-largest economy in the current fiscal, an increasing number of German companies have ramped up their hunt for Indian partners with the intention of providing future technologies in the manufacturing sector.
The German companies are looking for local partners to help Indian businesses in advancing production in areas such as green energy, semiconductor, and pharmaceutical sectors, among others.
"India is an important market; it's a growing market and has a huge amount of talent, and we are looking for talent because we are developing new technologies. We are the experts in the production field, and we are developing from the first sketch until the start of production. What we are doing here is we have invited our potential customers to this place (India)," said Rainer Wittich, CEO of EDAG Production Solutions GmbH & Co. KG.
"Many customers are going more and more into this activity. They want to build up the production areas more in the field of new technologies like green energy, electrolysers, semiconductors, and medicine pharma, and there we can help with our expertise," Wittich added.
The Indo-German Chamber of Commerce, in association with the Indian arm of Germany-based EDAG Group, organised an event to explore business partnerships with emerging local companies and talent to facilitate manufacturing.
Talking to ANI during the event in New Delhi, Stefan Halusa, Director General at Indo-German Chamber of Commerce, said, "So we're talking about smart factories, we're talking about smart people, we're talking about smart product development, and all of that contributes to the smart industry and for that we are getting very good responses because it gives a glimpse of what the industry could be like in a couple of years."
Answering the question of increased interest of German companies in India, Halusa said three factors are attracting German companies towards India, and they are local markets and economic growth, scale and capabilities of the economy.
"The first (factor) is the local market. The Indian economy is growing and it will continue to grow over the next couple of years. So if you look at growth around the world, India is one of the first and most important countries to look at. The second is scale. You look at India for export as well, to invest here also for exporting your goods and services, and the third one is the capabilities," he added.
Halusa further added that India has become a hub for research and development (R&D), which is another major factor towards the greater interest of German companies.
"A lot of global capability centres are here, so it becomes a hub for research and development and engineering, and this combination is unique, and this is why German companies are looking for growth around the world. This is why they come to India," Halusa added.
Going further, Halusa asserted that the German companies are waiting for the ongoing India-EU Free Trade Agreement (FTA) to be concluded, as Germany currently does not have an FTA with India.
"Our companies, of course, tell us that they're waiting for the FTA to be concluded because that could really be a game changer for German and European companies. Because India has already concluded trade agreements with a whole number of countries but not with Europe. So there is a risk for us to fall behind, and this is why it's so important for the German and European industry that actually now comes to a conclusion," he added.
The trade between two countries has reached USD 26.10 billion, with Indian exports at USD 9.83 billion in 2023-24. Indian imports from Germany reached USD 16.27 in FY24. Germany is currently the 10th largest trading partner in exports for India in April-October 2024.
On the government front, leaders of both partner countries have underscored the crucial importance of a comprehensive Free Trade Agreement, Investment Protection Agreement and an Agreement on Geographical Indications between the European Union and India. (ANI)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
37 minutes ago
- Hans India
Jaishankar reaffirms India's zero-tolerance policy on terrorism
New Delhi: India expects partners to understand its policy of "zero tolerance" against terrorism, and it will never countenance "perpetrators of evil" being put on par with its victims, External Affairs Minister S Jaishankar said on Saturday during extensive talks with his British counterpart David Lammy. Jaishankar's remarks, which seemed to be an attempt to send an unambiguous message to the global community, came against the backdrop of unease in New Delhi over several countries hyphenating India and Pakistan following their four-day clashes last month. Lammy arrived in New Delhi on Saturday morning on a two-day visit to review various aspects of the strategic partnership between the two countries. A British readout said bolstering economic and migration ties and delivering further growth opportunities for British businesses are set to be at the top of the UK foreign secretary's visit to India. Before holding talks with Jaishankar, the British foreign secretary met Prime Minister Narendra Modi. In his televised opening remarks at the meeting with Lammy, Jaishankar thanked the UK for its strong condemnation of the "barbaric" Pahalgam terror attack and London's solidarity and support to New Delhi's fight against terrorism. "We practice a policy of zero tolerance against terrorism and expect our partners to understand it, and we will never countenance perpetrators of evil being put at par with its victims," he said. It is understood that the Indian side explained its challenge of dealing with cross-border terrorism emanating from Pakistan. The UK was among the countries which were in touch with both India and Pakistan in an attempt to de-escalate tensions during their military conflict from May 7-10. Lammy paid a two-day visit to Islamabad from May 16, during which he welcomed the May 10 understanding between India and Pakistan to stop the military actions. Jaishankar also described the recently finalised India-UK free trade deal and the double contribution convention as "truly a milestone". "The recent conclusion of the India-UK FTA and the double contribution convention is truly a milestone which will not only propel our two-way trade and investment but will also have a positive effect on other strategic aspects of our bilateral ties," Jaishankar said.
Time of India
41 minutes ago
- Time of India
‘No hierarchy, you don't have to wait for your manager to leave to go home': Indian techie reveals why work-life balance is not just a ‘buzzword' in Sweden
An Indian software engineer in Sweden highlighted the stark differences in work culture compared to India through an Instagram video. He emphasized Sweden's flexible schedules, flat hierarchies, and strong focus on work-life balance, where employees are encouraged to prioritize well-being and leave work early. This contrasts with the more intense, formality-driven corporate environment often found in India. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads An Indian software engineer currently living in Sweden offered an insightful look into European work culture , drawing a clear comparison to the often intense corporate atmosphere found in India. Through a simple yet impactful Instagram video that has now surpassed 8.5 million views, Ashutosh Samal laid out the key contrasts between working in Sweden and the environment he was used to back described how most employees in Sweden begin their workday around 8 in the morning, with some companies even providing complimentary breakfast to help their teams start the day smoothly. Offices typically embrace a high degree of flexibility—not just in schedules, but also in the physical work environment. There are no designated desks or private cabins. Whether it's a junior staff member or the CEO, everyone is free to sit wherever they prefer. This practice symbolizes the absence of rigid corporate Swedish offices, the concept of hierarchy is minimal. There is no excessive formality or use of titles, a marked difference from the formality-heavy 'sir' culture common in Indian workplaces. Leadership is more approachable, and collaboration is encouraged across all levels. Ashutosh mentioned that it's not unusual for the CEO to share a desk with other employees, reinforcing the egalitarian nature of the seating and structure, the culture promotes well-being and balance. Employees are not just permitted but actively encouraged to take breaks, grab coffee, or play indoor games during office hours. When the summer season rolls in, many companies reduce the typical eight-hour workday to just seven hours, allowing workers to make the most of the longer daylight late afternoon—usually around 4 or 4:30 pm—most employees are done with their work and head out to spend quality time with their loved ones or simply unwind. Ashutosh emphasized that in Sweden, work-life balance isn't just a trendy phrase; it is woven into the very fabric of their professional video resonated deeply with viewers across the globe. While some Indian users pointed out that perks like free meals, movie tickets, gym memberships, and cab services are also available in several Indian companies, others focused on the deeper cultural shift taking place. A few mentioned that workplaces in cities like Noida are slowly evolving as younger entrepreneurs reshape traditional international viewers, now working outside India, also weighed in. One person who moved to Luxembourg shared that leaving India's high-pressure corporate setup was one of their best life decisions. Another person, who had worked in Helsinki, remarked that the respectful and inclusive work environment in Scandinavia had set a standard they now expect reflection by Ashutosh offered more than just a glimpse—it highlighted a model where respect, flexibility, and well-being are prioritized over pressure and hierarchy.
NDTV
43 minutes ago
- NDTV
Indian Techie Impressed By Sweden's Work-Life Balance: "Most Employees Leave By 4 pm..."
An Indian software developer in Sweden has gone viral on Instagram with a video sharing his observations on the stark differences in corporate culture between India and Sweden. In the video, Ashutosh Samal highlighted that work-life balance is genuinely valued in Europe, not just a buzzword. He shared that in Sweden, employees typically start work at 8 am, and some offices even offer free breakfast to kick-start the day. What's more is that Swedish workplaces have an open workplace with no assigned desks, allowing everyone, including the CEO, to sit wherever they like, removing hierarchy. "Everyone is on the same level. Even our CEO sometimes sits next to me and works," Mr Samal noted. He further mentioned that employees are encouraged to take breaks, play games, and grab coffee during work hours, promoting a relaxed atmosphere. During summer, some offices even shorten the workday from eight to seven hours. By 4 or 4:30 pm, most colleagues wrap up and head home, prioritising time with family and friends. "How different is the corporate office culture in Sweden, Europe, than India" the video was captioned. Watch the video here: View this post on Instagram A post shared by Ashutosh Samal (@roamwithashutosh) His video resonated with many viewers. While some agreed that work-life balance is more ingrained in European cultures, others noted that India is slowly shifting towards a similar approach, with many companies prioritising employee well-being and flexibility. One user wrote, "I enjoy the same work culture in Luxembourg, and I feel I made a great decision to skip India's toxic corporate culture." Another commented, "I worked in Helsinki. And it has spoiled me for life. Everyone is so respectful of each other. Scandinavia rocks." A third said, "This is basic corporate culture everywhere in the world. You get free breakfast, but in some Indian corporations, we get free lunch and snacks too.. Plus free movie tickets, gym, cab facilities and corporate dinner." A fourth added, "Working in a small org in Bangalore, India. Same practices as u mentioned."
