Since the beginning of the Russian invasion of Ukraine, the federal governments have been much more careful with the political approach of wanting to achieve “change through trade”. But the Indian economy has enormous potential. Even if India is still far from super powers like China in its economic development, the path has parallels.
India currently has 1.45 billion inhabitants and has managed to reduce the number of people living in poverty from 344 million to 75 million in the past 13 years. By 2047 – the 100th anniversary of the founding of the state – the country would like to have finally overcome the status as a developing country.
With seven percent, India is the fastest growing economy among the G20 countries and has replaced Japan as the fourth largest economy this year. This rapid development arouses desires, also in Germany.
“In the heart of India, in Bangalore, I would like to feel exactly this pulse that makes India’s innovative strength so powerful, and exploring even greater cooperation opportunities,” says WadePhul before leaving to India. “In order to raise our economic relationships to the next stage, we should now complete the planned free trade agreement between India and the EU as soon as possible – Germany is committed to this.”
On the one hand, German companies are of course about India as a possible production facility. According to the experience with Russia and in view of the systemic rivalry, the Federal Republic, the Federal Republic would like to diversify its economy and put them on wider legs in order not to be dependent on a single market.
That is why Foreign Minister WadePhul has a large business delegation on board. Company representatives from armor, space travel, mobility and health travel with the CDU politician to make further contacts to the Indian market.
But that’s not all. India has a growing and, with an average age of 28, a very young company. For comparison: In the Federal Republic, people are an average of 45 years old. That is why India is an important cornerstone for the federal government in skilled workers. “Indians form the largest group of foreign students in Germany and are an indispensable support for our economy as much -demanding specialists,” said WadePhul in his statement before departure. “We want to expand this ‘Perfect Match’ and also strengthen the necessary structures-from quick visa to suitable voice training.”
