News9 Global Summit | Make in India | How FTA with Germany can unlock value for Indian manufacturing | Biz News
News 9 Global Summit: While India is poised to become the next factory of the world, it could benefit with some help from Germany as an FTA partner, opening doors for its goods to compete with the best in the world, said Stefan Halusa, DG at the Indo-German Chamber of Commerce.
Panelists after discussing how India can become the world’s next factory. (Photo credit: News9)
Stuttgart: News9 Global Summit, the TV9 Network’s flagship mega thought event being held in Stuttgart, Germany’s iconic MHP Arena will feature Prime Minister Narendra Modi addressing a diverse audience from India and Germany to lay down his vision of Viksit Bharat or a developed India in his keynote address. TV9 Network MD and CEO Barun Das called the event a one of a kind extravaganza which brings together 2 age-old friends and provides a platform for India and Germany to forge a path of mutual prosperity into the future.
PM Modi’s push for Make in India supported by the mega logistics push from PM Gati Shakti has unlocked the mojo in Indian manufacturing said Bharat Forge chairperson Baba Kalyani. However, India has some way to go before it can overcome the cost hurdles to make its manufacturing world-class and truly become the world’s next factory, said Assocham president Sanjay Nayar.
Mercedes-Benz’s ‘Make in India’ plans
The German panellists on the group discussion titled India” The Next Factory of the World, were optimistic about India’s chances to present an alternative supply chain to China. Mercedes-Benz Group board member Jorg Burzer said the luxury carmaker had been in India since the last 30 years. The company was eyeing an expansion in demand in India with many Indians seeking a 3-pointed star on their car. While praising Kalyani’s role in Indian manufacturing, Burzer said that the German carmaker seeks to replicate its model from the US, China and South Africa in India — making in India to cater to domestic demand and then scaling up for exports to the world. Talking about the pollution situation in India he said the future for passenger cars was electric and not green hydrogen just yet.
A case for Indo-German FTA
Indo-German Chamber of Commerce DG Stefan Halusa laid emphasis on having a network of free trade agreements that will ensure that India remains at the top of the supply chain diversification list. He said it was imperative to seek alternative supply chains after the recent supply shocks owing to pandemic, trade wars and geopolitical conflicts. He reiterated that Asia was the clear focus of all discourse in the West now whether it is politics, culture or sports.
Burzer also emphasised that a Free Trade Agreement will hold India in good stead and make its products globally competitive and cutting edge. However, Baba Kalyani cautioned that while FTAs were welcome they shouldn’t become an excuse for China to dump sub-standard goods in India.
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