India has emerged as the fastest growing major economy in the world and is expected to be one of the top three economic powers of the world over the next 10-15 years, backed by its strong democracy and partnerships. India’s GDP is estimated to have increased 6.6 % in 2017-18 and is expected to grow 7.3 % in 2018-19. In April-July quarter of 2018-19, the GDP grew by 8.2 %. India has retained its position as the third largest startup base in the world with over 4,750 technology startups, with about 1,400 new start-ups being founded in 2016, according to a report by NASSCOM. India’s labour force is expected to touch 160-170 million by 2020, based on rate of population growth, increased labour force participation, and higher education enrolment, among other factors, according to a study by ASSOCHAM and Thought Arbitrage Research Institute. India has jumped 23 places to 77th rank (out of 190 countries) in the World Bank’s Ease of Doing Business rankings. Last year India had improved its position by 30 spots to be counted among the top 100 countries.
In the words of Hon’ble Prime Minister, India offers the three ‘Ds’ for business to thrive— democracy, demography and demand. India’s manufacturing sector has evolved through several phases – from the initial industrialization and liberalization and to the current phase of global competitiveness. These opportunities may be in terms of partnerships, collaborations or joint ventures. These may in R&D, manufacturing, distributorship or local support. These may even be in terms of survey, sales or marketing where foreign companies seek information on India and its market.
The Indian State Governments are rapidly emerging as significant players in the conduct of India’s economic diplomacy, which is a key component of India’s external engagements. Many Indian States such as Andhra Pradesh, Gujarat, Haryana, Karnataka, Madhya Pradesh, Maharashtra, Telangana have already proved to be an industrial hub for sales, manufacturing and production sectors and these States have been doing extremely well in terms of Industrial and Economic development. Huge potential is also available in the other States such as Bihar, Jharkhand, Uttar Pradesh, Uttrakhand and Orissa States.
Keeping in view the above and in order to provide greater insight into the possible synergies for cooperation between the Indian and German Companies; the Consulate General of India, Hamburg together with Global Indian Network Community (GINCO) Bremen; Hochschule Bremen, Chamber of Commerce-Bremen, Indian Business Form-IBF Hamburg will organize an “German- Indian Business Summit” focused on India and its upcoming States of Bihar, Jharkhand, Uttar Pradesh, Uttrakhand and Orissa on 27th February 2019 in Bremen.
The following themes will be discussed by the Indian as well as German experts: –
a. India Update: Overview of 5 years of Government, post-election development – Impacts for German Mittelstand
b. Make in India Mittelstand Programme
c. Case Study presentation India as R&D and Innovation Hub (tbc)
d. States with huge potential – States such as Bihar, Jharkhand, Uttar Pradesh, Uttarakhand and Orissa States (tbc)
Date: Wednesday, 27th February 2019
Time: 13 hours
Venue: Hochschule – Bremen S12, (Staffel Geschoss) AB Gebäude, Neustadtswall 30, 28199 Bremen