And for a Friday after the virtual German AGM of IGCC, some thoughts….. some musings…..
June of every year, the Indian IGCC delegation visits Germany, travelling to different preassigned Industry hubs, promoting better understanding of mutual Businesses and opportunities between India and Germany, visiting select manufacturing companies to witness the latest technological advances and concluding the trip with the AGM in Dusseldorf. Alas, constrained by Covid restrictions this year, all proceedings went digital. Virtual meetings to me are no comparison to face to face interactions. Building relationships and impacting changes notwithstanding, it is very critical for India to restrategise its global economic priorities. German companies, the large established BOSCH, Siemens, Volkswagen, BASF, SAP etc. etc. and some Mittlestand have already a good presence in India. In the post COVID world ” Green Manufacturing”, incorporating Climate change and Digitilisation will open huge opportunities. We need to sense it and quickly get the EU-India FTA in place on mutually favourable terms and start the long and arduous journey to catch up with China.
China undoubtedly is far ahead. It took more than 7 years for them to sign EU-China Comprehensive Agreement on Investments ( CAI). Fortunately for us, it has still not been ratified by EU member states and EU Parliament. Given the changed Biden administration and NATO developments, the recent sanctions by China on some Members of European Parliament, wedges are seen. The latest German-India Business Outlook survey released this week highlights major challenges and opportunities. All German Companies in India have increased Revenues last year inspite of the Pandemic. However, a very disturbing aspect the study points out that 38% of the companies still feel Corruption as one of the three biggest problems for them. This needs immediate attention. Every level of our political and bureaucracy must recognise the need to get economy back. Only with massive manufacturing investment and growth can jobs open up for our millions. This requires a changed mindset. No place for sleazy businessmen and corrupt babudom.
As we slowly meander out of the second COVID wave, let’s continue to be safe with all precautions. Build our forward global strategies to aggressively grow our Economy, the partnership way, the cooperative way, the SEEGOS way.