India and Germany on Monday signed a deal to fast-track business approvals, an arrangement to make it easier for German companies to operate in Asia’s third largest economy that was announced as Chancellor Angela Merkel visited New Delhi.
The fast-track approvals process will ensure that German firms will have a single point of contact in the Indian administration, helping them to navigate a web of red tape that often thwarts business initiative.
The agreement is the first of its kind and comes as Prime Minister Narendra Modi seeks to attract foreign investment in support of his “Make in India” drive to boost industrial investment and create skilled jobs.
Commerce secretary Amitabh Kant said that under the fast-track arrangement India “would monitor on a monthly basis all issue for German companies.’
“The prospects are huge because India is just beginning its long spurt for growth,” Kant told a business round table.
From renewable energy to skill development, India and Germany also signed 18 MoUs.
Germany will also provide assistance of over one billion euros for India’s green energy corridor and solar projects.
“I admire German leadership in clean energy and commitment to combating climate change,” PM Modi said while addressing a joint press conference with German chancellor Angela Merkel.