India to pitch manufacturing in Hannover 2016
The Dollar Business Bureau
The Hannover Messe 2016 gives India yet another opportunity to showcase its manufacturing potential, in line with the government’s vision to becoming a key global supply player.
India was a partner country in the Hannover fair last year, that gave a renewed momentum to Prime Minister Narendra Modi's Make in India initiative.
The Hannover Messe 2016 is being held between April 25-29 in Hannover, Germany. US President Barack Obama and German Chancellor Angela Merkel hosted the inauguration ceremony of the fair on Sunday, April 24, 2016.
The Indian delegation is being led by the Secretary of the Department of Heavy Industry and Public Enterprises, Girish Shankar, the EEPC and some of the leading Indian private and public firms.
Pitching India as the world’s best possible FDI destination, Shankar said the government is working with a clear vision to reform the domestic business environment. He said the government has taken a host of initiatives to improve ease of doing business and liberalise FDI across various industries including the area of defence production.
“The country has recently announced new policy initiatives like pricing freedom for hydrocarbons found in the deep waters,” Shankar said.
Speaking on the progressive steps that the Indian engineering industries have taken, EEPC Chairman T S Bhasin said, “The Indian engineering industry is taking several steps to move up the value chain and is now getting increasingly into areas like spacecraft components, aero-space, defence production, automobile and railways."
“There is a realisation that with the prices of commodities, like steel and iron ore remaining subdued and subject to cyclical fluctuations, Indian engineering has to invest in R&D and forge new tie-ups with global majors from countries such as Germany,” he said.
India signed an MoU with Steinbeis GmbH to enhance its cooperation in the manufacturing sector, and a second MoU was signed between the Hannover Milano Fairs India Pvt Ltd and various Indian ministries and departments to encourage technology & innovations through WIN India events.
India emerged as the world’s fastest growing major economy last year, overtaking China. With other major developing nations such as China, experiencing a relatively slower growth and Brazil, facing political and economic crisis, several global agencies including the Word Bank, the ADB and the IMF have been betting big on India’s future growth prospects.