The Prime Minister outlined the steps at a roundtable where the business leaders shared their views on how to improve the ease of doing business in the country. Read More: Prime Minister Narendra Modi arrives in Hannover to seek investment
Modi, who reached this northern German city from Paris, held the roundtable meet with CEOs from leading German companies like Daimler, Bombardier, Voith and Metro AG, on the first day of his three-day visit to Germany.
About 15 CEOs attended the meet followed by one-on-one meetings with Modi. The Prime Minister told them he has already taken steps to ensure doing business and has identified around 80-90 things in this regard, sources said.
Giving an assurance to them, he said he was personally monitoring implementation of these steps. Later speaking at another function, Modi said India presents vast opportunities as it was modernising and developing.
He particularly referred to opportunities in areas of manufacturing, infrastructure development, Ganges cleaning and solid waste management.
"Business is 1st in order of priority PM @narendramodi assisted by @CimGOI engages with German business leaders," tweeted External Affairs Ministry spokesperson Syed Akbaruddin.
"Movers & shakers of German economy/industry meet with PM," Akbaruddin tweeted. Modi was accompanied by Commerce and Industry Minister Nirmala Sitharaman.
The Prime Minister also praised German innovation and excellence in manufacturing. Modi, who arrived here earlier in the day, tweeted, "Hallo Germany! Reached Hannover a short while ago."
From the Langenhagen Airport he went straight to his hotel where several Indians enthusiastically greeted him.He shook hands with some of them as they shouted 'Modi, Modi'.
During his stay, Modi will meet German Chancellor Angela Merkel. Business and technology is the focus of his first trip to Germany.
He will visit the Hannover Fair where India is a partner country this year. About 400 Indian companies are participating in the fair which will see the presence of about 100-120 Indian CEOs besides about 3,000 German delegates.
Modi, along with Merkel, will inaugurate the 'India Pavilion' of the Fair and address an Indo-German business summit. The two leaders will have detailed talks in Berlin with focus on how Germany can work with India in its developmental agenda.
The two leaders will address the Hannover Fair Business Summit, which focuses on the possibilities for promoting trade and industrial cooperation between India and Germany.
They will hold detailed discussions on various aspects of bilateral relations and international issues of "mutual
interest" at their official talks in Berlin on Tuesday.
Germany is India's largest trading partner in the EU and one of the top 10 global trading partners.
The overall exchange of goods and services between the two countries was valued at around around 15.96 billion euros last year, a drop of 1.14 billion euros from the level of 16.10 billion euros registered in 2013.
While India's exports to Germany rose marginally to 7.03 billion euros in 2014, its German imports dropped to 8.92 billion euros from 9.19 euros in the previous year, according to the Federal Statistical Office.
Germany is the 8th largest foreign investor in India. Its foreign direct investments in India during January-November 2014 was valued at around USD 995.7 million.
More than 1,600 Indo-German collaborations and around 600 Indo-German joint ventures are currently in operation.
Yesterday in France, Modi projected India as a land of "immense opportunities" and invited investments and technology from across the globe.
Modi said he wants countries to compete among themselves in terms of doing business in India, contending that it will be beneficial for not only India but the entire world.
The Prime Minister outlined the steps at a roundtable where the business leaders shared their views on how to improve the ease of doing business in the country.
Read More: Prime Minister Narendra Modi arrives in Hannover to seek investment