India has one of the most liberal FDI policy regimes in the world, says PM Modi in Germany

Speaking at the Indo-German Business Summit on Tuesday, Prime Minister Narendra Modi said that India has one of the most liberal FDI policy regimes in the world.

New Delhi: Speaking at the Indo-German Business Summit in Berlin on Tuesday, Prime Minister Narendra Modi said that India has one of the most liberal FDI policy regimes in the world.

Modi added that more than 90 percent of foreign investment flows are under automatic route.

The Indian prime minister welcomed the German companies to India saying that the economic partnership of two countries is still below its full potential and therefore to enhance this,India is ready with open arms.

Our economic partnership still below its full potential; to enhance this,India is ready with open arms to welcome German companies:PM Modi pic.twitter.com/tbDevmU5l3 — ANI (@ANI_news) May 30, 2017

Never before India was so much ready for business, we are on a take-off stage. I assure we will work hard,hand in hand with you: PM Modi pic.twitter.com/rSeGitNucl — ANI (@ANI_news) May 30, 2017

“Make In India already created strong impact, Germany contributing in a big way in success of Make In India,” Modi said.

Talking about the goods and services tax (GST), Modi said that it is among the most historic reforms India has ever done and will be implemented from next month.

He invited many more German companies to India saying, “our direction,desire and dreams create tremendous business opportunities.”Prime Minister Narendra Modi and German Chancellor Angela Merkel earlier today held the fourth round of the inter-governmental dialogue to set a roadmap for the bilateral strategic ties.

Modi was accorded a ceremonial welcome with military honours at the Chancellery, the office of the German Chancellor, where he was greeted by Merkel and senior German officials.

He then introduced the Chancellor to his accompanying Indian ministerial delegation.

Modi received a guard of honour and was welcomed as the the music choir of the German Army played the Indian National Anthem.

The two leaders then headed inside for the fourth India- Germany Intergovernmental Consultations (IGC) Plenary session, the focal point of Modi's two-day visit to Germany.

Modi was holding formal talks with Merkel as part of the IGC -- held every two years --?where he was joined by his delegation of senior ministers, including?Minister for Science and Technology Harsh Vardhan, Commerce Minister Nirmala Sitharaman, Energy Minister Piyush Goyal and Minister of State for External Affairs M J Akbar.

The last IGC was held in New Delhi in October, 2015, when bilateral ties were significantly scaled up.

At the IGC in Berlin, the two leaders were expected to clinch a host of agreements and sign MoUs to enhance the strategic partnership between the two countries.