PM Modi urges Austria CEOs to invest in India’s fast-growing economy

Vienna, July 10: Prime Minister Narendra Modi and Chancellor of Austria Karl Nehammer, jointly addressed a group of leading Austrian and Indian CEOs from diverse sectors including infrastructure, automobile, energy, engineering and start-ups on Wednesday. Both leaders acknowledged the role played by industry leaders in strengthening bilateral relations and promoting economic cooperation between India and Austria.

The leaders noted that trade and investment between the two countries has been increasing over the years and called for realising the full potential of the India-Austria partnership through greater collaboration. Prime Minister Modi called on the Austrian business stakeholders to look at the fast-unfolding opportunities in India, as the country moves to become the third largest economy in the world over the next few years.

He noted that India had made transformative progress in the last ten years, and would continue on the same path given its strengths of political stability, policy predictability and its reform-oriented economic agenda. The Prime Minister urged Austrian majors to leverage the Indian economic landscape for high-quality and cost-effective manufacturing under the Make in India programme both for the domestic and international market and as a global supply chain destination.

He spoke about India’s Production Linked Incentive scheme to attract global manufacturing companies in the fields of semiconductors, medical devices, and solar PV cells, among others. He noted that India’s economic strengths and skills and Austrian technology were natural partners for business, growth and sustainability. He invited Austrian businesses to utilise the investment opportunities in India and be a part of India’s stellar growth story.

He highlighted the steps taken by the government to improve the ease of doing business that was attracting global majors to India. Talking about Indian economic growth and transformation, he noted India’s success in the field of start-ups, in the creation of next generation infrastructure, and its commitment to forge ahead on the green agenda.

PM Modi also mentioned that the start-up bridge set up between India and Austria would yield substantial results. He suggested that the two countries should come together and organise a joint hackathon. He further spoke about the success of Digital Public Infrastructure in the country and measures taken to improve connectivity and logistics.