Prime Minister Narendra Modi today 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, the Ministry of External Affairs stated in its press release.
Addressing a group of leading Austrian and Indian CEOs from diverse sectors including infrastructure, automobile, energy, engineering and start-ups today at Vienna along with Chancellor of Austria, Karl Nehammer, Modi 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.
He emphasized on the steps taken by the Indian Government to improve Ease of Doing Business that was attracting global majors to India. Talking about Indian economic growth and transformation, the Prime Minister noted India’s success in the field of start-ups and stated that the start-up bridge set up between India and Austria would yield substantial result and suggested that the two countries should come together and organize a joint hackathon.
PM Modi also spoke about the success of Digital Public Infrastructure in the country and measures taken to improve connectivity and logistics.
Further, the Prime Minister urged Austrian majors to leverage Indian economic landscape for high-quality and cost effective manufacturing under MAKE IN INDIA programme both for domestic and international market, and as a global supply chain destination. In this context, he spoke about India’s Production Linked Incentive scheme to attract global manufacturing companies in the fields of semiconductors, medical devices, solar PV cells, among others.
At the Austria-India CEOs Meeting, PM Modi and Chancellor Karl Nehammer acknowledged the role played by the 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 realizing the full potential of the India-Austria partnership through greater collaboration.
Prime Minister Narendra Modi is the first prime minister of India to visit Austria in 41 years.
Earlier in the day, the PM had a meeting with Chancellor Nehammer where they discussed various dimensions of the bilateral partnership, including trade and investment, infrastructure development, innovation, renewable energy, hydrogen, water and waste management, artificial intelligence, quantum technology, cultural cooperation and people to people ties.
Had an excellent meeting with Chancellor @karlnehammer. This visit to Austria is very special because it is after several decades that an Indian Prime Minister is visiting this wonderful country. It is also the time when we are marking 75 years of the India-Austria friendship. pic.twitter.com/wFsb4PvM9J
— Narendra Modi (@narendramodi) July 10, 2024
