India is finding new friends and also ironing out the wrinkles in bilateral relations. The credit should be given to the “Make in India” campaign launched by PM Modi on Sep 25 to bring in more business from all across the world. His call for investing and manufacturing in India has not only kindled Pan-India interest but also lured other nations to be party to this initiative.
Germany Willing to Support Make in India Initiative
Germans have been one of the early birds to have reacted to this campaign. In one of the recently held joint meetings, the German firms have shown enthusiasm towards policy initiatives taken by the new government. The steps such as liberalization of taxation, labour laws and laws pertaining to land acquisition have been the apt moves towards economic reforms. That’s precisely what seems to have impressed the Germans and turned an otherwise negative business sentiment into positive.
Answering to the call of ‘Make in India’ could be just a matter of time for the German investors who are showing keenness to revisit their future investment plans in India. In addition, German electronic industry is planning to send delegation to India early 2015 to work out details of future investment by German electronics companies in India.
Israel Ready to Transfer Technology to India
India has even got a buy-in from the Israel. This could well bring the thaw in their bilateral relations, which has not been quite rosy in the past. Discounting the fact that India has repeatedly condemned and disapproved of Jerusalem’s actions on a global level, the Israeli PM responded positively to his Indian counterpart’s ‘Make in India’ initiative. Benjamin Netanyahu’s announcement that Israel is “ready and willing to discuss transfer and development of technologies with India” is a big push for the initiative.
If all goes well, Israeli industries (including the defence industries) could ‘Make in India’ and hence, reduce costs of manufacturing products and systems developed by Israel. In all probability, a business delegation from Israeli industries will soon visit India to explore manufacturing opportunities in different industry domains.
UK Eyes Contribution in Renewable Energy Sector
Earlier, UK had hailed ‘Make in India campaign’ and since then many UK investors came ahead to support the concept by doing business. During a conference in Jaipur, an Indian-origin British parliamentarian described ‘Make in India’ as an “excellent direction forward.” It has now come to pass that the British investors wanted to come to India, especially Punjab, Haryana and Rajasthan to create opportunities in renewable energy, solar and wind. With ‘long-term relationships’ and ‘long-term vision’ as cornerstones, UK is seriously considering a skill development agenda and development of agro-technology in Rajasthan.
Russia Looks to Strengthen India’s Manufacturing Sector
When other nations are lapping up the opportunity to penetrate Indian market, Russia is not to be left behind. It has come up with offers which Indian government would gleefully accept. From manufacturing helicopters to satellite navigation systems and manufacturing airliners to promoting Nano technology, a slew of joint projects in the manufacturing sector have been proposed.
There’s a clear writing in the wall that Russia is looking to go beyond the traditional supplier-buyer relations. On this note, President Putin’s upcoming visit in the second week of December is very important. It’s likely to see a large chunk of these projects getting a concrete road map.
Moreover, Moscow has also proposed New Delhi about India-Russia collaboration in setting up $3 billion dollar joint fund for aiding joint start-up companies working in the field of nano technology. Manufacturing India’s latest light chopper, KA 226, is another proposal put forward by the Russians. They are willing to manufacture the chopper in India by transferring technology for meeting future export orders.
Oman Tries To Capitalise on Make in India Initiative
In a relatively newer development, Oman is doing its bit to help Indian government in its effort to boost the manufacturing sector. A joint investment fund of $250 million has been set up by SBI and Oman’s State General Reserve Fund (SGRF) for special purpose vehicle (SPV). Only in October did the President Pranab Mukherjee invite public and private companies from Oman to invest in India and capitalise on the new government’s ‘Make in India’ initiative. For those who don’t know, there are more than 1,500 Indo-Omani joint ventures in Oman itself, which is valued at $7.5 billion. India has made an investment of $4.5 billion.