India Seeks Investment From Central Europe
With an aim to scale up investment in India, a high level Government – industry delegation led by Secretary in the Department of Heavy Industry, Dr. Asha Ram Sihag, is reaching out to top Czech companies, including Skoda Transporation, leveraging the country as their global supply chain hub.
Department of Heavy Industry in association with India’s Embassy in Czech Republic and the Engineering Export Promotion Council of India (EEPC) organised ‘India Investment Meet” at the International Engineering Fair (MSV) at Brno, in Czech Republic on Tuesday. Asha Ram Sihag, Secretary Heavy Industry & Ambassador Narinder Chauhan inaugurated the India Pavilion at MSV Brno International Engineering Fair. An Indian pavilion with a strong presence of engineering and technology firms, is showcasing India’s capability to the global businesses at the prestigious fair being held from October 7 – 11, 2019.
Addressing global companies and Technology heads, Dr. Sihag briefed them on how India figures prominently on the investment radar of the top Czech companies. He said that Volkswagen Group is investing one billion Euros in the implementation of its project in India for developing new models, including a mid-size SUV to be showcased in 2020. Importantly, the technical development of new products will take place in India.
The Skoda group transportation has also developed hybrid vehicles and electric buses with the announcement of e-vehicles policy of Department of Heavy Industry. It holds specific interest for India in technology transfer and product development in the e-vehicle market, Dr. Sihag said, underscoring how the country is focusing on green fuel-driven automobile.
Along with EEPC India senior leadership, the DHI Secretary will be visiting plants and facilities of several Czech companies and universities for apprising on R&D and technology development.
In his presentation at the India Investment Meet, Secretary said that India has set a target of raising the size of the capital goods sector from Rs. 2.30 lakh crores in 2014-15 to Rs.7.5 lakh crore in 2025, raising direct and indirect employment to 30 million from 8.4 million at present. Exports must also account for 40 per cent of engineering goods production from 27 per cent at present.