VDMA recently held the 5th VDMA Mechanical Engineering Summit in Pune. Participated by over 200 participants constituting mainly of the German companies in India, the one-day summit discussed the current landscape of the Indo-German ties.
According to Girish Shankar, Secretary, Ministry of Heavy Industries & Public Enterprises, Department of Heavy Industry, the Indian manufacturing sector accounts for 16% of the GDP and believes by 2022, it will increase to 25% creating more jobs.
With India being the third largest sales market in Asia for the German Engineering industry, currently over 550 VDMA member companies are engaged with their own business in the Indian market.
Welcoming GST as the biggest reform in the Indian tax history, Rajesh Nath, MD, VDMA India, stated, “India will witness a growth of 7.9% by 2018.” This sentiment was further reiterated by Gabriele Boner, Deputy Consul General of the Federal Republic of Germany, Mumbai, who added that India is a favoured investment destination for German companies.
Speaking on the growing investments from German companies to India, Reinhold Festge, President, VDMA, emphasised the importance of easing three areas of doing business in India, which included the GST, land ownership and Free Trade Agreement.
The first presentation of the day was on ‘How can the next level of growth be unleashed in India’ by Siddharth Kaul, Director, Ernst & Young. Then, Rajat Mehta, Director, Corporate Sales, Head FX Flows Desk, Global Markets, HSBC, spoke on ‘Balancing perils and possibilities, an economic overview’. The subject of IoT was also touched upon by Sunil Mathur, MD, Siemens, India and a session on ‘Leadership in Engineering Industry’ was held by GK Pillai, MD & CEO, Walchandnagar Industries.
The session concluded with a panel discussion, addressing the government’s views on the issues faced by the industry.