PM Modi Invites Austrian Firms to Partake in India's Economic Boom

Prime Minister Narendra Modi has invited Austrian businesses to participate in India's growth by leveraging the Make in India programme. This initiative aims to provide high-quality and cost-effective manufacturing for both domestic and international markets. Modi highlighted the production-linked incentive (PLI) scheme, which seeks to attract global manufacturers in sectors like semiconductors, medical devices, and solar PV cells.

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Modi's visit to Austria marks the first by an Indian prime minister in over 40 years. He arrived from Moscow after meeting Russian President Vladimir Putin. During his joint address with Austrian Chancellor Karl Nehammer, Modi emphasised India's potential to become the third-largest economy in the coming years. The Indian Ministry of External Affairs (MEA) released a statement detailing these discussions.

India-Austria Economic Cooperation

Chancellor Nehammer mentioned on social media that Austria and India are close to finalising a cooperation agreement between their technical universities. This agreement aims to enhance collaboration in pharmaceuticals, education, technology, digital infrastructure, and space technology. Nehammer noted Austria's expertise and innovative capabilities in these areas.

Both leaders acknowledged the significant role of industry leaders in strengthening bilateral relations and promoting economic cooperation. They called for greater collaboration to realise the full potential of the India-Austria partnership. Trade and investment between the two countries have been increasing over the years.

Make in India Programme

Modi urged Austrian companies to take advantage of India's economic landscape for high-quality and cost-effective manufacturing under the Make in India programme. He stressed that India's strengths in economic growth and skills, combined with Austrian technology, create natural business partners for sustainable growth.

In his address, Modi spoke about India's transformative progress over the last decade. He attributed this progress to political stability, policy predictability, and a reform-oriented economic agenda. He also highlighted steps taken by the government to improve the ease of doing business, which has attracted global majors to India.

Focus on Startups and Digital Infrastructure

Modi discussed India's success in startups, next-generation infrastructure development, and its commitment to a green agenda. He mentioned that the startup bridge between India and Austria would yield substantial results. To foster innovation and entrepreneurship further, he suggested organising a joint hackathon between the two countries.

The prime minister also spoke about Digital Public Infrastructure's success in India and measures taken to improve connectivity and logistics. The India-Austria Startup Bridge was launched in February 2024 to promote innovation between the two nations.

Trade Statistics

Indo-Austria bilateral trade for January-December 2023 was USD 2.93 billion. Indian exports to Austria amounted to USD 1.52 billion, while imports stood at USD 1.41 billion.

Modi concluded by inviting Austrian businesses to invest in India and be part of its stellar growth story. He reiterated that India's economic strengths and Austrian technology could drive business growth and sustainability effectively.