India and Germany sign 18 MoUs

India and Germany  signed a deal to fast-track business approvals, an arrangement to make it easier for German companies to operate in Asia's third largest economy that was announced as Chancellor Angela Merkel visited New Delhi.





The fast-track approvals process will ensure that German firms will have a single point of contact in the Indian administration, helping them to navigate a web of red tape that often thwarts business initiative.

The agreement is the first of its kind and comes as Prime Minister Narendra Modi seeks to attract foreign investment in support of his "Make in India" drive to boost industrial investment and create skilled jobs.

India and Germany also agreed to enhance ties in key areas of defence manufacturing, trade, intelligence and clean energy during wide-ranging talks between Prime Minister Narendra Modi and German Chancellor Angela Merkel here after which 18 MoUs were inked.

Germany will also provide assistance of over one billion euros for India's green energy corridor and solar projects.

The PM also expressed his gratitude for the return of the 10th century statue of Durga in her Mahishasurmardini avatar.



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