With a strong domestic demand, India provides an excellent alternative for the global industry as Chinese economy is slipping into painful slowdown, a top official has said.
“India is working with a clear vision and strategy to be the world’s preferred manufacturing destination by a series of initiatives like improving ease of doing business, liberalising foreign direct policy in most of the industries, including defence production,” Girish Shankar, Secretary in the Department of Heavy Industry, told reporters here.
The Secretary is leading a delegation to the Hannover Messe 2016 Fair here.
Shankar said India has to take part in the development of a globalised manufacturing environment.
“There is a realisation that with prices of commodities like steel and iron ore remaining subdued and subject to cyclical fluctuations, India’s engineering sector has to invest in R&D and forge new tie-ups with global majors from countries such as Germany,” EEPC India Chairman T S Bhasin said.
Besides, Department of Heavy Industry inked a pact with Steinbeis GmbH for cooperation in manufacturing sector. It also signed an agreement with Hannover Milano Fairs India and Ficci for promoting technology and innovations through WIN India series of events.