Austrian CEOs Urged to Seize Opportunities in India's Expanding Economy by PM Modi

He highlighted India's strides in enhancing the Ease of Doing Business, which has attracted global majors to invest in the country.

Prime Minister Shri Narendra Modi and Chancellor of Austria, H.E. Mr. Karl Nehammer, convened a gathering of prominent Austrian and Indian CEOs spanning various sectors such as infrastructure, automobiles, energy, engineering, and startups today.

Both leaders commended the significant role played by industry leaders in enhancing bilateral relations and fostering economic cooperation between India and Austria. They highlighted the steady growth in trade and investment between the two countries over recent years and underscored the need to fully capitalize on the potential of the India-Austria partnership through deeper collaboration.

Prime Minister Modi urged Austrian business stakeholders to seize the burgeoning opportunities in India, as the country progresses towards becoming the world's third-largest economy in the coming years. He emphasized India's remarkable transformation over the past decade, attributing it to factors such as political stability, policy predictability, and a reform-oriented economic agenda. He highlighted India's strides in enhancing the Ease of Doing Business, which has attracted global majors to invest in the country.

Highlighting India's economic growth trajectory, Prime Minister Modi emphasized achievements in sectors like startups, next-generation infrastructure development, and the nation's commitment to advancing its green agenda. He particularly noted the establishment of a startup bridge between India and Austria, predicting substantial outcomes from this initiative. He proposed the idea of organizing a joint hackathon between the two countries to further bolster innovation collaboration.

Discussing India's digital advancements, Prime Minister Modi cited the success of the Digital Public Infrastructure and ongoing efforts to enhance connectivity and logistics across the country. He invited Austrian companies to leverage India's economic landscape for high-quality and cost-effective manufacturing under the MAKE IN INDIA initiative, both for the domestic market and as a global supply chain hub.

Prime Minister Modi elaborated on India's Production Linked Incentive (PLI) scheme designed to attract global manufacturing companies, particularly in sectors such as semiconductors, medical devices, and solar PV cells. He highlighted the complementary strengths of India's economic prowess and skilled workforce with Austrian technology, emphasizing their natural synergy for business growth and sustainability.

In conclusion, Prime Minister Modi extended an invitation to Austrian businesses to explore investment opportunities in India and become integral partners in India's remarkable growth journey. The meeting between the Prime Minister and Chancellor underscored a shared commitment to strengthen economic ties and foster mutual prosperity between India and Austria.