Prime Minister of India - Dr. Manmohan Singh

PM's address to the Indian Community in Germany

"I am delighted to be here with members of the Indian community in Germany.

You have all earned for yourselves an enviable reputation for diligence, for creativity, and for enterprise and for assimilation in a foreign culture and ethos without losing or abandoning the intrinsic values that make you Indian. This has enabled each and every one of you to be ambassadors of India and to favourably shape the perception of India among your colleagues at work, your neighbours in your communities and your elected representatives. We admire your contribution in furthering the understanding for India in Germany. I also compliment you for the love and respect, which you have for the land of your ancestors.

India and Germany are Strategic Partners. Germany is the 6th largest investor in India and the 3rd largest trading partner for India in Europe. Indo-German collaborations are among the market leaders in a whole range of sectors. Our two countries also have a long-standing scientific and technical collaboration. The two countries also continue to work closely with regard to the reform of the UN Security Council.

This is a unique year for India in Germany. We are the Partner Country at the Hannover Trade Fair and the Guest of Honour Country at the Frankfurt Book Fair. In the month of May, India is the Focus Country at the Bonn Biennale. For each of these important fairs, India has the unique distinction of being the only country to have been bestowed the honour for a second time. Several German cities would be holding special events on India. This shows the tremendous interest that India has generated and I am confident that they will all contribute towards bringing the people of Germany and of India closer together.

India is on the move today. The Indian economy has recorded high rates of growth on a sustained basis since our process of economic reforms began. India is among the most attractive destinations globally for doing business. Several Indian companies have expanded their global presence in various sectors across the world, including in Germany.

Today, our external economic profile is robust and reassuring to investors, at home as well as abroad. Our economy has recorded close to 8 per cent annual growth for two years in a row. We are confident that we would be able to raise India's annual growth rate to around 9-10%. Our optimism is based on the fact that our savings rate is now over 29% of our GDP and the investment rate is about 31% of GDP. Our policies relating to investment, banking, finance and capital markets have evolved to make Indian industry and enterprise more competitive globally. We have launched a massive programme for rural renewal that will upgrade rural infrastructure and incomes and thereby, expand the domestic market. Our new policies are enabling public-private partnership in the modernization of our roads system, railway system, ports, airports, power and the entire urban infrastructure. I do believe that the transformation India is going through will be one of the most exciting in this century as over one billion people move towards growth and prosperity.

I have come to Berlin today from Hannover, where India's participation at Hannover Messe 2006, with over 300 companies, will showcase the vast potential for partnership that the expanding Indian economy offers for trade, investment and technology collaboration for mutual benefit. I have no doubt that our participation as a Partner Country for the second time in 22 years, a unique honour bestowed on India will impart significant momentum to bilateral relations between India and Germany.

It has been said that in the new globalised world it is those societies, which have evolved into so-called "global tribes", which will be best poised to take advantage. I believe that our historic project of globalization will, therefore, remain incomplete unless we reach out to People of Indian Origin. Our NRIs and the PIOs are important partners in our globalization process. I, therefore, invite you to join in the exciting journey of creating a new modern and prosperous India."