Centre for economic policy and public finance, Research institute in Mannheim, Germany

Prime Minister Narendra Modi on Monday held a bilateral meeting with German Chancellor Olaf Scholz on the sidelines of the Group of Seven (G7) summit at Schloss Elmau in Germany and deliberated on areas of cooperation including commerce and energy."Excellent meeting with @Bundeskanzler Scholz. Thanked him for the warm hospitality during the @G7 Summit. We discussed cooperation in key sectors like commerce and energy. We also had deliberations on furthering environmentally friendly growth for our planet," PM Modi tweeted.The leaders of the G7 nations, along with Prime Minister Narendra Modi, on Monday held discussions on the impact of Russia's war on food and energy supplies including the global economy and said the bloc is determined to support Ukraine in producing and exporting grain, oil, and other agricultural products as well as to address the causes of the evolving global food crisis.On Sunday the Chancellor welcomed the heads of state and government of the G7 to the summit under the German presidency."We are united by our view of the world. We are also united by our belief in democracy and the rule of law," said Chancellor Scholz at the beginning of the summit.In a first working session on Sunday, the heads of state and government of the G7 discussed global economic issues."All G7 countries are concerned about the crises that are currently to be overcome -- falling growth rates in some countries, rising inflation, shortages of raw materials and disruption to supply chains. These are no small challenges and it is therefore important to share responsibility," said Scholz.India and Germany established a strategic partnership in 2000. In 2011, the two countries launched Inter-Governmental Consultations (IGC), for a comprehensive review of the cooperation and identification of new areas of engagement between the two countries. The heads of governments of both countries along with multiple ministers from both sides participated in IGC.Notably, India is among a select group of countries with which Germany has such a unique biennial dialogue mechanism for the government of both countries to coordinate across a spectrum of bilateral matters.in May 2022, the two countries held the 6th IGC with the intent of establishing a Green and Sustainable Development Partnership.During the IGC, the two countries agreed to develop the Indo-German Green Hydrogen Taskforce and established Indo-German Renewable Energy Partnership focusing on innovative solar energy and other renewables.Besides, the two nations decided to establish lighthouse cooperation on Agroecology and Sustainable Management of Natural Resources to benefit the rural populations and small-scale farmers in India. They also decided upon ways to deepen cooperation in restoring forest landscapes and sustainable use of green technologies.Speaking of the economic ties, Germany is India's largest trading partner in Europe. The two countries had a bilateral trade worth USD 24.84 billion in 2021-22. Germany is also one of the largest Foreign Direct Investment sources for India with total a total FDI of over USD 13 billion between April 2000-March 2022.Over 1,700 German companies operate in India and more than 213 Indian companies operate in Germany.PM Modi arrived in Munich on Sunday to attend the G7 summit where he will hold meetings with G7 and partner countries to hold discussions on issues ranging from environment and energy to counter-terrorism.On reaching Germany, the Prime Minister interacted with the Indian community in Germany at the Audi Dome, Munich. Thousands of members of the vibrant Indian community in Germany participated in the event.He highlighted India's growth story and mentioned various initiatives undertaken by the government to further achieve the country's development agenda. He also lauded the contribution of the diaspora in promoting India's success story and acting as brand ambassadors for India's success.In his address to the Indian diaspora, PM Modi said, "Today's India has come out of the mentality of 'it happens, it runs like this'. Today India takes a pledge to have to do, have to do, and have to do on time," he said.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Prime Minister Narendra Modi on Monday held a bilateral meeting with German Chancellor Olaf Scholz on the sidelines of the Group of Seven (G7) summit at Schloss Elmau in Germany and deliberated on areas of cooperation including commerce and energy. ...