Germany agreed to give 1.06 billion Euros for several flagship projects launched by PM Modi in last 3 years
Prime Minister Narendra Modi's flagship projects got a boost on Friday after Germany agreed to give 1.06 billion Euros (approx Rs 7,900 crore) for their early completion. The money in the form of soft and subsidised loans along with grants is aimed at aiding Make in India, Skill India, Swachh Bharat, Smart Cities, Stand Up India, and Start Up India — initiatives that were launched by the PM over the last three years.
This is in addition to 7.5 billion Euros that Germany has made available for some 29 projects ranging from energy, environment, climate change and biodiversity, sustainable urban and industrial and economic development. After two days of negotiations, director general of Germany's International Cooperation Andreas Gies and joint secretary (economic affairs) in the Ministry of Finance S Selvakumar signed a bilateral agreement.
German Ambassador in India Dr Martin Ney said his country supports major political initiatives of current Indian government including its flagship projects. He added that Germany has already selected three cities — Bhubaneswar, Coimbatore and Kochi — to transform them into smart cities.
He also said that his country has elaborate plans to rejuvenate river Ganga using the similar tactics that it used to clean river Rhine — which used to be full of pollutants till 70s. "For this we have started with the state of Uttrakhand, to share with authorities the technology related to disposal of industrial waste, water treatment, and more so launching public awareness," he said.
On why India should need foreign government support when its own economy is booming, Ney said hsi country wants India to succeed in its aspirations to become a global power. "Key to development is to give young people jobs and for that you need inclusive growth. We in Germany have an experience and technology that India needs for clean energy and for a while range of issues. We support each other. We have common goals to reduce emissions, implement programmes that are climate friendly which impact worldwide," he said. He emphasised that the technical cooperation doesn't mean to sell products, but to devise and assist in building technologies that are tailor made to Indian requirements.
Prime Minister Modi and German Chancellor Angela Merkel had underlined the importance in contributing to the development of the Indian Energy sector. To support Skill India, Germany will contribute to improve vocational training and will support financial institutions to promote small and medium enterprises.
FOREIGN FUNDING
- Germany agreed to give 1.06 billion Euros for several flagship projects launched by PM Modi in last 3 years.
- Germany has already granted a fund of 7.5 billion Euros for around 29 development projects.
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