India, Germany sign pact on economic & tech cooperation

German Ambassador Dr Martin Ney and Joint Secretary Sameer Kumar Khare (Department for Economic Affairs, Ministry of Finance) on Wednesday signed agreements on financial and technical cooperation within the framework of the Indo-German development cooperation.

As part of the agreement, Germany has pledged to spend 1,055 million euros (around Rs 8,500 crore) for development cooperation in India. According to the release issued by the German Embassy, the committed funds would focus on "sustainable urban development" like infrastructure, urban mobility and climate resilience that go along the "Smart Cities" initiative. "The cleaning of Ganga will be supported in the future also," the release said.

Along with the key aspects agreed between the two governments, the agreement also pledges significant additional resources for the energy sector. This will help the Indian government, in particular, to further expand solar energy and disseminate energy efficiency measures. Environmental and resource protection is also one of the funded areas of the Indo-German development cooperation. Vocational training and social protection as well as the promotion of Indian women entrepreneurs are other areas covered.

Germany and India, both being G20 members, are committed to the implementation of the United Nations Sustainable Development Goals, the 2030 Agenda, the Paris Climate Agreements (November 2015) and related global responsibilities.