Germany is India’s largest trading partner in Europe
New Delhi, July 3 (IANS)| A report by Grant Thornton India-FICCI said that the increase in the use of electric vehicles will lead to an increase in imports from Germany to India. Currently, India and Germany aim to leverage partnerships on each side and intensify cooperation on next-generation technologies, including the Internet of Things.
The report said that for the period April 2020-January 2021, total imports from Germany to India have increased by 3.56 per cent. “Germany provides a subsidy of $11,420 (9,480 euros) for electric vehicles, of which $4,192 (3,480 euros) is deducted by OEMs. Economic and trade ties between the countries are strong, with Germany India’s largest in Europe. business partner.” “India and Germany aim to leverage partnerships on each side and intensify cooperation on next-generation technologies, including the ‘Internet of Things’ (IoT).”
According to the report, the country has the potential to increase its share in the global auto components trade to 4-5 per cent by 2026, based on export growth and import substitution initiatives being undertaken by the industry under the ‘Atmanirbhar’ initiative. In 2018, the Indian automobile market surpassed Germany as the world’s fourth largest. Which established strong trade with India. Germany is moving strongly towards electrification, but the Indian EV industry is a growing industry and moving towards e-mobility is a priority for the Government of India (GoI).
“India could benefit from an import substitution program for targeted export expansion and business expansion. There has been a boom in German Original Equipment Manufacturers (OEMs) entering the Indian electric vehicle market.”