Ajmal Fawad, Deputy Director – Europe, International Department, Confederation of Indian Industry (CII) offered insight into the rising European partnerships in Indian infrastructure projects and the perception of trade shows like Excon in furthering mutually beneficial trade relationships…
From a CII Europe perspective could you talk of the interest generated there through events like Excon?
Excon, organised by the Confederation of Indian Industry (CII), focuses on key infrastructure projects in the country and the role of construction equipment manufacturing companies in nation building through new upcoming technology. In that context there is considerable interest expected to be generated in the event across European countries with which India has a very healthy and growing trade relationship. India, with its huge middle class, is one of the fastest growing global economies and offers a lucrative market for investment and growth.
Throw some light on the areas that make India attractive for European players – and the current trade patterns?
The infrastructure sector has become the biggest focus area for the Government of India. India plans to spend $ 1.4 trillion on infrastructure during 2019-23 to have a sustainable development of the country. Against this background, a mutually reinforced cooperation is beneficial for both Indian and European markets. With over 500 million consumers, the European Union (EU) is a successfully integrated internal market whose high standards in terms of safety and environment are recognised worldwide. EU accounts for nearly 15 per cent of Indian exports, which grew 59 per cent year-on-year in April-January to $50.7 billion. The 27-member bloc accounts also for 8.5 per cent of India’s imports.
What are the projects perceived as attractive and in which there is currently constructive engagement?
India’s National Infrastructure Pipeline and the National Monetisation Pipeline are expected to attract investments into operational infrastructure assets. The Prime Minister’s Gati Shakti initiative is actioning multimodal transport connectivity through a coordinated approach. In one of the recent developments, six South Asian nations, including India, are set to benefit from a new $ 21.5 million funding from the European Union, which will help to accelerate climate-smart, inclusive infrastructure investments in their regions.
As part of this city-to-city cooperation, 25 city authorities from Europe and India will work together until end 2023 in the areas of ecological transition, urban and regional renewal and innovative, sustainable and carbon neutral ecosystems.