Germany to invest €10 billion in India until 2030; 'green hydrogen hub' to be established

A day after Prime Minister Narendra Modi visited Germany as a part of his three-nation Europe trip, Foreign Secretary Vinay Kwatra on Tuesday confirmed that Germany will invest 10 Billion Euros in India until 2030. This comes a day after the German government made an advance commitment to investing billions in climate change related projects in India.

While addressing the press, the Foreign Secretary said, "The two leaders signed Green and Sustainable Partneship in Germany; Germany will invest 10 Billion Euros in India till 2030. As far as Denmark and other Nordic nations are concerned, India and Nordic nations have complementarities of capabilities, technique, economy and capital."

"The framework of India's relation with every nation works keeping in mind the capabilities and limitations of every nation," Kwarta added. 

Germany Promises Developmental Assistance To India

After PM Modi's visit, the German government on Monday made an advance commitment to investing €10 billion in climate change related projects in India. The development assistance will be provided to India under the Joint Declaration of Intent (JDI) on Green and Sustainable Development Partnership signed between the two nations on Monday.

The amount will be invested in New Delhi until 2030. While addressing a press conference at the conclusion of PM Modi's visit to Germany, Foreign Secretary Vinay Kwatra stated that the agreement signed between the two nations will help in achieving a long and strategic perspective of climate change and development. 

"I think this declaration of intent imparts long term strategic perspective to our entire development cooperation agenda and as part of which, Germany has agreed to make an advance commitment of 10 billion euros of new and additional developmental assistance until 2030," Kwatra said.

Furthermore, he informed that both countries stressed the importance of green hydrogen and renewables and said that Germany has promised to deploy a task force that will work towards establishing a green hydrogen hub in India. "As part of our partnership in this space, a task force will work towards establishing a green hydrogen hub in India with the German support," the Foreign Secretary informed.

Meanwhile, on Tuesday, Prime Minister Narendra Modi met his Danish counterpart Mette Frederiksen on the second leg of his three nations' tour in Europe. This is Prime Minister Modi's first-ever visit to Denmark. The Prime Minister's office tweeted and informed that both the leaders held a conversation at the Danish PM's Copenhagen residence and discussed a wide range of issues in order to boost the India-Denmark friendship and bilateral relationships.