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India and Germany on Monday signed a deal to fast-track business approvals, an arrangement to make it easier for German companies to operate in Asia's third largest economy that was announced as Chancellor Angela Merkel visited New Delhi.
In This Pic : Narendra Modi, Angela Merkel
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The fast-track approvals process will ensure that German firms will have a single point of contact in the Indian administration, helping them to navigate a web of red tape that often thwarts business initiative.
Pic Courtesy : BCCL
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Commerce secretary Amitabh Kant said that under the fast-track arrangement India "would monitor on a monthly basis all issue for German companies.'
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"The prospects are huge because India is just beginning its long spurt for growth," Kant told a business round table.
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Germany will also provide assistance of over one billion euros for India's green energy corridor and solar projects.
Pic Courtesy : PTI
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