CosmicTaco

Germany Leverages India to Decrease Dependence on China

CosmicTaco · 2024-10-23T09:24:16.089033+05:30

- Chancellor Olaf Scholz leads a delegation to India, aiming to reduce Germany's reliance on Beijing by tapping into India's market. - Despite hurdles like bureaucracy and corruption, 82% of German firms expect their revenues to grow in India over the next five years. - German logistics giant DHL plans to invest half a billion euros in India by 2026, targeting the rapidly growing e-commerce market. - Volkswagen, facing falling sales in China and high production costs at home, is considering new partnerships in India for joint production. - Trade between Germany and India hit a record high in 2023, with India expected to overtake Germany and Japan to become the world's third-largest economy by the end of the decade. Source: [Reuters](https://www.reuters.com/world/germany-bets-india-reduce-reliance-china-2024-10-22/)

Chancellor Olaf Scholz leads a delegation to India, aiming to reduce Germany's reliance on Beijing by tapping into India's market.
Despite hurdles like bureaucracy and corruption, 82% of German firms expect their revenues to grow in India over the next five years.
German logistics giant DHL plans to invest half a billion euros in India by 2026, targeting the rapidly growing e-commerce market.
Volkswagen, facing falling sales in China and high production costs at home, is considering new partnerships in India for joint production.
Trade between Germany and India hit a record high in 2023, with India expected to overtake Germany and Japan to become the world's third-largest economy by the end of the decade.

Source: Reuters