Skip to content
Search

Latest Stories

Demonetisation shows “boldness” of Modi: French foreign minister

France has appreciated demonetisation in India, terming it as a “bold” decision which “shows how determined” prime minister Narendra Modi is to combat tax evasion, corruption and black money.

French minister for foreign affairs and international development Jean-Marc Ayrault also hailed the “significant reforms” undertaken by Modi to attract foreign investments, saying “they are in the right direction”.


Appreciating the “Make in India” initiative, he said that France “wishes to be a major partner, thanks to its experience, expertise and recognised technologies”.

At the same time, he said “joint efforts” should be made between the European Union and India to reduce trade barriers and pitched for reforms in India with regard to easing the import-export regime and improving the predictability and stability of regulations.

“I am impressed by the boldness of this decision. It shows how determined prime minister Modi is to combat tax evasion, corruption and black money. It’s also a measure aimed at modernizing the economy by accelerating the transition to a digital economy,” Ayrault said when his views were sought on demonetisation.

“We are following these developments with keen interest,” he added.

He said: “The Indian economy is full of promise for entrepreneurs and we trust the government’s resolve to support the country’s economic development.”

The French minister, who is in India primarily to attent Vibrant Gujarat, said the bilateral economic ties “are being ceaselessly strengthened”.

Pointing out that French companies have a very strong presence in India, he said they “invest, innovate and make in India”.

About 1000 French entities are spread all over the Indian territory, employing almost 3,50,000 skilled workers, and the general feeling is that this is a land “full of opportunities”, he said.

However, bilateral trade remains at a “more modest level”, which is also due to French companies fully adopting the ‘Make in India’ policy.

“But we must continue our joint efforts, between the European Union and India, to reduce trade barriers,” he said.

Reminding that the EU, of which France is a member, is India’s top exports destination, Ayrault said, “It will remain so despite Brexit”.

The French Minister said Modi has undertaken “significant reforms” to attract foreign investments, and “they are in the right direction”. These efforts, he said, “are yielding fruit, with FDIs spiralling over the past few years”.

He said France, which is one of India’s main foreign investors, intends to play a major role in these developments.

“Our companies are fully aware of the prospects open to them in a vast variety of fast-expanding sectors, like renewable energy or sustainable urban development, which prime minister Modi has declared to be a priority, and in which our companies have great expertise and can offer innovative technology,” he said.

He noted that French companies already account for 10 per cent of India’s installed solar capacity.

With regard to ease of doing business in India, Ayrault said: “What’s sure is that the Indian market is attractive for our companies, which are gearing up for success. They are in India for the long haul.”

He said the French companies continued their investments regardless of the global economic situation. “And they innovate in India. They have thus shown that they can prepare for the future and are confident of India’s future,” he said, adding the reforms “have played and are playing a very positive role in this respect.”

There are “other areas in which reforms could be pursued, for example, with regard to easing the import-export regime, or improving the predictability and stability of regulations,” the minister said

On “Make in India”, he said the French companies have “fully incorporated” it in their policy and wish to make the most of the opportunities it presents.

“There are so many wonderful examples of success,” he said.

He named Renault, saying it has become the top European manufacturer in the Indian market with the Kwid.

Referring to Decathlon, he said the sports goods manufacturer and distributor has opened 50 outlets all over India.

Alstom Transport, he said, will invest in a plant in Bihar for building 800 electric locomotives.

“In the course of my trip, I have met many of our companies, dynamic and innovative enterprises that have all reiterated the same view - India is full of opportunities, and our companies are ready to seize them,” he said.

More For You

india-ireland

Jaishankar met Harris over a working breakfast at the Department of Foreign Affairs, where they finalised an 'Action Plan' aimed at strengthening bilateral relations. (Photo: X/@DrSJaishankar)

India, Ireland to strengthen trade ties with new Joint Economic Commission

INDIA and Ireland have agreed to establish a Joint Economic Commission (JEC) to boost trade, investment, and technology collaboration, external affairs minister S Jaishankar announced after a meeting with Irish foreign minister Simon Harris in Dublin on Friday.

Jaishankar met Harris over a working breakfast at the Department of Foreign Affairs, where they finalised an "Action Plan" aimed at strengthening bilateral relations.

Keep ReadingShow less
Rachel-Reeves-Getty

Reeves is expected to announce welfare spending cuts worth billions of pounds in the Labour government's Spring Statement on March 26. (Photo: Getty Images)

Welfare system too costly, needs reform: Rachel Reeves

CHANCELLOR Rachel Reeves said on Friday that the UK’s welfare system is "costing too much" and must be reformed as the government faces financial pressures from high inflation and borrowing.

Reeves is expected to announce welfare spending cuts worth billions of pounds in the Labour government's Spring Statement on March 26. The statement will be a follow-up to her first budget last October, according to reports this week.

Keep ReadingShow less
Lloyds-UK-Reuters

People walk past a branch of Lloyds bank in London on January 17, 2025. (Photo: Reuters)

Lloyds to hire 4,000 tech workers in India, cut UK jobs: Report

LLOYDS Banking Group is hiring hundreds of IT engineers in India while planning to cut similar jobs in the UK, according to a report.

The bank aims to have 4,000 permanent technology and data employees in India by the end of the year, nearly half of its global engineering workforce, reported the Financial Times.

Keep ReadingShow less
India’s GDP ticks up 6.2 per cent
on increased spending last quarter

Decreased urban consumption and reduced government spending have dampened economic activity over the last few quarters

India’s GDP ticks up 6.2 per cent on increased spending last quarter

INDIA’S economy expanded a little more than six per cent in the December quarter, official data showed last Friday (28), marking an uptick from the previous quarter as the country prepares for the fallout of US president Donald Trump’s protectionist trade policies.

The figures – an increase from the July-September period – will likely be welcomed by policymakers in the world’s fifth-largest economy, which has been grappling with unexpectedly sluggish growth in the face of potential US tariffs.

Keep ReadingShow less
India, EU set December deadline for free trade deal

Ursula von der Leyen with Narendra Modi

India, EU set December deadline for free trade deal

INDIA and the European Union agreed last Friday (28) to finalise a free trade deal by the end of the year, marking their first commitment to a deadline after years of talks. This move comes as both sides seek to soften the impact of tariff increases from the United States.

The announcement was made by European Commission president, Ursula von der Leyen, on a two-day visit to India, and India’s prime minister, Narendra Modi, at a joint press conference.

Keep ReadingShow less