Finance Minister Nirmala Sitharaman urges Austrian companies to invest in India as it offers many opportunities in new and emerging sectors.

Speaking at the India-Austria business roundtable in Vienna, she emphasized that Austrian firms should capitalize on the numerous opportunities presented by India, which has seen remarkable advancements owing to government initiatives aimed at boosting economic growth, equity, and implementing reforms to facilitate business operations.

"I also highlighted emerging opportunities in new and emerging sectors such as green hydrogen, electric vehicles, digital public infrastructure and innovation. India is an excellent gateway to Asia and the global south," she said.

In general, she claimed that the opportunities for a more robust economic and commercial partnership between India and Austria are highly promising.

Emphasizing that India possesses a strong manufacturing foundation and scale, she noted that numerous Austrian firms have established capability centers in India to utilize the country's outstanding digital and IT expertise.

Reflecting on Prime Minister Narendra Modi's trip to the European country last year, she remarked that it marked a significant turning point in the India-Austria relationship, particularly in enhancing economic and commercial ties to a greater level.

 

In her bilateral talks with the Austrian Economy Minister and Finance Minister, Sitharaman addressed a broad range of topics concerning the India-Austria collaboration in finance, economy, trade, and investment sectors.

Both nations have consented to utilize their complementarities for mutual advantage.

"Based on the capacities of Austria and the potential for engagement, we have also identified priority areas for the enhanced bilateral relationship. These include green and digital technologies, infrastructure, renewable energy, water management, life sciences, as well as electric mobility and transportation," she said.

Discussing startups and innovation, Sitharaman stated that these are a crucial focus for both governments.

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India boasts more than 110 unicorns and numerous successful startups exceeding 1,000, she noted, mentioning that Austria has a well-established startup ecosystem.