FM urges Austrian firms to harness India’s green, digital growth

Union Finance Minister Nirmala Sitharaman on Friday urged Austrian companies to seize investment opportunities in India’s rapidly expanding green energy, electric vehicle (EV), and digital infrastructure sectors, presenting India as a strategic gateway to Asia and the Global South. Speaking at a press conference in Vienna alongside Austrian Minister for Economic Affairs, Energy and Tourism Wolfgang Hattmannsdorfer, Sitharaman stated both countries are well- positioned to build on their respective strengths—India's scale, manufacturing capabilities and skilled human resources, and Austria’s technological innovation and strategic location in Europe—to deepen economic ties. “I 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, adding that recent structural reforms have bolstered India’s business environment, making it more conducive to foreign investment.
The Finance Minister emphasized that India has undertaken a series of structural reforms to improve the ease of doing business, particularly in priority sectors such as renewable energy, life sciences, water management, electric mobility, and technology- driven start-ups. She pointed out that several Austrian firms have already established capability centres in India, capitalising on the country's growing digital and IT capabilities. Recalling Prime Minister Narendra Modi’s visit to a European country last year, Sitharaman said it marked a milestone in strengthening India’s economic and commercial links with the region.
During her bilateral meetings with Austrian Finance Minister Markus Marterbauer and State Secretary Barbara Eibinger-Miedl, Sitharaman discussed areas of cooperation in financial services, trade, and investment. Marterbauer emphasized the need for stronger economic partnerships amid global trade headwinds. “The US tariff and trade policies are putting a strain on the European and Austrian economies. This makes it all the more important to strengthen economic cooperation with all partner countries and promote innovation-driven collaborations,” Marterbauer said, according to a statement from the Austrian Federal Ministry of Finance. He lauded India’s status as the fastest-growing economy among the G20 nations, with projected GDP growth of over 6%, and emphasized the benefits of fair and sustainable trade between the two nations. “If trade takes place in fair and sustainable conditions, both partners will benefit,” he said.
Sitharaman extended an invitation to Marterbauer to visit India with a business delegation, underlining the importance of continued high-level engagement to boost bilateral trade and investment flows. The Finance Minister’s visit to Vienna is part of her two-nation tour, which began earlier this week in London for the India-United Kingdom Economic and Financial Dialogue.

(Business Correspondent)