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General Awareness Topic: Impact of German President Joachim Gauck's visit to India

Impact of German President Joachim Gauck's visit to India
MBA Aspirants are expected to know the happenings around globe which might affect Indian foreign policy, thus impacting all of us.
Read:  Impact of German President Joachim Gauck’s visit  to India
Germany is India's most important economic partner in Europe. There are immense opportunities for enhanced investments from the European country in physical infrastructure in India.
India, in turn, can explore immense opportunities for enhanced German investments in its physical infrastructure. India also looks forward to the participation of the small and medium enterprises of Germany in India's growing consumer market. It is in this light, among other issues, that the visit of German President Joachim Gauck to India becomes relevant.
India’s visit has come at a time when the German President had decided not to attend the Sochi Winter Olympic Games. Although he gave no reasons, major German media outlets attributed his decision to Russia’s human rights record, especially its views on the rights of gays and lesbians. However, the German President did not say anything on this issue here in India, although it is acknowledged that India’s law is as unrelenting as Russia’s.
The visiting German President Joachim Gauck also weighed into the subject of death penalty, unusually during his speech at a banquet hosted by President Pranab Mukherjee. Mr. Gauck made it clear that in an open dialogue between friends, it was useful to speak on points of disagreement. These include capital punishment, which Europe has abolished and outlawed.
Germany is India's largest European trading partner and the 5th largest trade partner. The trade volume stands at €10.5 billion in 2006, € 12.7 billion in 2007-08, 17.5 billion in 2012 and both nations see it increasing to €30 billion by 2015. India and Germany enjoy strong commerce and co-operation in telecommunications, engineering, environmental technology, food processing, chemicals and pharmaceuticals.
Historically, Germany has extensively supported education and cultural development in India. Germany helped establish the Indian Institute of Technology Madras after both governments signed an agreement in 1956 and increased its co-operation and supply of technology and resources over the decades to help expand the institution. 
Relations between India and Germany have traditionally been cordial and close. India and Germany are strategic partners since 2000.
In 2008, both nations established the Indo-German Science and Technology Centre in New Delhi to promote joint research and development in energy, environment, coal and water technologies.
With the commencement of Inter-Governmental Consultations in 2011, there has been significant progress in all areas of bilateral cooperation through regular high-level exchanges at the Head of Government level, cooperation in strategic areas, growing economic and commercial ties and increased interaction in the fields of education, science and technology, culture and people-to-people relations.
Two Umbrella Agreements were signed during Gauck’s visit for financial and technical cooperation under Indo-German bilateral Development Cooperation were signed. The Government of Germany committed funds amounting to Euro 1.09 billion, which is highest ever commitment so far since 1958. 
The Umbrella Agreement on Financial Cooperation pertains to concessional loans from Government of Germany for nine projects namely Himalaya Hydro power Programme (HPPCL), Green Energy Corridors, Affordable Housing Programme among others.
India and Germany are among the G4 group of four nations (Brazil and Japan being the other two) which support each other’s bids for permanent seats on the United Nations Security Council.
In future, India and Germany can closely coordinate on global issues such as security, development, global trade and climate protection. Within the ambit of strong partnership between the two countries on regional and international issues, both India and Germany should continue with efforts for a fundamental reform of the UN Security Council and other multilateral institutions that reflects current realities.
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