Speech by Consul General Mr Lavanya Kumar
 at the business event on ‘India-Italy: Partners in Progress’ organized by the Missale & Partners law firm on 
26 June 2025

(Venue : Palazzo Terzi, Bergamo)

Good evening to you all.

 At the outset, let me congratulate the Missale& Partner Law firm for organizing the discussion on the topic ‘India-Italy: Partners in Progress’. This is a timely initiative that strengthens ongoing efforts to deepen India-Italy friendly relations.

Ladies and Gentlemen,

 Prime Ministers of India Mr Narendra Modi and Prime Minister of Italy Ms Meloni place high importance on deepening our strategic partnership. They have also met recently in Canada on the sidelines of G-7 summit this month. During their previous meeting on the sidelines of the G20 Summit in Rio de Janeiro, Brazil in November 2024, they have agreed on a five year Joint Action Plan for the years 2025-29. Among the 10 items identified by both leaders, promoting industrial partnerships, technological centers and mutual investment is one of the key elements. Further, during the visit of EU President to India in February, 2025, it has been decided to conclude the India-EU FTA by the end of this year. In addition, you are aware of the keen interest of India and Italy in implementation of the IMEC corridor. Given these exciting times in our trade relations, various Indian and Italian companies have been increasingly showing interest in forming joint ventures. We believe that these Industrial partnerships will play a key role in strengthening the bilateral relations.

 Our bilateral trade is about USD 15 bn. Considering the potential of our partnership, there exists a significant scope for expanding the trade basket. I invite the Italian companies to invest in India. Several States of India have been implementing various investor friendly policies including single window clearance, generous tax rebates on capital investment, and liberal land use policies. I request you to not look India as just a market for your products. We invite you to be a partner in our development journey and make products for us and also for rest of the world.

 Ladies and Gentlemen,

 I would like to share some key insights about various developments in the Indian economy in the past 11 years. This will set the context for today’s discussions.

 I am happy to share that the IMF in its recently published ‘World’s Economic Outlook’ projected that India's economy will grow by 6.2% in 2025 and 6.3% in 2026 maintaining a strong lead over global and regional peers. India is the only major economy to have consistently achieved an average growth rate of 6 to 7% over the past decade. You would have also read reports about India becoming the world’s fourth largest economy with a nominal GDP of $ 4.187 trillion. The country's GDP has more than doubled in the past decade, demonstrating its rapid economic progress. 

 With reforms in infrastructure, innovation, and financial inclusion, India continues to enhance its role as a key driver of global economic activity. The IMF’s projections reaffirm India’s resilience, further strengthening its importance in shaping the global economic future. India's per capita income has also increased significantly, reflecting the broader economic growth.

 Government of India has been investing in the development of infrastructure in a significant way. I will quote a few numbers as statistics will help present the picture clearly.

 Ladies and gentlemen,

Let me ask you something simple. Can you imagine what India does in just one week?

Every single week, 236 kilometers of National Highways are added to our map. Over 63 lakh mobile phones are manufactured.  98 kilometers of railway tracks are laid. And, we build one new university every week.

Now, just look at what we accomplish in a single day.

Every day, one new Industrial Training Institute rises. Two new colleges are established daily.  More than 15 train coaches roll off the assembly line. Over 4 locomotive engines are built. And when it comes to digital payments... India logs more than 600 million UPI transactions in a single day: that’s over €8 billion in cashless exchanges.

I am happy to inform you that all Italian investors who have invested in India are satisfied with their profits and consider India one of the most profitable countries. I am sure a wise businessman wouldn't want to miss the opportunity to grow. I encourage rest of the Italian investors to visit India and meet your colleagues there and then decide.

The Indian Consulate is ready to assist Italian firms looking to invest in India. We can provide sector-specific information and facilitate connections with investment agencies at both the Federal and State levels.

 I take this opportunity to thank Missale & Partner Law firm for inviting me to this wonderful event.

 Thank you.

 ***