NEW DELHI: India and Germany on Monday signed a deal to fast-track business approvals, an arrangement to make it easier for German companies to operate in Asia's third largest economy that was announced as Chancellor Angela Merkel visited New Delhi.The fast-track approvals process will ensure that German firms will have a single point of contact in the Indian administration, helping them to navigate a web of red tape that often thwarts business initiative.The agreement is the first of its kind and comes as Prime Minister Narendra Modi seeks to attract foreign investment in support of his "Make in India" drive to boost industrial investment and create skilled jobs.Commerce secretary Amitabh Kant said that under the fast-track arrangement India "would monitor on a monthly basis all issue for German companies.'"The prospects are huge because India is just beginning its long spurt for growth," Kant told a business round table.India and Germany also agreed to enhance ties in key areas of defence manufacturing, trade, intelligence and clean energy during wide-ranging talks between Prime Minister Narendra Modi and German Chancellor Angela Merkel here after which 18 MoUs were inked.Germany will also provide assistance of over one billion euros for India's green energy corridor and solar projects."I admire German leadership in clean energy and commitment to combating climate change," PM Modi said while addressing a joint press conference with German chancellor Angela Merkel.The PM also expressed his gratitude for the return of the 10th century statue of Durga in her Mahishasurmardini avatar.(Photo: PIB/Twitter)"We see Germany as a natural partner in achieving our vision of India's economic transformation. German strengths and India's priorities are aligned."Our focus tends to be on economic ties. But, I believe that in a world of seamless challenges and opportunities, India and Germany can also be strong partners in advancing a more human, peaceful, just and sustainable future for the world," Modi said.The Prime Minister also mentioned that he will continue his discussions with Merkel in Bangalore, where both the leaders will be attending a business forum.Modi noted that the partnership will also grow in "areas like defence manufacturing, trade in advanced technology, intelligence, and countering terrorism and radicalism. These are important security dimensions of our expanding relationship."The pacts signed included joint declaration of intent between HRD ministry and the federal foreign office of Germany regarding the promotion of German as a foreign language in India and the promotion of modern Indian languages in Germany.The inking of the pact comes as both sides were working to resolve the contentious issue of Sanskrit replacing German as a third language in Kendriya Vidyalaya Schools, a decision which was criticised by Germany with Merkel raising the issue during her meeting with Modi on the sidelines of the G-20 summit in Brisbane in November last year.The two sides also announced setting up a Fast-Track system for German companies in India.(With inputs from agencies)