German envoy to India Philipp Ackermann has described India as a world leader in technology.

He also called India a 'fabulous partner' of Germany.

He said European nations are closely monitoring India's technological developments and growing presence in the paradigm globally.

He told ANI, "Indian and German interests are very congruent. We want to have more share in the semiconductor production, and this is a great subject to discuss and compare notes."

"German companies are looking very closely at what happens in India as it is a world leader in technology and hence a fabulous partner," he said.

"The German government's stance is clear: we need stability in the market, not erratic behaviour. Therefore, it is high time the European Union and India sit together and agree on the Free Trade Agreement, which will be a game changer for many industries," the envoy said.

He made the remarks at a time when US President Donald Trump announced a 25 percent tariff on goods exported from India to the US along with a 'penalty'