Lauding ‘Make in India’ initiative, Prime Minister Narendra Modi said the government programme has become a “movement” in Japan. Addressing the gathering at India-Japan Business Leaders Forum in New Delhi in the presence of his Japanese counterpart Shinzo Abe, PM Modi told that the island nation has already created a fund of about USD 12 billion for it.
“Today, there is a ‘Make In India’ movement in Japan. I have been told that USD 11-12 billion fund has been earmarked for it. This clearly indicates how both the countries can move forward,” he said.
‘Make in India’ is proceeding in mission mode, not just in India, but also in Japan, the Prime Minister added.
“Maruti (Suzuki) will manufacture here… Japanese company will manufacture here and export it to Japan,” PM Modi said, adding that both India and Japan should move ahead together, not just in the sphere of high-speed trains, but also for “high-speed growth.”
Speaking further, he apprised the business leaders of two countries that the Japanese government has already committed an investment of USD 35 billion.
“The figure had surprised many at that time, but today, within a short time-span, unimaginable progress had been made, and the contours of this investment were beginning to get visible on the ground,” PM Modi said at the event.
Praising Modi government’s reforms programme, Japanese Prime Minister Shinzo Abe compared it to the “bullet train”.
“Prime Minister Modi’s speed of implementing policies and reforms is like Shinkansen (bullet train) and his reform agenda is as safe as Shinkansen,” Abe said adding that India has become a very attractive investment destination for Japan.
“Strong Japan is good for India and strong India is good for Japan… I hope economic ties between our two countries will be ever closer,” Abe said emphasising the two countries would like to work closely as it will benefit both.
Highlighting the improvement in economic indicators in both India and Japan, PM Modi said these were extremely encouraging, especially in the light of the global economic slowdown. He also told the business leaders that his government’s “Japan Plus” initiative which began last year in India as a policy experiment is also doing well.
Prime Minister Narendra Modi further added that the strategy adopted to improve India’s position in the Ease of Doing Business rankings, policy decisions and their effective implementation are now showing results.
However, bilateral trade between the two countries stood at USD 15.51 billion in 2014-15 as against USD 16.29 billion in 2013-14. India received USD 19.16 billion FDI from Japan during April 2000 and September 2015.
Among the business leaders who attended the meeting included Maruti Suzuki chairman RC Bhargava, Apollo Tyres chairman Onkar S Kanwar, Bharti Enterprises chairman Sunil Bharti Mittal, ICICI Bank MD Chanda Kochhar, Essar Group chairman Shashi Ruia, CII president Sumit Mazumder, FICCI president Jyotsana Suri and Assocham president Sunil Kanoria.
(With inputs from the PTI)