Tokyo/ New Delhi, Aug 29 (UNI) Highlighting India’s strong economic growth and stability, Prime Minister Narendra Modi said that capital just does not grow in the country, it multiplies, asserting that the country is on track to become the world’s third-largest economy in the near future.
In India’s journey of development, Japan has always been an important partner. From metros to manufacturing, semiconductors to start-ups, our partnership in every sector has been a symbol of mutual trust.
PM Modi and Japanee PM Shigeru Ishiba of Japan also addressed the India-Japan Economic Forum. The event saw participation from CEOs and business leaders from various fields, MEA spokesperson Randhir Jaiswal said in a tweet.
“PM Modi highlighted the significant potential of India-Japan collaboration in cutting edge technologies, manufacturing & investments and human resource exchanges. He also highlighted that Japan’s excellence & India’s scale together can create a perfect partnership for Make in India & Viksit Bharat,” he said.
While addressing prominent figures from the business world at the India-Japan Business Forum, PM Modi emphasized the significant role Japan has played as a key partner in India’s development journey.
“I am happy to begin my trip with the business giants here in Japan, and I am especially grateful to Prime Minister Ishiba for his participation in this forum,” said PM Modi. “India and Japan have always shared a strong bond, and our partnership has flourished across various sectors, from manufacturing to semiconductors and start-ups.”
Highlighting the growing economic ties, PM Modi noted that Japanese companies have invested over USD 40 billion in India, with USD 13 billion in private investments alone over the past two years. He also cited reports from JBIC (Japan Bank for International Cooperation) and JETRO (Japan External Trade Organization), which highlight India’s status as the most promising investment destination.
“India’s capital doesn’t just grow; it multiplies,” PM Modi stated, emphasizing the nation’s strong economic growth and stability. “India is currently the world’s fastest growing major economy and is poised to become the third largest economy globally in the near future.”
In his address, the Prime Minister outlined key reforms and initiatives that have been driving India’s transformation, including the introduction of the “One Nation, One Tax” policy and the recent simplification of the Income Tax Code. He also mentioned significant reforms in sectors like defence, space, and nuclear energy, which have now been opened to the private sector.
PM Modi proposed several key areas where India and Japan could strengthen their partnership, “Manufacturing: Building on successful collaboration in the auto sector”, the Prime Minister encouraged further cooperation in areas like batteries, robotics, ship-building, and nuclear energy. He also urged Japanese companies to invest in India’s manufacturing sector, stating, “Come, Make in India, Make for the World.”
Highlighting another sector where collaboration can be done is technology and Innovation, PM Modi pointed out that India’s technological ambitions, coupled with Japan’s tech expertise, could lead the way in sectors such as AI, semiconductors, and space. “Together, we can lead the tech revolution of this century,” he said.
With India’s ambitious renewable energy goals, PM Modi stressed the potential for collaboration in solar energy and green hydrogen, noting the agreement between India and Japan on the Joint Credit Mechanism for a clean and green future.
The Prime Minister highlighted India’s progress in next-generation infrastructure, including doubling port capacity, expanding airports, and building metro networks. He mentioned that Japan’s expertise could help further accelerate India’s infrastructure growth.
PM Modi also spoke about the importance of skill development, urging Japanese businesses to train Indian talent and create a “Japan-ready” workforce to meet global demands.
Reaffirming the strategic importance of the India-Japan partnership, PM Modi said, “India is the springboard for Japanese businesses to the Global South. Together, we will shape the Asian Century for stability, growth, and prosperity.”
The event marked a significant step towards further strengthening India-Japan economic and cultural ties, with PM Modi’s vision of shared prosperity resonating strongly with the audience. The business forum continues to lay the groundwork for future collaboration across a range of sectors, contributing to a growing partnership between the two nations.
To attract investment in India, PM Modi said that Parliament recently also approved a new and simplified Income Tax Code.
“Our reforms are not limited to the tax system alone. We have focused on ease of doing business. We have established a single digital window approval system for businesses. We have rationalized 45,000 compliances. To speed up this process, a high-level committee has been set up to oversee deregulation,” he said.
“We have opened up sensitive sectors like defense and space to the private sector. Now, we are also opening the nuclear energy sector,” he added. “These reforms reflect our determination to build a developed India. We have commitment, conviction, and strategy, and the world has not just recognized but also appreciated this. S&P Global has upgraded India’s credit rating after two decades. The world is not just watching India; it is counting on India”.
