Underlining Japan’s role in the nation’s growth and emphasising that the world is now counting on India, Prime Minister Narendra Modi Friday made a strong pitch for manufacturing and investing in the country, while addressing a business forum to kickstart his two-day visit to Japan.
This is PM Modi’s first standalone visit to the country in nearly seven years, aimed at deepening bilateral ties and boosting investment from Japan to India. He also mentioned that after the defence and space sectors, India is soon going to open up the nuclear sector for private investment. The remarks come as the nation looks at newer avenues for economic growth in the wake of an exceptional tariff rate of 50 per cent levied by the United States, which is likely to hit several key sectors.
‘Tech–Talent synergy to power revolution’
Addressing the India-Japan Economic Forum in Tokyo, PM Modi said that Japan has always been an important partner in the country’s ‘Vikas Yatra’ and pitched for a partnership in the areas of manufacturing, technology, innovation, green energy, and skill development, in the presence of his Japanese counterpart Shigeru Ishiba.
Spelling out key areas of future cooperation after his address, PM Modi said in a post on X, “Like we did in automobiles, recreate the same magic in batteries, robotics, semiconductors, shipbuilding, and nuclear energy. Tech–Talent synergy to power this century’s technology revolution. Green energy focus for a better future. Next-gen infrastructure, where Japan’s excellence and India’s scale can do wonders. Skill development and people-to-people ties.”
During his remarks, Ishiba said, “Japan’s excellence and India’s scale can create a perfect partnership.” In turn, PM Modi also echoed that the technology of Japan and talent of India can together lead the tech revolution of this century.
“Japan is a tech powerhouse, and India is a talent powerhouse. India has taken AI, semiconductor, quantum computing, biotech, and space, and has taken bold and ambitious initiatives,” PM Modi stated.
At present, the country has political stability, economic stability, transparency in policy, and predictability, he added. “Today, India is the fastest-growing major economy in the world. And, very soon, it is going to become the third largest economy in the world,” he said.
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PM Modi said India contributes 18 per cent to global growth, and the country’s markets are giving good returns. He also made a special note of the nation’s strong banking sector, low inflation, low interest rates and $700 billion forex reserves.
Prime Minister Narendra Modi with his Japanese counterpart Shigeru Ishiba and other dignitaries during the India-Japan Economic Forum in Tokyo. (Photo: PTI)
Japanese firms’ role in Make in India
“Our approach of reform, transform, and perform is driving all this progress,” Modi said, also talking about the GST reforms and ease of doing business to a host of Japanese investors and business leaders present at the forum. He also noted that Japan has invested over $40 billion in India.
“We have focused on ease of doing business and created a single digital approval window. We have rationalised 45,000 compliances and also set up a deregulation committee,” he said. “The defence and space sectors have been opened to private players, and we are also opening our nuclear sector,” PM Modi said.
“Many Japanese companies are playing a key role in the Make in India initiative, with cooperation extending globally… It is clear evidence that we are steadily building our supply chain centred around our two nations,” the Japanese PM said. “The world is not just watching India, it is counting on India,” Modi added.
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PM Modi also said that the two countries’ partnership is strategic and smart. “Powered by economic logic, we have turned shared interests into shared prosperity. India is the springboard for Japanese business to the Global South. Together, we will shape the Asian century for stability, growth and prosperity,” he said.
