'Come, make in India': Modi to Japanese investors in Tokyo
What's the story
Indian Prime Minister Narendra Modi on Friday addressed the India-Japan Economic Forum in Tokyo, where he underscored the strong economic ties between India and Japan. He said Japanese companies have invested over $40 billion in key sectors such as manufacturing and semiconductors in India. "India and Japan's partnership is strategic and smart....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.
Economy
Japan plans to invest 10 trillion yen
He added that Japan's technology and India's talent can together lead the tech revolution. "India is rapidly moving towards clean energy, and by 2047, we have set a target of 100 GW of nuclear power." "India and Japan have agreed on joint credit mechanism, and by leveraging it, we can cooperate for a clean...green future," he said. According to Nikkei Asia, Japan plans to invest 10 trillion yen ($68 billion) over the next decade to strengthen bilateral trade with India.
Economic progress
India on track to become world's 3rd-largest economy
The prime minister also spoke about India's rapid economic growth, calling it the fastest-growing major economy in the world. He said India is on track to become the world's third-largest economy soon, adding 80 percent of companies want to expand in India. "75 percent are already in profit in India. In India, capital does not just grow; it multiplies. In the last 11 years, India has seen unprecedented transformation -- political stability, economic stability, and transparency in policy," he said.
Japan's contribution
Suzuki, Daikin success stories of Japanese investment in India
PM Modi also praised Japan's role in major projects over the years, calling it a key partner in India's development journey. He cited examples like Suzuki and Daikin as success stories of Japanese investment in India. He called for an even deeper partnership between India and Japan. "In the last decade, India has made unprecedented progress in next-gen mobility and logistics infrastructure. Our port capacities have doubled. With Japan's cooperation, work is underway on Mumbai-Ahmedabad high-speed rail project," he said.
China
PM Modi will head to China later
"However, our journey doesn't stop here, Japan's excellence and India's scale can create a perfect partnership," he said at the summit. "Come, make in India and make for the world," PM Modi told Japanese investors at the summit in Tokyo. After his visit to Japan, PM Modi will head to China for the Shanghai Cooperation Organisation Summit in Tianjin from August 31 to September 1.