New Delhi, 02 July (H.S.): Prime Minister Narendra Modi on Thursday announced that the Prime Minister's Office (PMO) will soon organise a dedicated Japan Business Week, during which senior officials from the PMO will engage directly with Japanese companies to understand their concerns and work towards resolving issues to further improve the ease of doing business in India.
The announcement comes after Prime Minister Modi, following talks with his Japanese counterpart Sanae Takaichi earlier in the day, said that India aims to attract investments worth 10 trillion yen from Japan over the next decade while also doubling the number of Japanese companies operating in the country.
Prime Minister Modi made the announcement while addressing the India-Japan Joint Economic Forum alongside the Japanese Prime Minister. During the event, he also inaugurated Maruti Suzuki's new manufacturing plant at Kharkhoda in Haryana. The Prime Minister noted that nearly two-thirds of Suzuki's global automobile production takes place in India and that vehicles manufactured in the country are exported to more than 100 nations.
According to the Ministry of External Affairs spokesperson, both sides at the Joint Economic Forum reaffirmed the vital role of industry in advancing the India-Japan Special Strategic and Global Partnership. The discussions focused on expanding investments, strengthening resilient supply chains, promoting manufacturing partnerships under the Make in India for the World initiative, supporting clean growth, and deepening cooperation in critical and emerging technologies.
Highlighting the strength of the India-Japan economic partnership, Prime Minister Modi said Japan's expertise and investment, combined with India's scale and growth, are benefiting the global economy. He added that over the past 12 years, India has transformed its economic DNA by embracing the philosophy of Kaizen, or continuous improvement.
Referring to India's ongoing economic transformation, the Prime Minister said the government has introduced next-generation reforms in taxation, governance and ease of doing business. He noted that India has opened virtually every sector to private participation while providing incentives across several industries, creating significant opportunities for Japanese businesses. He added that, according to the Japan Bank for International Cooperation's annual survey, India has remained the most promising destination for Japanese businesses for the past four consecutive years.
Prime Minister Modi also said India remains the world's fastest-growing major economy, recording a GDP growth rate of 7.7 per cent in the previous financial year. He said the country has witnessed far-reaching economic transformation over the past 12 years.
Referring to his Japanese counterpart's interest in motorcycles, Prime Minister Modi said he was pleased that motorcycles manufactured by Kawasaki, Yamaha and Honda in India are being exported to markets across the world. He added that similar success has been achieved in sectors such as air conditioners, power grid equipment and medical technology.
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Hindusthan Samachar / Jun Sarkar
