QUAD Summit: PM’s Proposal of ‘Japan Week’

Prime Minister Narendra Modi recently proposed ‘Japan Week’ to celebrate Japan’s contribution to India’s development journey.

What are the highlights of PM Modi’s meeting with the business community?

On the sidelines of Quad Summit, PM met top executives and CEOs of 34 Japanese companies including Honda Motor Co, Toyota Motor Corporation, Suzuki Motor Corporation, etc. The majority of these Japanese companies made investments in India. Organizations such as Japan International Cooperation Agency (JICA), Japan Bank for International Cooperation (JBIC), and Invest India also participated in the meeting.

PM said that the businessmen are brand ambassadors of the immense potential of India-Japan relations. He highlighted partnerships between both countries such as India-Japan Industrial Competitiveness Partnership (IJICP) and Clean Energy Partnership, etc. He also talked about the reforms taken by India and initiatives such National Infrastructure Pipeline (NIP), Production Linked Incentive (PLI) scheme, etc. which make India an attractive destination for investments.

What are the Japanese investments in India?

During 2000–2019, Japan remained the third-largest investor in India with cumulative Foreign Direct Investment (FDI) inflows of USD 30.27 billion. Japan contributed 7.2% to India’s total FDI inflows during 2009-19.

Japan International Cooperation Agency (JICA) is involved in various projects in India across various sectors such as health care, transportation, urban environment management, energy, etc. Prominent transportation projects include Phase 2 of the Delhi Mass Rapid Transport System Project, Hyderabad Outer Ring Road (ORR) Project, Visakhapatnam Port Expansion Project, and Dedicated Freight Corridor (DFC) Project.

The investment target of 3.5 trillion Japanese yen announced in 2014 has been already achieved. During Japanese PM Fumio Kishida’s visit to India in March 2022, India and Japan set a target of investment of Japanese Yen 5 trillion (42 billion dollars) over the next five years.

Month: Current Affairs - May, 2022

Category: International / World Current Affairs