Addressing the India-Japan Economic Forum in Tokyo, Prime Minister Narendra Modi on Friday underscored India's economic progress and its increasing attractiveness as a destination for foreign investment. He stated that in India, capital doesn't just grow; it "multiplies", a testament to the country's robust economic reforms and stable environment.
During his speech, PM Modi cited data from the Japan External Trade Organisation (JETRO), noting that 80 pc of Japanese companies operating in India express a desire to expand, and 75 pc are already profitable. He attributed this success to a series of reforms that have made India the fastest-growing major economy.
The Prime Minister emphasised India's political and economic stability, highlighting the transparency and predictability of its policies. He pointed out that India is on track to become the world's third-largest economy and mentioned key economic indicators such as a strong banking sector, low inflation, and low interest rates. He also noted that India's forex reserves stand at approximately $700 billion.
PM Modi attributed this development to India's "reform, perform, and transform" approach. He cited the implementation of the "One Nation One Tax" policy (GST) in 2017 and ongoing reforms aimed at enhancing the ease of doing business, including the introduction of a single-window approval system for businesses.
Speaking about the long-standing relationship between India and Japan, PM Modi stated that Tokyo has always been an integral partner in India's development journey. He highlighted the trust symbolised by their partnership, which spans various sectors from metro and manufacturing to semiconductors and startups.
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He mentioned that Japanese companies have invested more than USD 40 billion in India, with an additional $13 billion in private investment over the last two years alone.
PM Modi's address came as part of his two-day official visit to Japan to attend the 15th India-Japan Annual Summit. This is his first standalone visit to the country in nearly seven years, with the goal of strengthening bilateral ties and advancing the "Special Strategic and Global Partnership".
The visit was made at the invitation of Japanese Prime Minister Shigeru Ishiba. During the summit, the two leaders are scheduled to hold in-depth discussions to review progress in various sectors and exchange views on regional and global issues of mutual interest. Following his visit to Japan, PM Modi is set to travel to Tianjin, China, from August 31 to September 1 to attend the Shanghai Cooperation Organisation (SCO) Summit.
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