Japanese Prime Minister Fumio Kishida is expected to announce a plan to invest 5 trillion yen ($42 billion) in India over the next five years during his visit on Saturday, according to a media report.
The 5 trillion yen goal exceeds the 3.5 trillion yen financing announced by the then Prime Minister Shinzo Abe during his 2014 India visit, Japan's Nikkei newspaper reported.
Japan is currently supporting India's urban infrastructure development and a high-speed railway based on its shinkansen bullet train technology.
Prime Minister Kishida is due to reveal the public-private funding during an economic forum. He is likely to pledge growth in direct investment in terms of value, and increase in Japanese companies expanding into India, the business newspaper said.
Kishida is also poised to agree to an approximately 300 billion yen loan during his meeting with Prime Minister Narendra Modi. An energy cooperation document concerning carbon reduction is expected to be signed between the two sides, it said.
During Saturday's public-private forum, Kishida is also expected to express his support to further infrastructure development in India with the goal of drawing Japanese companies to build factories, the paper said.
India represents the first leg of Kishida's three-day tour. He is scheduled to visit Cambodia on Sunday to meet with Prime Minister Hun Sen.
Japan and India are party to the Quadrilateral Security Dialogue, a security framework known as the Quad that includes the US and Australia. Cambodia serves as this year's chair of the Association of Southeast Asian Nations.
Kishida plans to confirm the strengthening of security arrangements with Russia's invasion of Ukraine in mind.
In 2020, Japan and India signed an acquisition and cross-servicing agreement, allowing reciprocal provisions of food, fuel and other supplies between the Indian army and Japan's Self-Defense Forces. Kishida and Modi are to reaffirm that they will push that deal forward, the paper said.
Kishida and Modi are expected to agree to convene a two-plus-two meeting between the two countries' diplomatic and defence chiefs at an early date.
This will be Kishida's first overseas trip as prime minister since he traveled to Great Britain in November.
Kishida, 64, is the president of the Liberal Democratic Party since 2021.