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Modi: Japan has allocated $11-12 bn for 'Make in India'

Nayanima Basu New Delhi | Updated on January 22, 2018 Published on December 12, 2015
Japan's Prime Minister Shinzo Abe and India's Prime Minister Narendra Modi wave during a photo opportunity ahead of their meeting at Hyderabad House in New Delhi December 12, 2015. India and Japan are likely to finalise an agreement on protection of military information during Prime Minister Shinzo Abe's trip beginning on Friday that will the lay the ground for Japanese arms sales to India, including seaplanes. Photo: Reuters

Japan's Prime Minister Shinzo Abe (L) and his Indian counterpart Narendra Modi wave during a photo opportunity ahead of their meeting at Hyderabad House in New Delhi December 12, 2015. India and Japan are likely to finalize an agreement on protection of military information during Prime Minister Shinzo Abe's trip beginning on Friday that will the lay the ground for Japanese arms sales to India, including seaplanes. REUTERS/Adnan Abidi

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Japan will start importing cars which will be manufactured by Maruti in India

In an effort to bolster the ‘Make in India’ campaign, Japan has earmarked $11-$12 billion for its implementation within the country, according to Prime Minister Narendra Modi.

“The Make in India campaign has become a successful slogan in Japan. And for this the Japanese government has allocated $11-$12 billion specifically for this programme within Japan,” Modi said here today in a joint address with his Japanese counterpart Shinzo Abe.

Both leaders were addressing a gathering of who’s who of India Inc. It was attended by Sunil Bharti Mittal, chairman and group CEO of Bharti Enterprises, Chanda Kocchar, CEO of ICICI Bank, Maruti Suzuki Chairman RC Bhargava and Shashi Ruia, chairman and co-founder of Essar Group among others.

Modi said while all over the world growth is slowing down, Japan is registering growth in its GDP. He also highlighted that growth in India’s manufacturing and industrial output is also encouraging.

“India is a country of aspirations and possibilities and our strength lies in our manpower and technology … Today Japan is everywhere in India, be it the Metro rail, DFC or Maruti,” Modi said.

The PM also added that Japan will now start importing cars which will be manufactured by Maruti in India.

“Not only in high speed railway but we want to move with Japan in high growth path,” Modi added.

PM Abe stated that India has emerged as the “most attractive investment destination” for Japanese investors.

Abe, who is on a three-day to India, said he shares the same “speed of implementation of reforms” with Modi. “PM Modi’s speed of implementation of reforms is like Shinkansen and his reform agenda is as safe as Shinkansen,” he said.

Abe added that this visit of his will mark a new beginning with Indo-Japanese bilateral ties reaching the next level.

Later during the day both leaders will be holding the Annual Summit meeting where both are expected to sign a ‘Special Strategic Partnership’ agreement.

Published on December 12, 2015
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