PM Modi's visit to Japan for the India-Japan Economic Forum marked a significant step in strengthening bilateral ties. He emphasized India's economic reforms
and growth, attracting Japanese investment and collaboration.
A Thriving Partnership
During the visit, PM Modi emphasized the strong India-Japan relationship, highlighting Japan's role in India's development journey. He acknowledged that Tokyo had always been a crucial partner. Japanese companies have invested over $40 billion in India, with $13 billion in private investment in the last 2 years.
India's Economic Ascent
The Prime Minister emphasized India's economic transformation, citing its political and economic stability, and transparency in policies. He announced that India is the fastest-growing major economy and will soon be the world's third-largest. India also boasts a strong banking sector, low inflation, and low interest rates, with around $700 billion in forex reserves.
Reforms Fueling Growth
PM Modi credited India's 'reform, perform, and transform' approach for the nation's economic progress. He highlighted key initiatives such as the Goods and Services Tax (GST) and ease-of-doing-business reforms. He noted that 80% of Japanese companies want to expand in India and 75% are making profits. Capital in India, as he said, "multiplies."
Future Collaboration Discussed
The visit included discussions with Japanese Prime Minister Shigeru Ishiba, reviewing progress across several sectors and exchanging views on regional and global issues. PM Modi highlighted the growing investment of foreign companies in the Indian market and noted the significance of India's transformation over the last 11 years.
Strategic Summit Ahead
This visit to Japan was the first standalone visit in nearly seven years, aiming to deepen the Special Strategic and Global Partnership with Japan. Following the Japan visit, PM Modi was scheduled to travel to China from August 31 to September 1 to attend the Shanghai Cooperation Organisation (SCO) Summit in Tianjin.
