New Delhi: Indian Prime Minister Narendra Modi on Saturday said his country’s ‘Make in India’ initiative has become a movement in Japan and the island nation has created a fund of about $12 billion (Dh44 billion) for it.
“Today, there is a ‘Make In India’ movement in Japan. I have been told that $11-12 billion fund has been earmarked for it,” Modi said, while addressing the India-Japan Business Leaders Froum in New Delhi. “This clearly indicates how both the countries can move forward.”
Modi added that the initiative was proceeding in mission mode, not just in India, but also in Japan.
He revealed that Japan will start importing cars from India for the very first time.
“Maruti [Suzuki] will manufacture here. [The] Japanese company will manufacture here and export... to Japan,” he said, adding that both India and Japan should move ahead together, not just in the sphere of high-speed trains, but also in the area of “high-speed growth.”
Recalling his last visit to the country, Modi said Japan had committed an investment of $35 billion (Dh128.5 billion).
“The figure had surprised many at that time, but today, within a short time-span, unimaginable progress had been made, and the contours of this investment [are] beginning to get visible on the ground,” he said.
Highlighting the improvement in economic indicators in both India and Japan, Modi said these were extremely encouraging, especially in the light of the global economic slowdown.
“It is clear that India is a land of possibilities,” he added.
Praising Modi’s reforms programme, Japanese Prime Minister Shinzo Abe said, “Prime Minister Modi’s speed of implementing policies and reforms is like Shinkansen [the bullet train] and his reform agenda is as safe as Shinkansen.”
Abe also said that India has become a very attractive investment destination for Japan.
