$4.7 billion! Japanese investment in India takes 80 per cent jump

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New Delhi | Updated: September 15, 2017 5:35:03 PM

Prime Minister Narendra Modi today said that Japan invested $4.7 billion in India in FY 2016-17,

narendra modi, shinzo abe, modi abe meet, japan india investment, japanese investment in indiaPrime Ministers Shinzo Abe and Narendra Modi at Mahatma Mandir before their talks earlier today. (Twitter/PIB)

Prime Minister Narendra Modi today said that Japan invested $4.7 billion in India in FY 2016-17, which was 80 percent higher than last year. While declaring new deals India and Japan have signed, Modi said in Ahmedabad that “Indo-Japan ties are not limited to bilateral or regional spheres. We also have close cooperation on key global issues.”

After holding talks with Modi, Japanese PM Shinzo Abe said, “We have agreed upon a Japan-India investment support road map.” Both countries signed 15 agreement during the 12th India-Japan Annual Summit.

Earlier in the day, PM Modi today took a dig at critics of the ambitious Bullet train project after inaugurating it in Ahmedabad along with Japanese PM. Recalling how the critics used to mock him for believing in the idea of bringing Bullet train to India, while he served as the Chief Minister of Gujarat, Modi said, “Earlier they (critics) used to ask when (Bullet train will come), now they are asking why (this project)”.

Modi said that effectively the cost of the project would be “free”. “If somebody tells you to take a loan and return it not in 10 or 20 but in 50 years, will you believe it. India has got such a friend (Japan) which has promised to provide Rs 88,000 crore loan at 0.1% interest,” Modi said.

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After inaugurating the Bullet train project in the morning, Abe had said, “PM Modi and I will work towards realizing ‘Jai Japan- Jai India’”.
The Japanese Prime Minister also said his country supports Modi government’s Make In India initiative. “Japan is committed to supporting Make In India. Our industries are working with India to give a boost to manufacturing in India.” Defining the contours of the new phase of India-Japan relationship, Abe said, “I would like to state that India-Japan partnership is special, strategic and global.”

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