PM Modi says India’s speed, Japan’s expertise will drive global growth

Prime Minister Narendra Modi has said that India-Japan relations are truly very special and there are many shining examples of the success of the economic partnership. Addressing the India-Japan Joint Economic Forum in New Delhi on Thursday evening, Modi said, when Japan’s expertise and investment combine with India’s speed and scale, the entire world benefits. He said, both sides have decided to make the partnership even more dynamic and profound. Modi said today the economic world is suffering through supply chain blockades, trade uncertainty and a drop in global demand. He said India is the world’s fastest-growing major economy, and in the last financial year, India’s GDP growth was 7.7 per cent. The Prime Minister said that, in the last 12 years, in India, while adopting the Kaizen philosophy, the Government has transformed the economic DNA.  
He said a few months ago, India implemented next-generation reforms in taxation, governance, and ease of doing business. Modi said it is opening up several sectors for the private sector and providing incentives in many important sectors, which all can benefit from. The Prime Minister said that is why, for the past four consecutive years, surveys by the Japan Bank for International Cooperation JBIC have shown that India remains the most promising destination for Japanese business. 
In her address, Prime Minister of Japan, Sanae Takaichi, said that, among the many areas of cooperation, energy security is one of the most important areas. She said, at the recent G7 Summit, she had presented three proposals to strengthen energy security: ensuring free and transparent energy trade, announcing strategic energy stockpiles, and promoting cooperation between producing and consuming countries. Ms Takaichi said that, through the Power Asia Initiative, it is working to translate this vision into concrete action. On the occasion, both Prime Ministers jointly inaugurated Maruti Suzuki’s 4th Vehicle Manufacturing Facility at Kharkhoda in Haryana.

The joint statement said the two prime ministers reaffirmed the importance of the Mumbai-Ahmedabad high-speed rail as a flagship project. In this regard, Takaichi said Japan "fully understands India's target to commence commercial operations on priority sections in 2027 and remains committed to extending the necessary cooperation". The two sides acknowledged the goal of introducing Japan's E10 bullet train, and Modi invited Japanese companies to explore opportunities to participate in the development of future high-speed corridors. Modi said the economies of India and Japan are complementary. "From cultural values ‹'‹to modern technology, there are similarities in our thinking and approach as well."