"World is counting on India," says PM Modi during Japan visit

Addressing the India-Japan Economic Forum in Tokyo today, PM Modi said that Japan has always been an important partner in India's 'Vikas Yatra' and pitched for a partnership in the areas of manufacturing, technology, innovation, green energy, and skill development

He echoed Japanese Prime Minister Shigeru Ishiba's remarks at the forum and said, "Japan's excellence and India's scale can create a perfect partnership."

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In his address to the economic forum, PM Modi highlighted that the technology of Japan and talent of India can together lead the tech revolution of this century.

"Japan is a tech powerhouse and India is a talent powerhouse. India has taken AI, semiconductor, quantum computing biotech and space has taken bold and ambitious intiatives," PM Modi said.

He noted that India-Japan have signed an agreement on Joint Credit Mechanism for cooperation on clean fuel and green future.

Today, India has political stability, economic stability, transparency in policy, and predictability, the Prime Minister said. "Today, India is the fastest-growing major economy in the world. And, very soon, it is going to become the third largest economy in the world," he said.

PM Modi said, India contributes 18 per cent to global growth, and the country's markets are giving good returns.

He emphasised on the country's strong banking sector, low inflation and low interest rates and close to 700 billion dollars in forex reserves.

"Our approach of reform, transform, and perform is driving all this progress..." he said.

Talking about the GST reforms, PM Modi said that India has in 2017 introduced new and simplified income tax compliances. "Our reforms are not limited to taxation, we have focused on ease of doing business and created a single digital approval window. "We have rationalised 45,000 compliances and also set up a deregulation committe."

"The defence and space sectors have been opened to private players, and we are also opening our nuclear sector," PM Modi said.

"Japan's advanced technology and India's outstanding talent complement each other, leading to a dramatic expansion of our economic ties. Many Japanese companies are playing a key role in Make in India initiative, with cooperation extending globally. Today, the signing of new cooperation documents between our companies demonstrates Japan's firm commitment to further its investment in India and to strengthening cooperation. It is clear evidence that we are steadily building our supply chain centred around our two nations," the Japanese PM had said.

"The world is not just watching India, it is counting on India," PM Modi said.

PM Modi said that Japan-India partnership is driven by economic approach and aims for shared prosperity.

"India and Japan's partnership is strategic and smart. Powered by economic logic, we have turned shared interests into shared prosperity. India is the springboard for Japanese business to the Global South. Together, we will shape the Asian century for stability, growth and prosperity," he said.

PM Modi also noted that Japan has invested over USD 40 billion in India.

"Japan has always been an important partner in India's development journey. From metro rail to manufacturing, semiconductors to startups...Japanese companies have invested over USD 40 billion in India," he said.

PM Modi visit to Japan is his first standalone visit to the country in nearly seven years, aimed at deepening bilateral ties and advancing the Special Strategic and Global Partnership with Tokyo.

The visit comes at the invitation of Japanese Prime Minister Shigeru Ishiba. During the summit, PM Modi will hold in-depth talks with his Japanese counterpart, reviewing progress across multiple domains and exchanging views on regional and global issues of mutual interest. (ANI)