3:35 pm: Japan promises all support for bullet trains in India
Japan has also expressed readiness to provide financial, technical and operational support to introduce bullet trains in India. So it looks like the project will be on the fast track after all.
3:25 pm: Japan agrees to give $33.58 bn over 5 years for infrastructure projects
PTI reported that Japan has announced it will give 3.5 trillion yen (over USD 33.58 billion)
to India over five years to finance projects including infrastructure and building of smart cities.
to India over five years to finance projects including infrastructure and building of smart cities.
10:00 am: Modi promises special PMO team to boost Japanese investments in India
Prime Minister Narendra Modi, who is on a five-day trip to Japan, today assured business delegates in Tokyo that the Indian government has decided to set up a special team under the Prime Minister's Office to facilitate Japanese investments into India.
Speaking at a summit in Tokyo, Modi promised investors that good governance and ease of business are his top priorities in order to facilitate investment into the country.
"Single window clearance is part of good governance and every initiative taken by our government in the last 100 days is already showing results.. I can promise you that in the coming days you will get the same speed and response as you have witnessed in Gujarat," Modi said today.
He also said that India wants to follow Japan's model of skill development and research in order to meet the global workforce requirement by 2020.
"The 21st century will belong to Asia. The world has accepted it. The question in my mind is- How will it be? We have to provide this answer.. and India and Japan need to deepen ties in order to achieve this," said Modi.
India needs faster economic growth to create work for the one million young people who enter the workforce every month.
The Modi government has already allowed foreign investors to invest upto 100 percent in railway projects with an eye on drumming up interest in building India's answer to Japan's high-speed 'bullet' trains. He is also courting Japanese investment in an ambitious industrial "corridor" between Delhi and Mumbai.
Modi today promised investors that since India has got a central government with a majority vote after thirty years, accountability and responsibility are also the government's top priories.
With such a policy-driven government which does not favour one corporate over the other, it will help aid business and investment in the country, he added.
Japan's Honda Motor Co Ltd, Suzuki Co Ltd, Sony Corp and Toyota Motor Corp are household names in India. Yet, India accounts for only 1.2 percent of Japan’s total outward foreign direct investment.
Modi, on his first major foreign visit since a landslide election win in May, arrived on Saturday in Japan for a five-day trip aimed at capitalising on a personal affinity with Japan's Prime Minsiter Shinzo Abe to bolster security and business ties in the face of an assertive China.
Also under discussion will be a proposal to formalise a 'two-plus-two' format for talks bringing together the foreign and defence ministers of both countries, and the possible sale of an amphibious aircraft to the India navy.
India and Japan will also likely agree to hold regular joint training exercises in maritime defense, some of which will involve the United States as well, according to a report.
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