Highlighting India’s transformation over the past decade and its growing appeal as a global investment destination, Prime Minister Narendra Modi said on Friday that “capital in India does not just grow, it multiplies.”
Addressing the India-Japan Economic Forum in Tokyo at the start of his two-day official visit, PM Modi underlined the country’s robust growth trajectory and the deepening strategic partnership with Japan.
Citing a survey by the Japan External Trade Organisation (JETRO), PM Modi noted that 80 per cent of Japanese companies operating in India want to expand, while 75 per cent are already making profits. “Today, India has political and economic stability. There is transparency and predictability in policies. India is the fastest-growing major economy and will soon become the world’s third-largest economy. With a strong banking sector, low inflation, low interest rates, and nearly $700 billion in forex reserves, India is emerging as a global economic powerhouse,” he said.
PM Modi attributed this transformation to his government’s “Reform, Perform, Transform” approach, highlighting key initiatives such as GST, single-window clearances, and continued reforms for ease of doing business.
Outlining a five-point roadmap for India-Japan cooperation, PM Modi proposed:
Manufacturing and New Sectors – Expanding collaboration from autos and electronics to batteries, robotics, semiconductors, shipbuilding, and nuclear energy. He stressed that joint efforts could also play a vital role in the development of the Global South, including Africa.
Technology and Innovation – Leveraging Japan’s strength as a technology powerhouse and India’s talent base in fields such as AI, quantum computing, biotechnology, semiconductors, and space. “Together, we can lead the tech revolution of this century,” he said.
Green Energy Transition – Advancing cooperation in solar, green hydrogen, clean energy, and nuclear power. PM Modi noted that India is targeting 500 GW of renewable capacity by 2030 and 100 GW of nuclear power by 2047, adding that the joint credit mechanism could help both nations build a cleaner, greener future.
Next-Gen Infrastructure – Highlighting India’s achievements in logistics and mobility, including building over 1,000 km of metro rail lines in the last decade. He acknowledged Japan’s role in supporting key projects, particularly the Mumbai-Ahmedabad high-speed rail corridor.
Skill Development and People-to-People Ties – Calling for greater integration of Indian youth into Japan’s workforce through language training and skill development, thereby deepening cultural and human exchanges.
On bilateral ties, PM Modi described the India-Japan partnership as one of trust and mutual benefit. “From metros to manufacturing, semiconductors to startups, our partnership has been a symbol of confidence in every sector. Japanese companies have invested over $40 billion in India, with $13 billion of private investment in the last two years alone,” he said.
The Prime Minister concluded with an invitation to Japanese businesses, “Come, Make in India and Make for the World. Together, India and Japan will shape the ASEAN century – a century of stability, growth, and shared prosperity.”
After his speech, PM Modi said in a post on X, “Addressed a business event in Tokyo. The presence of Prime Minister Ishiba made this even more special, also indicating the priority we accord to bilateral economic linkages.
“Spoke about India’s deep economic ties with Japan and also listed areas where cooperation can deepen in the years to come: Like we did in automobiles, recreate the same magic in batteries, robotics, semiconductors, shipbuilding, nuclear energy. Tech–Talent synergy to power this century’s technology revolution. Green energy focus for a better future. Next-gen infrastructure, where Japan’s excellence and India’s scale can do wonders. Skill development and people-to-people ties,” he added.
Meanwhile, Japanese Prime Minister Shigeru Ishiba said in a post on X, “Republic of India: I warmly welcome Prime Minister Modi’s visit to Japan. I look forward to discussing the strengthening of Japan-India relations in various fields with the Prime Minister.”
PM Modi arrived in Tokyo on Friday morning at the invitation of Japanese PM Ishiba for a two-day official visit. During the visit, he will take part in the 15th India-Japan Annual Summit and hold in-depth discussions with his counterpart on bilateral, regional, and global issues of mutual interest. Following his Japan visit, PM Modi will travel to Tianjin, China, from August 31 to September 1 to attend the Shanghai Cooperation Organisation (SCO) Summit.
(With agency inputs)