Narendra Modi
Capital does not just grow, it multiplies in India: Modi in Japan
PM Narendra Modi on Friday pitched India as a destination for Japanese business to invest and said the capital not only grows in the South Asian nation but also multiplies.
Addressing the India-Japan Economic Forum in Tokyo, Modi, who arrived in Japan earlier in the day, said: "Japan has always been a key partner in India’s growth journey. Whether it’s metros, manufacturing, semiconductors, or start-ups, our partnership in every area reflects mutual trust."
"Japanese companies have invested more than $40 billion in India. In the last two years alone, there has been private investment of $13 billion. JBIC says India is the most 'promising' destination. JETRO says 80 percent of companies want to expand in India, and 75 percent are already profitable," he said.
"Which means, in India, capital does not just grow, it multiplies!" the PM said.
He said India is witnessing a political stability for the past 11 years, highlighting her tenure as the leader of the world's largest democracy.
"India is contributing to 18% of global growth. The country’s capital markets are giving good returns, and we have a strong banking sector. Inflation and interest rates are low, and foreign exchange reserves stand at around $700 billion," he said.
Modi said India has taken bold and ambitious initiatives in AI, Semiconductors, Quantum computing, Biotech, and Space.
"The third area is the Green Energy Transition. India is quickly moving towards 500 GW of renewable energy by 2030. We also aim for 100 GW of nuclear power by 2047. From solar cells to green hydrogen, there are huge opportunities for partnership," Modi said.
He said: "India is the springboard for Japanese businesses to the Global South. Together, we will shape the Asian Century for stability, growth, and prosperity."
Modi met several top leaders of Japan since he arrived in the country.
He met former PM Fumio Kishida and ex-Prime Minister Yoshihide Suga when he discussed the dimensions of the India–Japan cooperation.
He will visit China after completing his two-day trip to Japan.
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