Prime Minister Narendra Modi announced the launch of a dedicated Japan Business Week to enhance the ease of doing business in India, speaking at the India-Japan Joint Economic Forum on Thursday. He also inaugurated Maruti Suzuki's fourth vehicle manufacturing facility at Kharkhoda, Haryana, alongside Japanese Prime Minister Sanae Takaichi.
Japan Business Week to Boost Investor Confidence
Addressing the forum, PM Modi said the PMO will organise a dedicated Japan Business Week where senior officers will engage directly with Japanese businesses. "They will discuss openly with you to understand your problems and to enhance the ease of doing business," he said. The initiative aims to resolve challenges faced by Japanese companies operating in India.
Modi highlighted that India has been ranked the Most Promising Destination for Japanese businesses for four consecutive years, according to a survey by the Japan Bank for International Cooperation. He attributed this to recent reforms in taxation, governance, and ease of doing business. "We are opening every sector to the private sector, and in many sectors, we are providing incentives," he stated.
Maruti Suzuki's New Plant and Export Milestone
The two leaders jointly inaugurated Maruti Suzuki's new manufacturing facility in Kharkhoda, Haryana. PM Modi revealed that two-thirds of Suzuki's cars worldwide are now made in India and exported to over 100 countries. "Today, two-thirds of Suzuki's cars worldwide are made in India and are being exported to over 100 countries," he said.
In a light-hearted remark to PM Takaichi, who is known to be fond of motorbikes, Modi noted that Yamaha, Kawasaki, and Honda bikes are exported globally from India. He added that Japanese expertise in air conditioners, power grid equipment, precision manufacturing, and medical technology, when combined with India's speed and scale, benefits the entire world.
India's Economic Resilience Amid Global Challenges
PM Modi acknowledged global uncertainties, including the West Asia crisis, which has disrupted supply chains and trade. Despite these challenges, India's GDP grew at 7.7% in the last financial year, making it the world's fastest-growing major economy. "As it is said, 'When the going gets tough, the tough get going.' India is the world's fastest-growing major economy," he remarked.
He emphasised that India has been transforming its economic DNA by pursuing the philosophy of Kaizen, or continuous improvement, over the past 12 years. This approach has strengthened the country's economic fundamentals and attracted foreign investment.
10 Trillion Yen Investment Target
During the summit, India and Japan set a target of mobilising 10 trillion yen in Japanese investment into India over the next decade, as announced by PM Takaichi. The leaders held bilateral discussions followed by delegation-level talks. The Indian delegation included External Affairs Minister S Jaishankar, National Security Adviser Ajit Doval, and Foreign Secretary Vikram Misri.
PM Takaichi is on a three-day visit to India from July 1 to 3. Earlier in the day, she received a ceremonial welcome at Rashtrapati Bhavan. The two leaders reviewed the progress of bilateral economic ties and discussed ways to deepen strategic partnership.
