Prime Minister Narendra Modi on Saturday said the 'Make in India' initiative has become a movement in Japan and the island nation has created a fund of about $12 billion for it.
”Today, there is a 'Make In India' movement in Japan. I have been told that $11-12 billion fund has been earmarked for it. This clearly indicates how both the countries can move forward,” he said while addressing the India-Japan Business Leaders Forum here.
'Make in India' is proceeding in mission mode, not just in India, but also in Japan, he said.
Modi also said that, for the first time, Japan would import cars from India.
”Maruti (Suzuki) will manufacture here... Japanese company will manufacture here and export it to Japan,” he said, adding that both India and Japan should move ahead together, not just in the sphere of high-speed trains, but also for “high-speed growth.”
Recalling his last visit to the country, Modi said Japan committed an investment of $35 billion.
”The figure had surprised many at that time, but today, within a short time-span, unimaginable progress had been made, and the contours of this investment were beginning to get visible on the ground,” he said.
Highlighting the improvement in economic indicators in both India and Japan, he said these were extremely encouraging, especially in the light of the global economic slowdown.
”It is clear that India is a land of possibilities,” he added.
Praising Modi's reforms programme, Japanese Prime Minister Shinzo Abe said, “Prime Minister Modi's speed of implementing policies and reforms is like Shinkansen (bullet train) and his reform agenda is as safe as Shinkansen.”
Abe also said that India has become a very attractive investment destination for Japan.
Bilateral trade between the two countries was $15.51 billion in 2014-15 as against $16.29 billion in 2013-14.
India received $19.16 billion FDI or foreign direct investment from Japan during April 2000 and September 2015.
Briefing media after the meeting, Maruti Suzuki chairman R.C. Bhargava said the company will export 'Baleno' at the moment.
When asked about the target, Bhargava said “we expect to export 20,000 to 30,000 in a year.”
However, he added that exporting automobiles to Japan is not an easy task.
Apollo Tyres chairman Onkar S. Kanwar said Japanese companies have committed investment in infrastructure sectors including power.
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