TOKYO: Prime Minister Narendra Modi, during his visit to Japan on Friday, said that the world is not just watching India, it is counting on it.
Addressing the India-Japan Economic Forum in Tokyo, PM Modi emphasised the strong partnership between the two countries and highlighted areas for future collaboration, including manufacturing, technology, innovation, green energy, and skill development.
“Japan has always been an important partner in India’s Vikas Yatra (development journey),” Modi said, adding, “Japan’s excellence and India’s scale can create a perfect partnership.”
Echoing the remarks of Japanese Prime Minister Shigeru Ishiba at the forum, PM Modi said, “Japan is a tech powerhouse and India is a talent powerhouse. Together, we can lead the tech revolution of this century.”
He noted that India is taking bold and ambitious steps in areas such as artificial intelligence, semiconductors, quantum computing, biotechnology, and space.
PM Modi also highlighted the signing of a Joint Credit Mechanism agreement between India and Japan for cooperation in clean fuel and building a green future.
“Today, India enjoys political stability, economic stability, transparency in policies, and policy predictability,” he said. “India is the fastest-growing major economy in the world, and very soon, it will become the third-largest economy.”
He noted that India contributes 18% to global growth and offers strong market returns. The country’s robust banking sector, low inflation, low interest rates, and nearly $700 billion in foreign exchange reserves are signs of its economic strength, he added.
“Our approach of reform, perform, and transform is driving all this progress,” PM Modi said.
Touching on India’s tax reforms, he highlighted the introduction of the Goods and Services Tax (GST) in 2017 and simplified income tax compliance.
But our reforms are not limited to taxation. We have also focused on ease of doing business, created a single digital approval window, rationalised over 45,000 compliances, and established a deregulation committee.”
He further noted that the defence and space sectors have been opened up to private players, and efforts are underway to open the nuclear sector as well.
Japanese PM Shigeru Ishiba also praised the growing bilateral economic ties, saying, “Japan’s advanced technology and India’s outstanding talent complement each other, leading to a dramatic expansion in our economic cooperation. Many Japanese companies are playing a key role in the Make in India initiative.”
He added that the signing of new cooperation documents between Indian and Japanese companies demonstrates Japan’s strong commitment to deepening its investment in India. “It is clear evidence that we are steadily building a supply chain centered around our two nations,” Ishiba said.
Reaffirming the broader vision, PM Modi stated, “The world is not just watching India, it is counting on India.”
He emphasised that the India-Japan partnership is both strategic and smart. “It is powered by economic logic, and we have transformed shared interests into shared prosperity. India serves as a springboard for Japanese businesses to access the Global South. Together, we will shape the Asian century, one of stability, growth, and prosperity.”
PM Modi also noted that Japan has invested over USD 40 billion in India so far. “From metro rail to manufacturing, from semiconductors to startups, Japanese companies have been key contributors to India's development journey,” he said.
This visit marks PM Modi’s first standalone trip to Japan in nearly seven years and aims to deepen bilateral ties and strengthen the Special Strategic and Global Partnership with Tokyo.
The visit comes at the invitation of Japanese Prime Minister Shigeru Ishiba. During the summit, the two leaders will hold in-depth discussions to review progress across various sectors and exchange views on regional and global issues of mutual interest.