Cabinet approves continuation of the Atal Innovation Mission

Your Excellency Prime Minister Ishiba,
Business leaders from India and Japan,
Ladies and Gentlemen,
Namaskar

Konnichiwa!

I just arrived in Tokyo this morning. I am very happy that my trip is starting with the giants of the business world.

I personally know many of you. Whether it was during my time in Gujarat, or after moving to Delhi. I’ve had close connections with many of you. I’m really glad to have this opportunity to meet you all today.

I especially thank Prime Minister Ishiba for joining this forum. I congratulate him for his valuable remarks.

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Friends,

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.

Which means, in India, capital does not just grow, it multiplies!

Friends,

You are all familiar with the remarkable changes India has experienced in the last eleven years. Today, we have political and economic stability, and clear and predictable policies. India is now the fastest-growing major economy in the world, and very soon, it will become the world’s third-largest economy.

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.

Friends,

Behind this change is our approach of ‘Reform, Perform, and Transform.’ In 2017, we introduced "One Nation–One Tax”, and now we are working on bringing in new and bigger reforms in it. A few weeks ago, our Parliament has also approved the new and simplified Income Tax code.

Our reforms are not limited to the tax system alone. We have emphasized on ease of doing business. We have established a single digital window approval for businesses. We have rationalized 45,000 compliances. A high-level committee on de-regulation has been formed to speed up this process.

Sensitive sectors like Defence and Space have been opened up to the private sector. Now, we are also opening up the nuclear energy sector.

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Friends,

These reforms reflect our determination to build a developed India. We have the commitment, the conviction, and the strategy, and the world has not just recognized it but also appreciated it. S&P Global has upgraded India's credit rating after two decades.

The world is not just watching India, it is counting on India.

Friends,

The India-Japan Business Forum report has just been presented, detailing the business deals between our companies. I congratulate all of you for on this remarkable progress. I would also like to humbly offer a few suggestions for our partnership.

The first is manufacturing. Our partnership in the auto sector has been extremely successful. And the Prime Minister described it in great detail. Together, we can replicate the same magic in batteries, robotics, semi-conductors, ship-building and nuclear energy. Together, we can make a significant contribution to the development of the Global South, especially Africa.

I urge all of you: Come, Make in India, Make for the World. The success stories of Suzuki and Daikin can become your success stories too.

Second, is technology and innovation. Japan is a "Tech Powerhouse". And, India is a "Talent Powerhouse". India has taken bold and ambitious initiatives in AI, Semiconductors, Quantum computing, Biotech, and Space. Japan's technology and India's talent together can lead the tech revolution of this century.

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.

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An agreement has been reached between India and Japan on Joint Credit Mechanism. This can be used to cooperate in building a clean and green future.

Fourth, is Next-Gen Infrastructure. In the last decade, India has made unprecedented progress in next generation mobility, and logistics infrastructure. The capacity of our ports has doubled. There are more than 160 airports. Metro lines of a 1000 km have been built. Work is also underway on the Mumbai-Ahmedabad high-speed rail in cooperation with Japan.

But our journey does not stop here. Japan's excellence and India's scale can create a perfect partnership.

Fifth is Skill Development and People-to-People Ties. The talent of India's skilled youth has the potential to meet global needs. Japan can also benefit from this. You could train Indian talent in Japanese language and soft skills, and together create a "Japan-ready" workforce. A shared workforce will lead to shared prosperity.

Friends,

In the end I would like to say this - India and Japan’s partnership is strategic and smart. Powered by economic logic, we have turned shared interests into shared prosperity.

India is the springboard for Japanese businesses to the Global South. Together, we will shape the Asian Century for stability, growth, and prosperity.

With these words, I express my gratitude to Prime Minister Ishiba and all of you.

Arigatou Gozaimasu!
Thank you very much.