Blitz Bureau
NEW DELHI: Hailing the robust India-Japan economic and trade partnership, Prime Minister Narendra Modi on August 29 said with renewed efforts, both nations can diversify their trade basket, make it more balanced, and open up new frontiers as well. In an interview with Japanese newspaper The Yomiuri Shimbun, PM Modi said both countries must aim bigger and remain ambitious. “The synergies across governments, businesses and people can create scale and speed in our economic partnership. As the world’s leading economies, we have been contributing to each other’s growth, competitiveness and dynamism,” PM Modi told the publication.
Japan has been a trusted partner in India’s infrastructure development across generations. The country has also been a leading source of foreign direct investment (FDI) for India in key sectors, including automobiles, electronics, telecom, chemicals, finance, and pharmaceuticals. According to PM Modi, the number of Japanese firms in India has grown steadily to around 1,500, while more than 400 Indian companies operate in Japan.
“Clearly, this is only the beginning — the real potential is much higher,” he noted. “We maintain important trade relations, but it has not yet reached the levels envisaged under our CEPA (Comprehensive Economic Partnership Agreement)… The 20th century saw Japan emerge as a major partner in India’s infrastructure development. I am confident that the 21st century will see Japan as a major partner in India’s innovation, manufacturing, and global value chains,” PM Modi emphasised.
On semiconductors, PM Modi told the publication that India’s semiconductor sector is on the cusp of transformation. “We have put in place a comprehensive regulatory and policy framework, backed by incentives, to build a strong semiconductor and display ecosystem. Already, six semiconductor units are taking root in India, with four more on the way. By the end of this very year, ‘Made in India’ chips will be in the market, a clear demonstration of India’s design and manufacturing capabilities,” PM Modi said.