Blitz Bureau
NEW DELHI: The Japanese Government plans to double the target for private-sector investment in India to 10 trillion yen ($68 billion) over the next 10 years, according to a media report from Tokyo. Prime Minister Shigeru Ishiba and Indian Prime Minister Narendra Modi are expected to confirm the new target during their meeting in Tokyo on August 29, according to a source-based report in Japan’s The Asahi Shimbun newspaper.
This plan will expand upon Japan’s current goal of investing 5 trillion yen over five years, which was announced in March 2022 by then Prime Minister Fumio Kishida during his visit to India. The new investment goal is expected to be included in a joint statement following summit talks between Prime Minister Modi and his Japanese counterpart.
PM Modi will be on a three-day visit to Japan starting August 29, his first since May 2023, when he attended the G7 summit in Hiroshima. Japanese businesses have since invested nearly 1 trillion yen in India every fiscal year on average. The Government plans to update the target to further encourage investment by the private sector, the report said.
The two Governments also plan to launch an Economic Security Initiative, a new bilateral cooperation framework to address economic security challenges, such as ensuring stable supplies of critical materials and guaranteeing the safety of core infrastructure.
