ET Bureau & Agencies | 2 Sep, 2014, 04.23PM
The meet also saw India-Japan relations being upgraded to the level of 'Special Strategic Global Partnership'. We take a look at the ten takeaways from PM Modi's visit:
1) PM Modi's 3D mantra: Inviting Japanese investors to 'Make in India', PM Modi said, "There is no better place than India for Japanese investors. India is one of the most competitive markets in the world."
Addressing Japan's Nikkei Exchange, Modi said that India offers the three essential 'Ds' for businessmen to thrive namely; Democracy, Demography and Demand. "It is important for Japan to move to low cost hubs of manufacturing."
Promising a conducive environment for investors, Modi said, "Foreign investors need a proper environment to grow in India. We are working towards improving ease of doing business in India." "There is no red tape but red carpet in India. We have eased off a lot of regulations," Modi sought to assure.
2) Bullet trains: With Japan committing to fund bullet trains, the dream of running high-speed trains on Indian tracks is now a step closer.
Modi's dream project got a big push after Japan expressed readiness to provide financial, technical and operational support to introduce bullet trains in India in a joint statement.
The first high-speed train is expected to run between Ahmedabad and Mumbai at an estimated cost of around Rs 60,000-70,000 crores.
As Japan is a pioneer in running superfast trains, the agreement is expected to help Modi achieve his dream of a bullet train for India running at a maximum of 300 km per hour.
3) Two nominees of Japan in PMO's special team: PM Modi announced that a special management team would be set up directly under the Prime Minister's Office to facilitate investment proposals from Japan.
The decision to include two nominees of Japan in the special management team is unprecedented and such a system of having nominees of the foreign government will happen for the first time. Modi said that the two nominees selected by Japan would also be part of the decision-making team which evaluates business proposal.
4) 'Special Strategic Global Partnership': Japan and India have upgraded their partnership to the level of 'Special Strategic and Global Partnership' with the signing of a defence pact for regional stability and Tokyo's decision to double FDI in India.
India and Japan also decided to "upgrade" and "strengthen" their defence cooperation as they asked officials to launch consultations to promote military equipment collaboration and accelerate discussions on modalities for the sale of Japanese US-2 amphibian aircraft.
The two sides signed a Memorandum of Cooperation and Exchanges in the Field of Defence during Modi's five-day visit. "We intend to give a new thrust and direction to our defence cooperation, including collaboration in defence technology and equipment, given our shared interest in peace and stability and maritime security. We have also decided to expand our cooperation in advanced technology, science and technology, people-to-people exchanges, educational exchanges, etc," Modi said at the joint press briefing with Abe.
The two sides stressed on the importance of the regularisation of bilateral maritime exercises as well as on Japan's continued participation in India-US Malabar series of exercises.
5) Civil nuclear deal remains elusive: Despite last-minute negotiations, the two sides could not narrow down differences over Tokyo's insistence for a tougher safe-guard regime and "no nuclear test" clause in the bilateral agreement.
Japan wants India to guarantee not to conduct nuclear tests and more stringent inspections of its nuclear facilities to ensure that spent fuel is not diverted to make bombs.
India has been insisting on self-imposed moratorium on its tests and does not agree to Tokyo's insistence on the clause in the text of the agreement that provides for automatic termination of nuclear ties if India conducts test in future.
Addressing a joint press briefing with Abe, Modi said, "In recent months, we have made significant progress in our negotiations on civil nuclear cooperation. Today, we have discussed this issue at length. We have reached better understanding of each other's positions through this discussion.
We have agreed to instruct our negotiators to work expeditiously to conclude the negotiations at an early date so that we can further strengthen our strategic partnership." Abe commended India's efforts in the field of non-proliferation, including the affirmation that goods and technologies transferred from Japan would not be used for delivery systems for weapon of mass destruction.
No comments:
Post a Comment