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India Inc lauds Modi's Japan visit
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SME Times News Bureau | 03 Sep, 2014
India Inc Tuesday applauded Prime Minister Narendra Modi's ongoing
Japan tour, from where he has announced major initiatives like turning
the bilateral strategic partnership into a "special" partnership and a
fast-track channel for Japanese investors.
"This visit marks a
defining moment in our relationship and will be registered in history as
one that significantly elevated the level of engagement between India
and Japan," said Sidharth Birla, president, of the Federation of Indian
Chambers of Commerce and Industry (FICCI) in a statement here.
"We
are particularly enthused about the launch of the Japan-India
Investment Promotion Partnership under which the two sides have agreed
to double the flow of FDI into India and the number of Japanese
companies over the next five years," he added.
Japan has
committed to realise total financial flows of close to 3.5 trillion Yen
(Rs.2.02 trillion) into India over the next five years in projects such
as smart cities, transport systems and clean energy, FICCI said.
Bilateral trade between India and Japan stood at $16.31 billion by end of fiscal 2013-14.
Projecting
bilateral trade to touch $50 billion by 2019-2020 owing to what it
called the "Modi-Abe dynamics", the PHD Chamber of Commerce and Industry
said: "We expect that in future Indo-Japan ties would further cement,
motivating the latter companies' number going up from 1,000 to over
1,500 in the next five years, and India agreeing to allow these
companies to operate on its exclusive economic zones."
Currently,
around 1,000 Japanese companies are operating in India in nearly 70
infrastructure projects, among which is the Delhi-Mumbai Industrial
Corridor where Japan has so far invested $4.5 billion.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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