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Modi in Japan: PM invites Japanese investment, announces special team to facilitate business

Modi on Monday announced to set up a special team to facilitate Japanese investments in India.

Prime Minister Narendra Modi greets business leaders after giving a speech and returning to his seat as Chamber of Commerce and Industry Chairman Akio Mimura. (Source: AP) Prime Minister Narendra Modi greets business leaders after giving a speech and returning to his seat as Chamber of Commerce and Industry Chairman Akio Mimura. (Source: AP)

Holding that the environment of “disappointment” was over, Prime Minister Narendra Modi on Monday invited Japanese businesses to join India’s developmental efforts with a promise of non-discriminatory and speedy clearances and announced setting up of a Special Management Team under PMO to facilitate business from Japan.

Addressing top business leaders of Japan and India here, Modi flagged the recent decisions to liberalise FDI policy in the railways, defence and insurance and said rules and laws are being changed in India which would show results in the near future.

PM Modi delivering the keynote address at the Business luncheon in Tokyo, Japan. (Source: MIB) PM Modi delivering the keynote address at the Business luncheon in Tokyo, Japan. (Source: MIB)

Modi, who has enjoyed immense reputation in Japan as then Gujarat Chief Minister in terms of ensuring the state’s progress, said India wants to emulate Japan in terms of quality, zero defect and delivery systems while carrying out skill development.

“We have to decide if we want to have ‘vikas vaad’ or ‘vistar vaad’ which leads to disintegration. Those who follow the path of Buddha and have faith on ‘vikas vaad’, they develop. But we see, those having ideas of the 18th century, engage in encroachments and enter seas (of others),” he said in comments that may be seen as targeting China which is having conflict over South China Sea with some neighbouring
countries.

While wooing Japanese businesses, Modi cited the latest growth figures of 5.7 per cent in the first quarter of this financial year and suggested that the phase of disappointment was over.

“See the work done in 100 days of my government. Earlier, the GDP used to hover around 5-5.4 per cent and led to an environment of disappointment…But in the first quarter of our government, there has been a growth of 5.7 per cent. It is a big jump. Now there is renewed hope,” he said.

Targeting the previous Manmohan Singh government, he said the situation was bad for one decade. He specifically mentioned the UPA government’s ‘Go, No-Go’ policy with regard to environmental clearances and said it would put anybody in a “dilemma” with regard to taking any decision.

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He said India, after 30 years, has a government with full majority, which puts increased responsibility on the government to deliver as 125 crore people of the country have an urge to see the quality of life change.

Inviting Japanese businesses, particularly to infrastructure and clean energy sectors, the Prime Minister asked them to keep in mind the Gujarat experience.

He promised single-window clearances, speedy decision- making which is non-discriminatory in nature.

He said two representatives of Japanese business can be part of an Indian team which decides on business proposals. They can be permanently part of this decision making.

Earlier on Monday, on the third day of his trip, Modi visited a 136-year-old school as a “student” to understand the academic system of Japan which could be replicated back home.

On his third day, Modi is scheduled to hold summit talks to conclude the civilian nuclear deal. While officials were tightlipped on a breakthrough in the nuclear deal, they confirmed that apart from it, defence, infrastructure and trade will be high on the summit agenda

Apart from the bilateral talks with Abe, Modi is scheduled to meet Japanese Cabinet ministers in separate one-on-one meetings, including Kishida, Deputy PM and Finance Minister Taro Aso, Minister for Economy, Trade and Industry Toshimitsu Motegi, Minister for Land, Infrastructure, Transport and Tourism Akihiro Ohta, and Defence Minister Itsunori Onodera.

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