THE JHARKHAND STORY DESK
Tokyo, August 29: Prime Minister Narendra Modi, addressing the India-Japan Economic Forum in Tokyo on Friday, underlined India’s rise as the fastest-growing major economy and projected that the country will soon become the world’s third largest.
Stressing India’s strong fundamentals, he said the nation enjoys political and economic stability, a robust banking sector, low inflation, low interest rates, and nearly USD 700 billion in foreign exchange reserves.
Highlighting the transformative impact of reforms undertaken in the past decade, Modi said India’s development has been driven by the principle of “reform, perform and transform.”
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He pointed to landmark measures such as the Goods and Services Tax (GST) under the “One Nation, One Tax” framework and the introduction of single-window clearances to boost ease of doing business.
Focusing on India’s attractiveness as an investment destination, he noted that foreign capital is not merely growing but multiplying in the Indian market. Citing a JETRO survey, he said 80 percent of Japanese companies are keen to expand in India, while 75 percent are already earning profits.
On bilateral ties, Modi described Japan as a trusted partner in India’s growth story. From metro projects to manufacturing, semiconductors to start-ups, he said Japanese investments have crossed USD 40 billion, including USD 13 billion in private investments in just the past two years.
The Prime Minister arrived in Tokyo on Friday morning, beginning a two-day official visit for the 15th India-Japan Annual Summit.
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This is his first standalone trip to Japan in nearly seven years, undertaken at the invitation of Japanese Prime Minister Shigeru Ishiba.
Both leaders are scheduled to review cooperation across multiple sectors and exchange views on regional and global issues.
Following the Japan visit, Modi will travel to Tianjin, China, from August 31 to September 1 for the Shanghai Cooperation Organisation (SCO) Summit.