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INDO-JAPAN'S DEEP ECONOMIC BOND

Posted by bhavishya kumar at 13 Sep 17 10:01:29am Views: 194

With the approaching visit of the Japanese leader to India, let us recall the compendium regarding the historic economic relationship between India and Japan As the visit of the Japanese leader is nearing the excitement in India, especially in Ahmedabad, is tantalizing. The event is majorly organized to mark the historic ceremony of Mumbai-Ahmedabad high speed railway corri dor project which is a 500 km railway link which is expected to kick-start in the year 2022. It will be India's first bullet train project in which Japan has fondly invested. Apart from this, Japan has invested majorly in the infrastructure building of India and before the commencement of this historic visit on Thursday, let us walk down the long lane and get the compendium of the historic IndiaJapan economic relations. The trade relationship between India and Japan dates back to World War II era when India exported iron ore to help Japan to reach the convalescence from the wreckage caused by the deadly wear. In return, Japan provided India with yen loans in 1958, first of its type from the side of Japanese government and since then the robust relationship between the two kick-started. Since then, the two have been sharing a cordial trade and diplomatic ties. As a result, Japan stands as the third largest foreign direct investments (FDI) facilitator and the largest bilateral donor to India today. And in terms of investment, India currently ranks as the most attractive investment destination for Japan as per the latest survey of Japanese manufacturing companies. Due to the apparent complementarities prevailing between the two Asian economies, there is an enormous potential for the growth of economic relations between them. The signing of the historic IndiaJapan Comprehensive Economic Partnership Agreement (CEPA) and its effective enactment since 2011 has escalated the economic and commercial ties between the two. We import machinery, iron and steel products, electrical machinery, transport equip ment, plastic materials, chemical elementscompounds, manufactures of metals, precision instruments, rubber, coal and briquettes etc. from Japan. On the other hand, India's chief exports to Japan include petroleum products, fish and its preparation, chemical elementscom pounds, non-metallic mineral ware, metalliferous ores and scrap, iron and steel products, textile fabrics, machinery etc. THE IMPRESSIVE GROWTH IN INVESTMENT Japan is the third largest investor in India and in fact the biggest investor in terms of a single country source. Since the past17 years, the Japanese investment has played a remarkable role in shaping India's economic growth. India has received more than $25 billion Japanese investment in various sectors during the span of 2000-2017.Japanese FDI occupies 8 per cent of India's overall FDI during this span of time. In 2014, Japan pledged $35 billion invest ment to India in both pri vate and public sector to amplify the manufacturing and infrastructural growth for the next five years; and the two countries even aim to double the Japanese FDI and the number of Japanese firms in India by USED HERE the year 2019. During the years 2016-17, India has received $4.7 billion in terms of investment by Japan which is an 80 per cent increase from $2.6 billion Japanese investment of 2015-16. Earlier, the major sectors that received the FDI opportunities were primarily automobiles, telecommunications and electrical equipment.However, since recent times, especially in the years 2016-17, the Japanese investment has proliferated in diverse sectors such as retail, textile, consumer durables, food and beverages and banking (credit card services). The Japanese Official Development Assistance (ODA) bolsters India's efforts for increased economic development mainly in priority areas like power, transportation, environmental projects and projects related to basic human needs. In the first half of this year, India has already received the total private equity investments of $11.34 billion from Japan, which is a 53.2 per cent increase from the same period last year. Neemrana, a town in Rajasthan is a habitat to massive Japanese companies, cumulatively they occupy around 1100 acres land. The space is allocated exclusively to the Japanese corporations and provide employment to nearly 10,000 people.Moreover, Japan aims to set up nearly 12 industrial parks throughout India in different states. Also, this year Japan signed an agreement with India to grant over $610 million for the development of infrastructure of Phase 1 of the North East India Road Network Connectivity Improvement Project. The Delhi-Mumbai Industrial Corridor (DMIC) is a flagship project of IndoJapanese cooperation and is significant for the establishment of smart cities in six Indian states and to envisage development of infrastructural connectivity like efficient transport, power and water supply.Under this project, approximately Rs 3,200 crore is granted to a city from four Indian states including Dholera in Gujarat which aims to build a Greenfield International Airport under this project. The cities are being benchmarked against the world class standards of sustainability and ecofriendly developments.Hence, this shows the magnificent expansion and strengthening of the partnership between both the countries.


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