$67 bn in 10 years: Japan promises big bet on India

Modi-Ishiba talks yield 21 outcomes: From defence and critical minerals to high-speed rail and skill training

- ARCHIS MOHAN

Japan on Friday set a target of 10 trillion yen ($67 billion) in private-sector investments in India over the next decade, as Prime Minister Narendra Modi appealed to Japanese firms to "make in India, make for the world".

At the 15th India-Japan Annual Summit in Tokyo, Modi and Japanese Prime Minister Shigeru Ishiba announced 21 outcomes, including 13 agreements. The deals span defence cooperation, Japanese investment in critical mineral exploration in India, greater collaboration in semiconductors, further support for expanding India's high-speed rail network, and training for 50,000 skilled and semi-skilled Indians in Japan.

The two sides endorsed efforts to support Japan Industrial Townships in India and agreed to review the Comprehensive Economic Partnership Agreement to make it more forward-looking. They also pushed for stronger engagement between Indian states and Japanese prefectures.

The engagement will not "remain limited to New Delhi and Tokyo, but deepen through institutional cooperation between Japanese prefectures and states of India, opening new doors," Modi said.

He will address the governors of several prefectures on Saturday. Partnerships already link Andhra Pradesh with Toyama, Tamil Nadu with Ehime, Uttar Pradesh with Yamanashi, and Gujarat with Shizuoka, according to a joint statement.