‘The world is not just watching India, it is counting on India’: PM Modi at economic forum in Tokyo | Full speech

Prime Minister Narendra Modi on Friday urged Japanese businesses to invest in India and make products for the world.

Modi arrived in Tokyo earlier in the day on a two-day visit to Japan. He will hold meetings with Japanese PM Shigeru Ishiba and country’s business leaders.

In an address to the India-Japan Economic Forum, Modi said that the world is not watching India but counting on the country. Hailing India’s strong fundamentals and growth potentials, he further called upon Japanese businesses to invest in India to export to the world.

Here is the approximate English translation of the prime minister’s speech delivered originally in Hindi:

Your Excellency Prime Minister Ishiba,
Business Leaders of India and Japan,
Ladies and Gentlemen,
Greetings.

Konnichiwa!

I arrived in Tokyo this morning. I am very happy that my visit is beginning with the titans of the business world.

And there are many people here with whom I have had personal acquaintance. Both when I was in Gujarat and after I came to Delhi from Gujarat. I have a close acquaintance with many of you. I am happy to have the opportunity to meet all of you today.

I especially thank Prime Minister Ishiba for joining this forum. I congratulate him on his valuable statements.

Friends,

In India’s development journey, Japan has always been an important partner. From metro to manufacturing, from semiconductors to startups, our partnership in every sector has become a symbol of mutual trust.

Japanese companies have invested more than $40 billion in India. In the last two years alone, there has been $13 billion in private investment. The JBIC says that India is the most ‘promising’ destination. JETRO states that 80 per cent of companies want to expand in India, and 75 per cent are already profitable.

This means that in India, capital does not just grow, it multiplies!

Friends,

You are all well aware of India’s unprecedented transformation over the last eleven years. Today, India has political stability. Economic stability. There is transparency and predictability in policy. Today, India is the fastest-growing major economy in the world. And it is very soon going to become the world’s third-largest economy.

India is contributing 18 per cent to global growth. India’s capital markets are yielding good returns. There is also a strong banking sector. There are low inflation and low-interest rates. There are Forex Reserves of about $700 billion.

Friends,

Behind this change is our “reform, perform, and transform” approach. In 2017, we started one nation, one tax. Now, work is underway to bring new and major reforms to it.

A few weeks ago, our parliament also approved the new and simplified Income Tax code.

Our reforms are not limited to the tax system. We have emphasized ease of doing business. We have arranged a single digital window approval for businesses. We have rationalized 45,000 compliances. A high-level committee has been formed on de-regulation to accelerate this process.

Sensitive sectors like defense and space have been opened up to the private sector. Now we are also opening up the nuclear energy sector.

Friends,

Behind these reforms is our resolve to build a developed India. We have the commitment, conviction, and strategy. And the world has not only recognized it but also appreciated it.

S&P Global has upgraded India’s Credit Rating after two decades.

The world is not just watching India, it is counting on India.

Friends,

The report of the India-Japan Business Forum has just been presented. The business deals that have taken place between the companies have been described in great detail. I congratulate you all on this progress.

For our partnership, I would also like to humbly put forward some suggestions before you.

The first is, Manufacturing. Our partnership in the auto sector has been very successful. And the Prime Minister has described it in great detail. Together, we can repeat the same magic in batteries, robotics, semiconductors, shipbuilding, and nuclear energy. Together, we can make a significant contribution to the development of the Global South, especially Africa.

I urge you all – Come, Make in India, Make for the world. The success stories of ‘Suzuki’ and ‘Daikin’ can also become your success stories.

The second is, Technology and Innovation. Japan is a “tech powerhouse”. And, India is a “talent powerhouse.” India has taken bold and ambitious initiatives in AI, semiconductors, quantum computing, biotech, and space. Japan’s technology and India’s talent can together lead this century’s tech revolution.

The third area is Green Energy Transition. India is rapidly moving towards the goal of 500 gigawatts of renewable energy by 2030. We have also set a target of 100 gigawatts of nuclear power by 2047. Whether it is solar cells or green hydrogen, there are immense possibilities for partnership.

An agreement has been reached on the Joint Credit Mechanism between India and Japan. By taking advantage of this, we can cooperate in building a clean and green future.

The fourth is, Next-Gen Infrastructure. In the last decade, India has made unprecedented progress in next-generation mobility and logistics infrastructure. The capacity of our ports has doubled. There are over 160 airports. A 1000-kilometer long metro line has been built. With Japan’s cooperation, work is going on on the Mumbai and Ahmedabad high-speed rail.

But our journey does not stop here. Japan’s excellence and India’s scale can create a perfect partnership.

The fifth is, Skill Development and People-to-People Ties. India’s skilled youth talent has the ability to meet global needs. Japan can also benefit from this. You train Indian talent in the Japanese language and soft skills, and together prepare a “Japan-ready” workforce. A shared workforce will lead to shared prosperity.

Friends,

In the end, I would like to say this – India and Japan’s partnership is strategic and smart. Powered by economic logic, we have turned shared interests into shared prosperity.

India is the springboard for Japanese businesses to the Global South. Together, we will shape the Asian Century for stability, growth, and prosperity.

With these words, I express my gratitude to Prime Minister Ishiba and all of you.

Arigatou Gozaimasu!
Thank you very much.

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