On a three-day visit to Japan, Prime Minister Narendra Modi on Friday spoke at length about making optimum use of Japanese hardware and Indian software and said the use of Japanese tech with Indian human resources can help achieve “win-win situation”.
“The captains of Japanese business and industry sitting here will agree with me that a combination of Japan’s technologies and India’s human resources will create a win-win situation,” he said addressing business leaders at the India-Japan Business Leaders’ Forum in Tokyo.
“The combination of your (Japanese) hardware and our (Indian) software is a fantastic combination. It will benefit both countries”.
“My resolve is to make India the most open economy in the world. The impact of our efforts is being felt and recognized globally,” Modi said adding while FDI equity inflows into India have gone up by 52 percent in the last two years, overall India has gone up 19 spots on the World Logistics Performance Index 2016 brought out by the World Bank.
“We have done substantial improvement on Ease of doing business. Our ranking has improved considerably. In two years, India is up by 32 places on the Global Competitiveness Index of World Economic Forum,” the Prime Minister said.
Modi said he would want “greater influx of Japanese investments” into India and to ensure that his government is committed to addressing the concerns of Japanese industrialists. With a number of skill development initiatives already underway in the country, Modi pointed put that the partnership between two countries now extends to this crucial area and help create a win-win situation.
The Prime Minister said, “On our part, we would, of course, want a greater influx of Japanese investments. For this, we will be proactive in addressing your concerns. And, we will further strengthen the special mechanisms including Japanese Industrial Townships”.
The Prime Minister said he has always maintained that “India needs scale, speed, and skill. Japan has a very important role to play in all three. Its involvement in our mega projects like Dedicated Freight Corridors, Delhi-Mumbai Industrial Corridor, Metro Rail and High-Speed Rail signifies scale and speed”.
He said India has a huge and substantial need for finances and his government was pursuing to reform policies to make the country the world’s “most open” economy.
He said his government was committed to further reform policies to boost ‘Make in India’ and for creating a conducive business environment through stable and transparent regulatory mechanisms.
“E-governance is no longer just a fancy buzzword, but a basic facility. We have successfully enacted a new legislation regarding Goods and Services Tax (GST). The Insolvency & Bankruptcy Code passed recently will make it easier for investors to have an exit. We are setting up commercial courts and commercial divisions to ensure speedy disposal of commercial matters,” Modi said.
The Prime Minister further said the arbitration proceedings will now become faster as the Arbitration law too has been amended.
Today, India is on the path of several major transformations, he said adding, “In 2015, the Indian economy grew faster than other major economies. World Bank and IMF assess this trend to continue. Lower labor costs, large domestic market and macroeconomic stability combine to make India a very attractive investment destination”.