English Translation of Prime Minister Narendra Modi’s Address at the India-Japan Business Forum

Why in news

Prime Minister Narendra Modi addressed the India-Japan Joint Economic Forum, emphasizing the strong and long-standing economic partnership between the two nations and highlighting successful collaborations in manufacturing and exports.

Exam relevance

GS2, GS3 · International Relations, Economy · Prelims · Mains

Key facts

1. Prime Minister Modi addressed the India-Japan Joint Economic Forum.
2. Many Japanese companies have been associated with India for decades, with some having a presence for over a century.
3. The India-Japan relationship is described as 'truly special' with outstanding examples of economic partnership success.
4. Maruti Suzuki's new manufacturing plant was inaugurated at Kharkhoda in Haryana.
5. Nearly two-thirds of Suzuki's cars worldwide are manufactured in India and exported to more than 100 countries.
6. Motorcycles manufactured in India by Kawasaki, Yamaha, and Honda are exported to global markets.
7. Japanese expertise and investment combined with India's speed and scale benefit the world in sectors like air conditioners, power grid equipment, precision manufacturing, and medical technology.

Prelims pointers

• Maruti Suzuki's new manufacturing plant is located at Kharkhoda in Haryana.
• Nearly two-thirds of Suzuki's global car production occurs in India.
• Suzuki cars manufactured in India are exported to over 100 countries.
• Kawasaki, Yamaha, and Honda motorcycles manufactured in India are exported globally.
• Key sectors benefiting from India-Japan collaboration include air conditioners, power grid equipment, precision manufacturing, and medical technology.

Mains practice question

Analyze the significance of the India-Japan economic partnership in strengthening India's manufacturing capabilities and export potential, citing recent examples. (150 words)

Static linkage

This news highlights the ongoing robust bilateral economic relations between India and Japan, which are crucial components of India's 'Act East Policy' and efforts to boost domestic manufacturing through initiatives like 'Make in India' and attract Foreign Direct Investment (FDI).

Significance

The address underscores the deepening economic ties between India and Japan, showcasing India's growing role as a global manufacturing hub and export base for Japanese companies. This partnership contributes significantly to India's industrial growth, job creation, and integration into global supply chains. It also exemplifies successful technology transfer and investment, leveraging Japan's advanced expertise with India's large-scale production capabilities, thereby enhancing India's economic resilience and global competitiveness.