NEW DELHI, November 17, 2014: Mr. Shatrughna Singh, Additional Secretary, Department of Industrial Policy & Promotion (DIPP), Ministry of Commerce and Industry, Govt. of India today informed the Japanese investors, businessmen and industrialists that a new 'National Industrial Corridor Development Authority' was being created to carry out project development activities, appraise and sanction projects, implement and coordinate all central efforts for industrial corridor development of all industrial corridors.

Speaking on ‘Modi Administration’s Economic Policy - Make in India Initiative and Opportunities for Japanese Companies’, at the 39th Joint Meeting of India-Japan Business Cooperation Committee (IJBCC), organized by FICCI in partnership with the Japan Chamber of Commerce and Industry (JCCI), Mr. Singh said that a strong Japanese economy stabilizes both the regional and global economies. India, though has its own set of challenges, today offers a plethora of opportunities for Japanese companies as the Indian Government is unleashing a series of reforms to improve business environment; fast tracking manufacturing and liberalization of FDI policy.

He said that providing an enabling and conducive environment for doing business in India was an important factor contributing to industrial growth. The emphasis of the Government has been on simplification of the procedures, rationalization of the existing rules and increased use of information technology to make governance more efficient, effective, simple and user-friendly. 

Mr. Singh said that development of a robust manufacturing sector was the priority of the Government. It has the potential to not only take the economic growth to a higher trajectory, but also to provide employment. The Government is committed to remove all bottlenecks and develop India as a manufacturing hub. A number of measures have been taken by the Government in this direction.

On the occasion, Mr. Onkar Kanwar and Mr. Masami Iijima were re-elected as the Chairmen for IJBCC representing Indian and Japanese sides, respectively.

In his congratulatory address Mr. Takeshi Yagi, Ambassador of Japan to India, stated that the bilateral trade relations between India and Japan have been elevated to strategic and global partnership. The two nations today under their respective visionary leaders are aiming at doubling Japan’s FDI to India. Abenomics in Japan and Modinomics in India were looking at reviving their economies. He added that though India had given a new thrust to economic reforms such as deregulation of diesel prices, labour law reforms and relaxation in FDI but more bold and systematic reforms were needed for ease of doing business in the country. 

Mr. Masami Iijima, Chairman, Japan-India Business Cooperation Committee and Chief Executive Officer and President of Mitsui & Co. Ltd., said that like India, Japan was also on the path of economic recovery. The Modi led government has made major policy shifts and have curtailed inflation and undertaken administrative reforms after assuming office. The successful visit of the Indian Prime Minister to Japan has opened more avenues for investments and cooperation between the two nations. The Indian Prime Minister was working towards building a conducive business environment to promote foreign direct investments and cross sectoral projects.

Mr. Sidharth Birla, President, FICCI and Chairman Xpro India Limited, said that the emergence of a single-party led government in India has swung the mood decisively in India, among industry, investors and stock market, matching the optimism in the future of India-Japanese relations. The new Government has embarked on a more vigorous agenda of economic growth led by crucial reforms like hike in Foreign Direct Investment (FDI) limits in defence and opening up of FDI in some areas of railways. The Government has identified manufacturing, connectivity and infrastructure as the pillars of its nation-building task. India has ambitious plans for bullet trains, smart cities, sanitation and cleanliness, waste management, renewable energy and manufacturing across segments.