Union Finance Minister Nirmala Sitharaman addresses the India Japan forum, in New Delhi on July 29, 2023.
| Photo Credit: KAMAL NARANG
Finance Minister Nirmala Sitharaman on Saturday urged Japanese investors to expedite their plans for investment in the country and consider new sectors such as hydrogen, AI and renewable energy, stressing that their past outlays in India had yielded good outcomes without any friction with joint venture partners.
Noting that Japanese firms have been “prudent investors” involved with signature projects such as metros across prominent cities, the “bullet train” between Mumbai and Ahmedabad and other large infrastructure initiatives, Ms. Sitharaman said their investments were also directed in areas like health, education and agriculture.
“As prudent investors, Japan takes its time to take a decision… you are prudent, but it does involve a lot of time. And I would look at it from your experience in the last 50-60 years in India, where you or your investments have not failed, your Indian partners have not failed you,” she emphasised. Ms. Sitharaman was addressing the India Japan Forum hosted by the Ananta Centre and the External Affairs Ministry.
Stressing that India was in the midst of a 25-year “window” to attain developed country status by 2047, the Finance Minister nudged investors to take quicker decisions to invest in new sectors like generative AI, hydrogen, solar and renewable energy and semiconductors that are “identified as growth areas for India”.
“I would think, at this stage having very clearly proven, your investments are well-served and the prospects of newer areas [to invest in]… I would appeal to the Japanese investors to look at all these factors together. So a greater participation, a slightly more speedier decision making and your treating India as a development partner would actually serve the course,” Ms. Sitharaman stressed.
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