Union Finance Minister Nirmala Sitharaman addresses the India Japan discussion board, 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 funding within the nation and take into account new sectors similar to hydrogen, AI and renewable energy, stressing that their previous outlays in India had yielded good outcomes with none friction with three way partnership companions.
Noting that Japanese corporations have been “prudent investors” concerned with signature tasks similar to metros throughout outstanding cities, the “bullet train” between Mumbai and Ahmedabad and different giant infrastructure initiatives, Ms. Sitharaman stated their investments have been additionally directed in areas like well being, training 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 within the midst of a 25-year “window” to attain developed nation standing by 2047, the Finance Minister nudged investors to take faster selections to put money into new sectors like generative AI, hydrogen, photo voltaic and renewable energy and semiconductors which 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 pressured.
