PM Modi Urges Japanese Firms To Invest In India, Says Economy Transformed Through Kaizen

Prime Minister Narendra Modi on Thursday said India has transformed its economic DNA over the past 12 years by embracing the Japanese philosophy of ‘Kaizen’, or continuous improvement, while pitching the country as a preferred destination for Japanese businesses and investors.

Key Takeaways

Addressing the India-Japan Joint Economic Forum, PM Modi said India remains the world’s fastest-growing major economy, recording GDP growth of 7.7 per cent in the last financial year.

“India is the world’s fastest-growing major economy. India’s GDP growth was 7.7 per cent in the last financial year,” PM Modi said.

“Over the last 12 years, we have been transforming our economic DNA by pursuing the philosophy of Kaizen, that is continuous improvement in India,” the Prime Minister added.

Prime Minister Modi said the government’s reform agenda has focused on improving governance, taxation and ease of doing business, making India a more competitive and investment-friendly economy.

PM Modi said India has implemented next-generation reforms in taxation, governance and business regulations while opening more sectors to private participation.

“Recently, we did next-gen reforms in taxation, governance and ease of doing business. We are opening every sector to the private sector, and in many sectors we are providing incentives, and I believe you too can benefit from them,” PM Modi mentioned.

The Prime Minister added that incentive schemes across multiple sectors offer fresh opportunities for Japanese companies to expand in India.

Referring to the Japan Bank for International Cooperation’s annual survey, the Prime Minister said India has ranked as the most promising destination for Japanese businesses for four consecutive years. He also said he and his Japanese counterpart Sanae Takaichi had agreed to deepen cooperation in economic security, artificial intelligence, defence and healthcare.

“Our governments have strategic synergy, confidence and, most importantly, clarity. Now, it is your responsibility to turn them into outcomes,” PM Modi added.

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