India’s infrastructure — sectors such as roads, metro rail, industrial corridor, shipping and urban development — is set to get a big thrust with Japan committing to partner India to accelerate development in these key areas.
On Saturday, Japanese PM Shinzo Abe kept his promise made to PM Narendra Modi last September that his country would invest $33.8 billion in infrastructure sector in India over the next five years through its overseas development assistance programme (ODA), when he expressed Japan’s intention to provide ODA for the improvement of road network connectivity in north-eastern India, peripheral ring road surrounding Bengaluru and irrigation projects in Jharkhand.
India’s shipping sector would also get an impetus with Japan offering assistance for the Mumbai Trans Harbour link and modernisation of ship recycling yards in Gujarat. Japan would also lend a helping hand in revamping urban infrastructure in Andhra Pradesh and Varanasi, PM Modi’s parliamentary constituency.
In a joint statement issued by Prime Minister Narendra Modi and his Japanese counterpart Shinzo Abe on Saturday, Japan set forth the road map for partnering India to boost infrastructure under the “India and Japan Vision 2025.”
Japan has already committed around 100 billion yen (Rs 5,479 crore) for developing metro rail in Chennai and Ahmedabad. India is the largest recipient of Japan’s ODA with the total commitment of Japan expected to reach 400 billion yen (Rs 21,916 crore approx.) in 2015.
“Our future-oriented partnership raises our collaboration to a new level in areas of infrastructure, manufacturing and high technology, including advanced transportation,” reads the joint statement issued by the two leaders.