Japan earmarks $12 billion fund for ‘Make in India’ movement: PM Modi

Prime Minister Narendra Modi today said the 'Make in India' initiative has become a movement in Japan and the island nation has created a fund of about $12 billion for it.New Delhi | Red Newswire | By ET Bureau | Dec 12, 2015 03:31 PM IST. "Today, there is a 'Make In India' movement in Japan. I have been told that $11-12 billion fund has been earmarked for it. This clearly indicates how both the countries can move forward," he said while addressing the India-Japan Business Leaders Forum here. ​ 'Make in India' is proceeding in mission mode, not just in India, but also in Japan, he added.Modi also said that for the first time Japan will import cars from India."Maruti ( Suzuki) will manufacture here... Japanese company will manufacture here and export it to Japan," he said, adding that both India and Japan should move ahead together, not just in the sphere of high-speed trains, but also for "high-speed growth."Recalling his last visit to the country, Modi said Japan committed an investment of $35 billion."The figure had surprised many at that time, but today, within a short time-span, unimaginable progress had been made, and the contours of this investment were beginning to get visible on the ground," he said.Highlighting the improvement in economic indicators in both India and Japan, he said these were extremely encouraging, especially in the light of the global economic slowdown."It is clear that India is a land of possibilities," he added.Praising Modi's reforms programme, Japanese Prime Minister Shinzo Abe said, "Prime Minister Modi's speed of implementing policies and reforms is like Shinkansen ( bullet train) and his reform agenda is as safe as Shinkansen."Abe also said that India has become a very attractive investment destination for Japan.