India, Japan can create history in economic sector: PM Narendra Modi

In a bid to woo Japanese businessmen, Prime Minister Narendra Modi on Tuesday said he came to the island nation in East Asia to give an assurance that if they have to look anywhere outside their country, they can rely on India.

India, Japan can create history in economic sector: PM Narendra Modi

Tokyo: In a bid to woo Japanese businessmen, Prime Minister Narendra Modi on Tuesday said he hoped the island nation in East Asia will follow "Look at India" policy.

"Just as India is focusing on Look East policy, we expect Look at India policy from Japan," Modi said, adding India should replicate the Japanese model of work culture at home to attract Japanese investment.

"If we can provide similar work culture, governance and efficiency that Japan has, we can make them feel at home in India," Modi said while addressing the keynote address at the Tokyo Stock Exchange, co-hosted by Japan External Trade Organization (Jetro).

He told Japanese investors that if they were looking for investment and growth, there is no better place than India.

"I have come here to assure you that if you have to look anywhere outside Japan, you do not need to look here or there. I assure you that there is no better place than India for your growth and expansion," Modi said on the fourth day of his five-day Japan sojourn.

Modi also recalled the major initiative launched by former prime minister Atal Bihari Vajpayee -- the Look East Policy -- to strengthen India-Japan relations and said it had now taken firm shape.

The PM told the Japanese businessmen that India and Japan are incomplete without each other as the former is known for expertise in software and the latter in hardware, which need to be inter-linked.

"Without Japan, India is incomplete and without India, Japan is incomplete," the Prime Minister said while giving a call for charting new history between the two countries on the economic front.

Stressing that it was important for Japan to move to low cost hubs of manufacturing, Modi said that he wanted to encourage and invite Japanese companies and small scale industries to come to India for tech hardware manufacturing, job creation, and quality production.

Hardselling India as a manufacturing destination, PM Modi invited Japanese investments, saying the era of "red tape" has been replaced by "red carpet" with ease of doing business and liberalisation.

Boasting India's image, Modi said the South Asian country has the youngest population in the world and these young minds with their skills can create miracles.

Modi said India was also the only place where the Japanese industry will pleasantly find all the three 'Ds" -- democracy, demography and demand.

The Prime Minister said India now has a government that is working on development and wants to step up manufacturing. He said he wished for India what he himself experienced when he was young and he did not have to think twice if a product said "Made in Japan".

"What do manufacturers want? They look for low-cost manufacturing. They don't want high-cost manufacturing. Cheap labour, skilled manpower, ease of business and liberalised environment. Then it becomes economically viable in India."

"Trillions and trillions of dollars need to be invested in India. The electronic market especially the mobile handset sector is a big market with a potential," he said, adding the government has put digital India plans for 125 crores people on a mission mode.

Arguing why India provides a big potential, he said plans for metro construction in about 50 cities and renewable energy sector offers big opportunities.

"Bharat is ready to invite you. Make in India whatever facilities you want, they are there," he said wooing Japanese business leaders. 

“India and Japan can create history in the economic sector,” added Modi, while concluding his keynote address.

"India is ready to welcome you for Make in India. You get ready to come to India. Whatever facilities you require, we will provide," he said.

"I invite you to come for peace and progress of Asia. We need to work together. Try your luck, try your capabilities," he said, while noting that a market of 125 crore people was waiting.

"You can meet the requirements not only of India but of the world by manufacturing in India," he said.

He said his government had made policy changes to create ease for business and cited the jump in the first quarter GDP growth to 5.7 percent which used to hover below 5 percent in last 2-3 years.

According to the organisers, some 4,000 people had wanted to hear Modi speak at the event, hoping for an interaction as well, but only 2,000 could be accommodated.

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