Published On:February 21 2024
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"Japan Commits ₹12,800 Crore Investment for 9 Projects Across Multiple Sectors in India"

The finance ministry announced on Tuesday that the Japanese government has pledged a loan of 232.209 billion yen, equivalent to about Rs 12,800 crore, for nine projects spanning various sectors in India.

These projects encompass initiatives such as the North East Road Network Connectivity, Project for Promoting Start-up and Innovation in Telangana, Project for the Construction of Chennai Peripheral Ring Road, Project for Promoting Sustainable Horticulture in Haryana, and Project for Climate Change Response and Ecosystem Services Enhancement in Rajasthan.

According to a statement from the finance ministry, the road network connectivity projects aim to enhance infrastructure development in the northeastern region of India. Meanwhile, the Chennai peripheral ring road project aims to address traffic congestion and bolster connectivity to the southern part of the state.

The agreement for these projects was formalized through the signing between Vikas Sheel, Additional Secretary of the Department of Economic Affairs, and Suzuki Hiroshi, Ambassador of Japan to India.

The statement elaborated on the significance of these projects, noting that the initiative in Nagaland aims to enhance tertiary-level medical services by establishing a medical college hospital, contributing to universal health coverage. Additionally, a unique project in Telangana focuses on fostering entrepreneurial skills, particularly among women and rural populations, and supporting the expansion of MSMEs.

Furthermore, the fifth tranche of the dedicated freight corridor project is expected to facilitate the construction of a new dedicated freight railway system and modernize intermodal logistics systems to accommodate increased freight traffic.

India and Japan have a longstanding history of bilateral development cooperation dating back to 1958, with economic partnership serving as a key pillar of their relations. The exchange of notes for these projects is anticipated to strengthen the strategic and global partnership between the two nations.

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