Modi, Ishiba script 10-year growth pact; target Rs 5.9 lakh-cr Japanese investment

Prime Minister Narendra Modi on Friday announced a new 10-year roadmap for the India-Japan Special Strategic and Global Partnership on Friday, outlining ambitious goals in trade, technology, green energy, defence and people-to-people exchanges.

Following talks with his Japanese counterpart Shigeru Ishiba, Modi said both leaders had agreed to open a “golden chapter” in bilateral relations. They set a target of 10 trillion yen (approximately Rs 5.9 lakh crore) in Japanese investment into India over the next decade.

“Our discussion today was both productive and purposeful. As two major economies and vibrant democracies, our partnership is very important not only for our countries but also for global peace and stability,” Modi said.

The roadmap emphasises connecting startups and small businesses while deepening cooperation in high technology, semiconductors, rare earth minerals and artificial intelligence under Digital Partnership 2.0. The two sides also launched an economic security cooperation initiative for critical and strategic sectors.

In green energy, Modi highlighted the joint credit mechanism as a “big win”, alongside the new sustainable fuel initiative and battery supply chain partnership.

The PM noted rapid progress in next-generation mobility, including ports, aviation, shipbuilding and high-speed rail projects. In a significant step, India’s ISRO and Japan’s JAXA agreed to collaborate on the Chandrayaan-5 mission, opening a new frontier in space cooperation.

A new action plan aims to facilitate an exchange of five lakh people between the two countries over the next five years, including 50,000 skilled Indian workers who will contribute to the Japanese economy. Modi also underlined efforts to promote state-to-prefecture linkages to boost trade, tourism, education and cultural ties.

Reiterating the commitment to a “free, open, peaceful and rules-based Indo-Pacific,” Modi said the two sides shared concerns on terrorism and cybersecurity and agreed to strengthen defence industry and maritime cooperation.

“Japanese technology and Indian talent are a winning combination,” Modi declared, inviting Ishiba to New Delhi for the next annual summit.

Earlier in the day, while addressing business leaders at the India-Japan Business Forum in Tokyo, Modi said Japan had always been an important partner in India’s development journey, citing cooperation in metro projects, semiconductors, manufacturing and startups.

The PM also highlighted India’s transformation over the past 11 years, pointing to political and economic stability, policy transparency and predictability for investors. “Today, India is the fastest-growing major economy in the world and is soon set to become the third largest. India contributes 18 per cent to global growth,” he said, noting strong forex reserves of $700 billion, low inflation and robust capital markets.

Emphasising next-generation infrastructure, Modi said India’s port capacity had doubled, the country now had 160 airports and a 1,000 km metro network, while the Mumbai-Ahmedabad bullet train project exemplified cooperation with Japan.