Prime Minister Narendra Modi on Saturday said recent economic indicators — both India and Japan — were extremely encouraging, especially in the light of the global economic slowdown. Mr. Modi was addressing business leaders of India and Japan with his Japanese counterpart, Shinzo Abe.

Modi emphasised that he wanted India and Japan to move ahead together, not just in the sphere of high-speed trains, but also for “high-speed growth”. He said the ‘Make in India’ initiative has become a movement in Japan and the island nation has created a fund of about USD 12 billion for it.

“Today, there is a ‘Make in India’ movement in Japan. I have been told that USD 11-12 billion fund has been earmarked for it. This clearly indicates how both the countries can move forward,” he said.

The Prime Minister 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.”

Praising Modi’s reforms programme, 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.

The visit of Abe, who arrived on Friday on a three-day official visit, is expected to see progress towards India’s first bullet train.

(IANS)