Japan's USD 12 billion for high speed rail a revolution in Indian railways: PM Modi

Prime Minister Narendra Modi on Saturday said Japan's offer of 12 billion U.S. dollars and technical assistance for getting a high speed rail network between the Mumbai-Ahmedabad off the ground will be a revolution in Indian railways and speed up the development process.

"No less historic is decision to introduce high speed rail on Mumbai-Ahmedabad sector through Japan's Shinkansen known for speed, reliability, and safety. We greatly appreciate Prime Minister Abe's extraordinary package of approximately 12 billion US dollars and technical assistance on very easy terms on this project. This enterprise will launch a revolution in Indian railways and speed up Indian journey into the future," Prime Minister Modi said after signing several bilateral agreements with his Japanese counterpart Shinzo Abe at Hyderabad House here.

Prime Minister Modi further said such extraordinary package will become an engine of economic transformation in India and also appreciated Japanese commitment for his 'Make in India' mission.

"We also appreciate the sharp increase in Japanese bilateral assistance programme and the strength of public and private Japanese commitment for the 'Make in India' mission. In September 2014, Prime Minister Abe, spoke of 35 billion US Dollars of Japanese finance and investment in India over five years. It was ambitious but together we are turning into reality," he said.

Prime Minister Modi said that the MoU on civil nuclear energy between the two countries will be a symbol of mutual confidence and partnership for a secure world.

"We have made enormous progress in economic cooperation as also in our regional partnership and security cooperation. Prime Minister AbeShinzo has been prompt and positive on our economic proposals many of which are now unique to India. MoU on civil nuclear energy co-op isn't just about commerce and clean energy but symbolic of mutual confidence and partnership for a secure world," he said.

"Our shared commitment to combating climate change is equally strong. I appreciate PM Abe's support for India's membership of the APEC. Recognizing our special relationship, India will extend 'visa on arrival' to all Japanese citizens from 1st Mar 2016. As we work for Vision 2025 of Indo-Japan ties, we will advance prosperity of our people and shape an Asian century in our vision and values," he added.