PM Modi praises Japan for its contribution in socio-economic development

Prime Minister Narendra Modi Monday lauded Japan for its significant contribution to the socio-economic development of India and promoting connectivity in the country through quality infrastructure projects such as the Delhi-Mumbai Industrial Corridor.

Prime Minister Shinzo Abe expressed Japan's intention to continue to support India's efforts for social and industrial development, said a joint India-Japan Vision Statement issued after talks between Modi and Abe.

Japan is funding 80 per cent of the Mumbai-Ahmedabad bullet train project through a soft loan of Rs 79,000 crore at an interest rate of 0.1 per cent, with a tenure stretching over 50 years and a moratorium period of 15 years.

The two leaders reviewed with satisfaction the progress made, including the signing of the Exchange of Notes for yen loan, on the Mumbai-Ahmedabad High Speed Rail project, which is an important symbol of India-Japan collaboration marked by the 75th anniversary of India's independence which will be celebrated in 2022, the statement said.

The two leaders also welcomed the continued cooperation on metro projects which support smarter development of Indian cities.

India also appreciated Japan's role in promoting connectivity through quality infrastructure projects such as the Western Dedicated Freight Corridor and the Delhi-Mumbai Industrial Corridor.

The bullet train project which is at the land acquisition stage is facing stiff opposition from farmers both in Ahemedabad and Gujarat.