Amid the international crisis of Russia-Ukraine Conflict a good news has come to India. India and Japan are set to an investment target of $42 billion (five trillion yen) in the next five years. After a meeting in Delhi for the 14th Annual summit this announcement has been made.
Several discussion took place between the Prime Minister of Japan Fumio Kishida and the Prime Minister of India Narendra Modi. Several Agreements were signed.
This was the first India-Japan annual summit since 2018 which had been postponed due to the protests against Citizen Amendment Act.
The two sides also exchanged six agreements on cyber security, economic partnerships, waste–water management, urban development, a clean energy partnership and an agreement on promoting bamboo–based products from the northeast region.
Harsh Shringla the Foregn Secretary, said that India and Japan had surpassed their previous target of 3.5 trillion yen to 5 trillion yen. The two sides also concluded a “roadmap for competitive partnership” for the MSMEs and the small–scale sector companies.
However in a clear sign of differences over their stands on the Russia – Ukraine Conflict, PM Kishada emphasized that Russia’s action must not be ‘condoned’ while PM Modi made no direct reference to the situation.
It is also mentioned that while Japan has consistently criticised Russia’s Ukraine invasion and imposed several sanctions on Russia including economic and oil equipment export bans, India has thus far refused to vote for any resolutions criticising Russia, and Indian companies are stepping up their intake of Russian oil.
