Japanese Companies Must Take Advantage of the PLI Scheme and Invest More in India says Rajiv Kumar, Vice Chairman, NITI Aayog

New Delhi, 22nd March 2022: Delivering the keynote address at the workshop on Policy Responses to COVID19 in India and Japan and Prospects for Economic Cooperation Going Ahead, Dr. Rajiv Kumar, Vice Chairman, NITI Aayog, stated that India and Japan must play the role of an anchor for democracy, stability and free trade in the current turbulent times. According to him the time is right to realize the tremendous potential of economic engagement between the two countries and this can also provide a framework for global growth and development. Dr. Kumar lauded the pledge of $42 billion investment over the next five years by Japan that was announced after the summit meeting between Prime Minister Modi and Prime Minister Kishida last week saying that once this fructifies the bilateral relationship between India and Japan will reach a new level.

Dr. Kumar also used this opportunity to call for greater Japanese investment in India and urged the Japanese companies to take advantage of the PLI scheme. He emphatically stated that the Atmanirbhar mission is in no way leading India to be a closed economy. Rather, self-reliant India is looking for greater engagement with the global economy and is geared towards generating growth, employment and exports.

The workshop jointly organized by the Indian Council for Research on International Economic Relations (ICRIER) and the Policy Research Institute (PRI), Japan, discussed the policy responses to COVID19 in India and Japan, the future outlook for the two economies and prospects for India-Japan economic cooperation. The Policy Research Institute (PRI) is a think tank under the Ministry of Finance, Japan and ICRIER and PRI have been organizing the annual workshop for 10 years.

Notable speakers at the workshop included Deepak Mishra, Director & Chief Executive, ICRIER, Takeshi Kurihara, President, PRI, Ajit Ranade, Vice-Chancellor, Gokhale Institute of Politics and Economics, Go Yamada, Principal Economist, Japan Center for Economic Research, Deepa Gopalan Wadhwa, former Indian Ambassador to Japan, Takahiro Sato, Professor, Kobe University, and Nisha Taneja, Professor, ICRIER.

About ICRIER

Established in August 1981, ICRIER is an autonomous, policy-oriented, not-for-profit, economic policy think tank. ICRIER?s main focus is to enhance the knowledge content of policy making by undertaking analytical research that is targeted at informing India?s policy makers and also at improving the interface with the global economy. To effectively disseminate research findings, ICRIER organizes workshops, seminars and conferences to bring together academicians, policymakers, representatives from industry and media to create a more informed understanding on issues of major policy interest. ICRIER routinely invites distinguished scholars and policymakers from around the world to deliver public lectures and give seminars on economic themes of interest to contemporary India.

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