Prime Minister Narendra Modi said on Thursday that India has been transforming its economic DNA over the past 12 years by following the philosophy of 'Kaizen' -- the Japanese principle of continuous improvement -- as he pitched the country as an attractive destination for Japanese businesses and investors.
Addressing the India-Japan Joint Economic Forum here, PM Modi noted that India is currently the world's fastest-growing major economy, with GDP growth of 7.7 per cent in the last financial year. "India is the world's fastest-growing major economy. India's GDP growth was 7.7 per cent in the last financial year," he said.
"Over the last 12 years, we have been transforming our economic DNA by pursuing the philosophy of Kaizen, i.e. continuous improvement in India," the Prime Minister added. He noted that the Indian government's reform agenda has focused on continuous improvements in governance, taxation, and the ease of doing business, creating a more competitive and investment-friendly environment.
The Prime Minister said India has undertaken next-generation reforms in taxation, governance, and business regulations while opening more sectors to private participation. "Recently, we did next-gen reforms in taxation, governance and ease of doing business.
We are opening every sector to the private sector, and in many sectors we are providing incentives, and I believe you too can benefit from them," PM Modi mentioned. He added that several sectors are also being supported through incentive schemes, creating fresh opportunities for Japanese companies to expand their presence in India.
Citing the Japan Bank for International Cooperation's annual survey, PM Modi said India has emerged as the most promising destination for Japanese businesses for four consecutive years, reflecting growing confidence among Japanese investors in the Indian economy.
Emphasising the strategic partnership between India and Japan, Prime Minister Modi added that he and his Japanese counterpart Sanae Takaichi had agreed to deepen bilateral cooperation in key areas such as economic security, artificial intelligence, defence, and healthcare.
He said these agreements would make the India-Japan partnership more futuristic and limitless. "Our governments have strategic synergy, confidence and, most importantly, clarity. Now, it is your responsibility to turn them into outcomes," PM Modi added while encouraging businesses from both countries to translate policy initiatives into tangible investments and collaborations.