The world is not just watching India, it is counting on India, prime minister Narendra Modi said while addressing a meeting of the India-Japan Economic Forum in Tokyo on Friday, a day after the US imposed higher tariffs on India.

After speaking about a slew of economic reforms during the last 11 years, he said: “These reforms reflect our determination to build a developed India. We have the commitment, the conviction, and the strategy, and the world has not just recognized it but also appreciated it. S&P Global has upgraded India's credit rating after two decades.”

Addressing the meeting, also attended by Japan’s prime minister Shigeru Ishiba, Modi said:

“You are all familiar with the remarkable changes India has experienced in the last eleven years. Today, we have political and economic stability, and clear and predictable policies. India is now the fastest-growing major economy in the world, and very soon, it will become the world’s third-largest economy.

“India is contributing to 18% of global growth. The country’s capital markets are giving good returns, and we have a strong banking sector. Inflation and interest rates are low, and foreign exchange reserves stand at around $700 billion.

“Behind this change is our approach of ‘Reform, Perform, and Transform.’ In 2017, we introduced "One Nation–One Tax”, and now we are working on bringing in new and bigger reforms in it. A few weeks ago, our Parliament has also approved the new and simplified Income Tax code.

“Our reforms are not limited to the tax system alone. We have emphasized on ease of doing business. We have established a single digital window approval for businesses. We have rationalized 45,000 compliances. A high-level committee on de-regulation has been formed to speed up this process.

“Sensitive sectors like Defence and Space have been opened up to the private sector. Now, we are also opening up the nuclear energy sector.”
 
Modi said Japan has always been a key partner in India’s growth journey. “Whether it’s metros, manufacturing, semiconductors, or start-ups, our partnership in every area reflects mutual trust.”

Japanese companies have invested more than $40 billion in India, he said, adding that in the last two years alone, there has been private investment of $13 billion. JBIC says India is the most 'promising' destination. JETRO says 80 percent of companies want to expand in India, and 75 percent are already profitable.

“Which means, in India, capital does not just grow, it multiplies!”

He also invited Japanese firms to invest in India. “I urge all of you: Come, Make in India, Make for the World. The success stories of Suzuki and Daikin can become your success stories too.”

He said the India-Japan partnership was strategic and smart. “Powered by economic logic, we have turned shared interests into shared prosperity. India is the springboard for Japanese businesses to the Global South. Together, we will shape the Asian Century for stability, growth, and prosperity.”