In a bid to woo Japanese investors, Prime Minister Narendra Modi on Tuesday assured them there was no red tapism but only red carpet in India. Giving a key note address at Japan-India Association event hosted by Jetro and Nikkei, Modi said, “Like ‘Made in Japan’, we aim to turn ‘Made in India’ into a brand.”
Modi also assured that the Indian government has eased a lot of regulations for trade. “I have come to assure you that there is no Red Tape but Red Carpet in India. We have eased off lot of regulations,” he said.
In a fully-packed hall, Modi told investors that there was no better place for Japanese investors than India.
“India is the only place which has democracy, demography and brain at one place. I have come here to assure you that if you have to look anywhere outside Japan, you do not need to look here or there.”
Praising the quality of Japanese products, Modi recalled, “When I was young, if it was said ‘Made in Japan’ we did not have to think twice. We would buy the product.”
Highlighting his government’s effort to promote small scale industries, Modi said, “We want to encourage and invite SMEs, small scale industries. India has a government that is working on development and aims to increase manufacturing.”
As Japan agreed to invest 3.5 trillion yen in a 5-year period in India under India-Japan Investment Promotion Partnership, Modi said, “Like India has a ‘Look East’ Policy it seems Japan has ‘Look at India’ policy.”
Recalling his experience during his visit to Japan as the Gujarat chief minister, Modi said, “I tried to replicate Japan’s model of governance in Gujarat when I was the chief minister.”