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Japan commits Rs 7,084cr for Three Infrastructure Projects in India

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Japan commits Rs 7,084 crore for three infrastructure projects in IndiaOn March 28, 2023, Japan has committed Rs 7,084.5 crore to India for three infrastructure projects viz. one each in Patna (Bihar), West Bengal, and Rajasthan. Notes in this regard were exchanged between Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs (DEA), Ministry of Finance and Suzuki Hiroshi, Japan Ambassador to India.

About Infrastructure Projects:

i.Patna Metro Rail Construction Project (I)

For this Japan will provide JPY (Japanese Yen) 98.612 billion (about Rs 5,509 crore).

Its goal is to address the rising traffic demands in Patna by building the new metro corridors 1 and 2. This initiative is aimed at improving the urban environment, promoting economic development, and mitigating the effects of climate change.

ii.Rajasthan Water Sector Livelihood Improvement Project (II)

For this Japan will fund JPY 18.894 billion (about Rs 1,055.53 crore).

It aims to improve livelihoods of farmers and promote gender mainstreaming in agriculture and irrigation sector in the State, by improving water use efficiency and agriculture productivity, through improvement of existing irrigation facilities.

iii.Forest and Biodiversity Conservation for Climate Change Response in WB 

For this Japan will fund JPY 9.308 billion (about Rs 520 crore)

It aims to address climate change, conserve and rehabilitate ecosystems, and contribute to sustainable development.

  • It will promote sustainable socio-economic development within WB through the implementation of measures such as ecosystem-based climate change actions, biodiversity preservation and restoration, livelihood improvement initiatives, and institutional strengthening.

The above arrangements between these nations will further consolidate and strengthens the Strategic and Global Partnership between India and Japan.

Recent Related News:

i.On 17, February 2023, the 4th edition of the India-Japan joint annual military training exercise ‘Dharma Guardian’ commenced at Camp Imazu in the Shiga province of Japan. The exercise was scheduled to be conducted till 2 March, 2023.

ii.According to the Nikkei Asia report, India surpassed Japan as the world’s third-largest auto market in 2022. According to preliminary results, India’s new vehicle sales were at 4.25 million units, surpassing Japan’s 4.2 million units.

About Japan:

Prime Minister– Fumio Kishida
Capital– Tokyo
Currency– Japanese Yen (JPY)