Japan injects $5-bn in India's infra sector

In a major funding push, Japan has agreed to invest $5 billion in the current fiscal in the country's infrastructure sector covering surface and water transport, and power projects. More than 60 percent of the investment will be spent on the transport segment which includes metro and the high-speed Mumbai-Ahmedabad corridor. India has been the largest development partner of Japan during the past 10 years and Japan is increasing its total commitment to India, said Chief Representative in India of Japan Investment Cooperation Agency (JICA), Katsuo Matsumoto. In the past few years, India has been a preferred destination followed by Vietnam, Bangladesh, and Myanmar and has risen from $2 billion 10 years ago to $5 billion. Already, some 1,400 Japanese companies are operating in India and some 9,000 Japanese are working in the country. Japan is already funding metro-rail projects in Delhi, Ahmedabad, Mumbai, Bangalore, Kolkata, and Chennai and is also keen to finance the upcoming Phase IV of Delhi Metro project, he said.