The National Investment and Infrastructure Fund (NIIF) of India and the Japan Bank for International Cooperation (JBIC) announced a $600-million fund to invest in sustainability projects on Oct 4. According to the Indian government, JBIC will fund 51% of the total, with India contributing the remainder.

The India-Japan Fund will invest in sustainable initiatives such as renewable energy, e-mobility, and waste management, according to the NIIF, established in 2015 as India's first state-backed fund. It will also seek to strengthen collaboration between Indian and Japanese enterprises in the face of a "unstable world situation and problems such as a severed supply chain," according to Hayashi Nobumitsu, the governor of the Japanese bank.

“Japanese companies are increasingly interested in entering the Indian market as a relocation destination for a production base or an investment destination,” he added.