The Finance Ministry announced that the Japanese government has pledged a loan of 232.209 billion yen (approximately Rs 12,800 crore) for nine projects across different sectors in India. These projects encompass initiatives such as enhancing connectivity in the North East, fostering startup and innovation in Telangana, constructing the Chennai Peripheral Ring Road, promoting sustainable horticulture in Haryana, and addressing climate change and enhancing ecosystem services in Rajasthan.
According to a statement from the finance ministry, the projects targeting road network connectivity aim to enhance infrastructure development in India's northeastern region. Similarly, the Chennai Peripheral Ring Road project aims to ease traffic congestion and enhance connectivity in the southern part of the state. The agreement was signed between Vikas Sheel, Additional Secretary of the Department of Economic Affairs, and Suzuki Hiroshi, the Ambassador of Japan to India.
"The project in Nagaland will help develop tertiary level medical service delivery by developing a medical college hospital contributing towards universal health coverage. A unique project in Telangana will help discover entrepreneurial skills with focus on women and rural population and support business expansion of MSMEs," it said. The announcement mentioned that the fifth installment of the dedicated freight corridor project will facilitate the development of a new dedicated freight railway system. This initiative will modernize the intermodal logistics system, allowing for the handling of a higher volume of freight traffic.
The statement highlighted the extensive and mutually beneficial history of bilateral development cooperation between India and Japan since 1958. It emphasized that the economic partnership, a cornerstone of India-Japan relations, has shown steady advancement in recent years. Furthermore, it underscored that the exchange of notes for these significant projects will enhance the strategic and global partnership between the two countries even further.