Acknowledging the contribution being made by Japanese companies in India, Commerce Minister Nirmala Sitharaman on Friday urged them to avail of the opportunities on offer as India shapes to increase the share of manufacturing in its GDP to 25 per cent in the coming years.
"India wants to increase the contribution of manufacturing sector to GDP to 25 per cent," a Commerce Ministry statement quoting Sitharaman said here. Manufacturing currently contributes in the range of 15-16 per cent to India's GDP. Sitharaman is on an official visit to Japan leading a delegation and she met her Japanese counterpart Hiroshige Seko and business leaders of Japan at the Tokyo conference on Friday.
Hideaki acknowledged that the India Conference will further encourage the companies in Aichi Prefecture to invest in India. Japan said although it is the third largest foreign investor in India (USD 25.2 billion during the April 2000 – December 2016), behind Mauritius and Singapore, it can be considered a top investor as the other two countries are used by companies from across the world to route investments.
Sitharaman urged the Governor to consider diversification of investment in other sectors such as food processing, textiles, medical equipment, electronics and IT in India. The minister invited Hideaki to lead a delegation of Japanese companies to MSME clusters in India to explore partnership and investment opportunities.