It’s good news for the Modi government, which has been striving hard to up India’s rank in the
Ease of Doing Business Index by the World Bank. The Japan Bank for International Cooperation (
JPIC) has ranked India as number 1 destination for future investments followed by Indonesia at number 2 and China as the third best investment destination. The survey was conducted in July 2014.
“In October 2014, the number of Japanese companies in India had reached 1209, which is 13% higher over the same period last year with a CAGR of 13.67% between 2010 and 2014. Some Japanese companies are seriously contemplating their future investment plans in India amounting to about Rs 75,000 crores (approx. US$12 billion) in next 2-3 years,” said the ministry of Commerce in a statement.
It should be noted that the
FDI inflow from Japan between June 2014 and September 2014 was $618 million as against $273 million for the same period in 2013. “The Government has set up Japan Plus, a special management team, to facilitate Japanese investors. The team is actively interacting with Japanese companies and handholding them through various approval processes, as and when required. Also, the issues related to the State Government of Rajasthan concerning Sojitz, working for Dedicated Freight Corridor (DFC), has been resolved,” added the ministry.
The government had set up Japan Plus, a committee that would look into investment proposals from Japan, in October 2014. The team was set up by the Department of Industrial Policy Promotion and has members from both governments.
