Todaiji Temple in Nara, where the consecration or eye-opening of the towering statue of Lord Buddha was performed by an Indian monk, Bodhisena, in 752 AD. he friendship between India and Japan has a long history rooted in spiritual affinity and strong cultural and civilizational ties. India’s earliest documented direct contact with Japan was with the
- During Prime Minister Mori’s path-breaking visit to India in 2000, the Japan-India Global Partnership in the 21st century was launched.
- The Joint Statement signed by Prime Ministers Manmohan Singh and Shinzo Abe in 2006 factored in the new challenges, and the relationship was upgraded to a Global and Strategic Partnership with the provision of annual Prime Ministerial Summits.
- A Comprehensive Economic Partnership Agreement (CEPA) between Japan and India was concluded in 2011.
- During the Indian PM’s visit to Japan in 2014, the two sides upgraded the relationship to a ‘Special Strategic and Global Partnership’. Both sides also agreed to establish the ‘India-Japan Investment Promotion Partnership’.
- Japan’s interest in India is increasing due to a variety of reasons including India’s large and growing market and its resources, especially the human resources.
- Japan has been extending bilateral loan and grant assistance to India since 1958, and is the largest bilateral donor for India.
- The Ahmedabad-Mumbai High Speed Rail, the Western Dedicated Freight Corridor (DFC), the Delhi-Mumbai Industrial Corridor with twelve new industrial townships, the Chennai-Bengaluru Industrial Corridor (CBIC) are all mega projects financed by Japan.
- In FY 2017-2018 India-Japan bilateral trade reached US$ 15.71 billion. Exports from Japan to India during this period were US$ 10.97 billion and imports were US$ 4.74 billion.
- Japanese FDI into India has mainly been in automobile, electrical equipment, telecommunications, chemical and pharmaceutical sectors.