Japanese Banks Strengthen Their Role in India's Economy
Engagement Between Japan and India
New Delhi, Aug 1: Japanese Ambassador to India, Ono Keiichi, recently shared insights from his meeting with Reserve Bank of India (RBI) Governor Sanjay Malhotra, emphasizing the increasing influence of Japanese banks in India's economic landscape.
In a post on the social media platform X, the ambassador noted that their discussion revolved around the growing investments made by Japanese banks in India and their significant role in bolstering the nation's economic development.
"I was honored to meet with Sanjay Malhotra, the Governor of the Reserve Bank of India. Our conversation was fruitful, focusing on the expansion of Japanese banks' investments in India and their vital contributions to the Indian economy," Keiichi stated on X.
This meeting aligns with the ongoing efforts of India and Japan to enhance their Special Strategic and Global Partnership, particularly in areas of trade, investment, and financial collaboration.
In recent years, Japanese financial institutions have broadened their presence in India, actively participating in infrastructure projects, industrial advancements, and business partnerships.
Previously, high-ranking officials from both countries reaffirmed their commitment to strengthening bilateral relations ahead of Prime Minister Narendra Modi's upcoming visit to Japan later this year.
During a significant dialogue held in the national capital on July 28, Indian Foreign Secretary Vikram Misri and Japan’s Vice-Minister for Foreign Affairs Takehiro Funakoshi agreed to boost cooperation in security, economic matters, and cultural exchanges, while also collaborating within frameworks like the Japan-US-Australia-India partnership to promote a Free and Open Indo-Pacific.
"At the Japan-India Vice-Ministerial Dialogue, both Secretaries confirmed their intent to enhance bilateral relations across various sectors, including security and economy, in anticipation of Prime Minister Modi's visit to Japan this year. They also agreed to further cooperation within the Japan-US-Australia-India framework to achieve a Free and Open Indo-Pacific," stated a release from Japan's Ministry of Foreign Affairs on the evening of July 28.
"In addition to discussing bilateral relations, the two Secretaries exchanged views on regional issues and agreed to maintain close cooperation. During discussions with Mishra, Principal Secretary to the Prime Minister's Office, both sides shared perspectives on bilateral relations," the statement concluded.