India-Japan hold finance dialogue in New Delhi

Tags: International Relations

India and Japan held a Finance Dialogue on 16 June 2022 in New Delhi to exchange views on the macroeconomic situation, financial system, financial digitization and investment environment in both the countries.

  • Japan's Finance Minister for International Affairs Masato Kanda and Ajay Seth, Secretary, Department of Economic Affairs, Ministry of Finance, held the first India-Japan Finance Dialogue.

  • The Japanese delegation included representatives from the Ministry of Finance, the Financial Services Agency and financial institutions.

  • On the Indian side, representatives from the Ministry of Finance, Reserve Bank of India, Insurance Regulatory and Development Authority of India, Securities and Exchange Board of India and financial institutions participated in the discussion.

  • Participants confirmed that the two sides will continue to work closely together as they preside over the G20 and G7 next year.

  • The two sides agreed to continue discussions to promote financial cooperation and strengthen bilateral ties, and agreed to agree on the possibility of holding the next round of talks in Tokyo.

  • Importance of Japan for India 

  • Japan is the fifth largest source of Foreign Direct Investment (FDI) in India after Singapore, USA, Mauritius, Netherlands (April 2014 to August 2021). 

  • It has invested $36.2 billion in India since 2000.

  • Japan is the largest provider of assistance to India amongst all countries.

  • There are 1,455 Japanese companies in India. Eleven Japan Industrial Townships (JIT) have been established, with Neemrana in Rajasthan and Sri City in Andhra Pradesh having the maximum number of companies.

  • Japan is helping in setting up a High Speed Rail corridor between Mumbai and Ahmedabad.

  • Important fact about Japan 

  • Japan is also called as Nihon or Nippon

  • It is an archipelago in the western pacific ocean in East Asia.

  • It is composed of four main islands Hokkaido, Honshu, Shikoku, and Kyushu. Honshu is the largest island of Japan.

  • It is separated from the Asian mainland by the Sea of Japan.

  • Its highest mountain is Mount Fuji.

  • It is the third largest economy in the world after the United States and China.

  • It is the only country in the world where atom bomb was dropped. In 1945 the U.S. dropped atomic bomb on Hiroshima on 6 August (bomb name Little Boy) and Nagasaki on 9 August (Bomb name Fat Man).

  • The capital of Japan : Tokyo 

  • Currency of Japan : Yen

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