The finance ministry on Tuesday announced that the Japanese government has pledged a loan of 232.209 billion yen, about Rs 12,800 crore, for nine crucial projects across various sectors in India. These projects encompass a wide range of initiatives aimed at fostering development and addressing key challenges in different regions of India.
Notable among them are the North East Road Network Connectivity project, the Project for Promoting Start-up and Innovation in Telangana, and the Project for the Construction of Chennai Peripheral Ring Road. Additionally, initiatives for promoting sustainable horticulture in Haryana and enhancing climate change response and ecosystem services in Rajasthan are also part of this collaboration.
According to the finance ministry’s statement, the road network connectivity projects are geared towards enhancing infrastructure in India’s north-eastern region, while the Chennai peripheral ring road project intends to mitigate traffic congestion and bolster connectivity in the southern part of the state.
The agreement sealing this partnership was formally signed between Vikas Sheel, additional secretary of the Department of Economic Affairs, and Suzuki Hiroshi, the ambassador of Japan to India.
Commenting on the significance of these projects, the statement highlighted their diverse impacts. For instance, the project in Nagaland is expected to uplift medical services by establishing a tertiary level medical college hospital, thereby contributing to universal health coverage. Meanwhile, in Telangana, a unique initiative will focus on nurturing entrepreneurial skills, particularly among women and rural populations, and supporting the expansion of Micro, Small, and Medium Enterprises (MSMEs).
Furthermore, the announcement noted the importance of the fifth tranche of the dedicated freight corridor project, emphasising its role in constructing a modernised dedicated freight railway system. This advancement is poised to facilitate the handling of increased freight traffic and modernise intermodal logistics systems.
The statement also underscored the longstanding and fruitful bilateral cooperation between India and Japan, dating back to 1958. Economic partnership has remained a cornerstone of their relationship, steadily progressing over the years. The exchange of notes for these pivotal projects is anticipated to further bolster the strategic and global partnership between the two nations.