PM Narendra Modi makes Japanese part of PMO’s clearance team

Tokyo: Wooing Japanese investors with promise of speedy clearances, Prime Minister Narendra Modi on Monday proposed co-opting two Japanese nominees in a decision-making team under PMO dedicated to facilitate investments. The PM also declared that legislative changes will be brought forward to give effect to “bold” decisions taken by his government to allow 100 per cent foreign direct investment in railways and raising the foreign direct investment cap in defence and insurance sectors.

Accompanied by a high-level business delegation from India, he assured the Japanese businessmen and investors of policy-driven decisions to eliminate delays and invited investment especially in infrastructure and clean energy. Addressing top business leaders of Japan and India at luncheon hosted by Nippon Kiedanren, the Japanese chambers of commerce and industry and Japan-India business cooperation committee, he said good governance is his priority.

He also said single window-clearances is a significant part of it as he realises the importance of easing business, simplifying procedures, quickening processes and using technology. “I understand well the importance of coordination between government and industry,” the Prime Minister said, while noting that he wants to replicate the experiments that he made in his home state of Gujarat at the national level.