The Exchange of Notes for Rs.130 crore loan was concluded today
1. On the occasion of the 3rd Meeting of Japan-India High Level Policy Consultations on Economic Development, which is led by Mr. Masato Kitera, Director-General, International Cooperation Bureau, Ministry of Foreign Affairs on the Japanese side and Mr. Kumar Sanjay Krishna, Joint Secretary, Department of Economic Affairs, Ministry of Finance, on the Indian side, the Government of Japan today agreed to extend an Official Development Assistance to India, in the form of soft loan equivalent to 2,606 million yen (approximately Rs.130 crore). The exchange of Notes to formalize the agreement to this effect was concluded on October 27th at a ceremony held in the Ministry of Finance in New Delhi. The notes were signed and exchanged between H.E. Mr. Hideaki Domichi, Ambassador of Japan to India and Mr. Kumar Sanjay Krishna, Joint Secretary, Ministry of Finance, Government of India on behalf of their respective Governments.
The new flagship of India-Japan cooperation
2. DFC project envisages a western corridor from Delhi to Mumbai, stretches over 1,400km, to cater for the increasing container transport requirements. The engineering services loan for western DFC (Phase1) was extended for the consulting services of the section between Rewari (Haryana) and Vadodara (Gujarat) and this was the embarkation of the new flagship of India – Japan cooperation.
3. By connecting the raw material production areas with the consumption centers and linking both to major ports, DFC will positively impact overall growth rates and efficiency in the Indian economy. Further, Delhi-Mumbai Industrial Corridor (DMIC) coming up along the western DFC will have a multiplier effect on industrial production, employment generation and development of the region as whole. The Japanese Government hopes that these projects give positive impacts on Indian economy.
