Japan commits 232.209 bn yen for 9 projects in various sectors in India

New Delhi: The finance ministry on Tuesday said that the Japanese government has committed a loan of 232.209 billion yen (about Rs 12,800 crore) for nine projects related to various sectors in India.

The projects included North East Road Network Connectivity, Project for Promoting Start-up and Innovation in Telangana, Project for the Construction of Chennai Peripheral Ring Road, Project for Promoting Sustainable Horticulture in Haryana and Project for Climate Change Response and Ecosystem Services Enhancement in Rajasthan.

The road network connectivity projects aim to improve infrastructure development in India's north-east region, while the Chennai peripheral ring road project aims to alleviate traffic congestion and strengthen connections to the southern part of the state, the finance ministry said in a statement.

The agreement to this effect was signed between Vikas Sheel, Additional Secretary, Department of Economic Affairs, and Suzuki Hiroshi, Ambassador of Japan to India.

"The project in Nagaland will help develop tertiary level medical service delivery by developing a medical college hospital contributing towards universal health coverage. A unique project in Telangana will help discover entrepreneurial skills with a focus on women and rural population and support business expansion of MSMEs," it said.

The fifth tranche of the dedicated freight corridor project will help in the construction of a new dedicated freight railway system and bring about the modernisation of the intermodal logistics system enabling the handling of increased freight traffic, it said.

India and Japan have had a long and fruitful history of bilateral development cooperation since 1958, it said.

Economic partnership, a key pillar of India-Japan relations, has steadily progressed in the last few years, it said, adding, that the exchange of notes for these important projects will further strengthen the strategic and global partnership between India and Japan.