In a significant development, the Japanese Government has committed a substantial loan amounting to 232.209 billion yen (approximately Rs 12,800 crore) for nine projects spanning various sectors in Bharat, announced the Finance Ministry on Tuesday.
Among these projects are initiatives such as enhancing Northeast road network connectivity, promoting start-up and innovation in Telangana, constructing the Chennai peripheral ring road, fostering sustainable horticulture in Haryana, and addressing climate change response and ecosystem services enhancement in Rajasthan.
According to the Finance Ministry’s statement, the road network connectivity projects aim to strengthen infrastructure development in Bharat’s Northeast region, while the Chennai peripheral ring road project seeks to mitigate traffic congestion and boost connectivity in the Southern part of the State.
The agreement was signed between Economic Affairs department Additional Secretary Vikas Sheel and Japanese Ambassador to Bharat Suzuki Hiroshi.
Highlighting the impact of these projects, the statement outlined their diverse benefits. For instance, the project in Nagaland aims to enhance tertiary-level medical services by establishing a medical college hospital, thereby contributing to universal health coverage. Additionally, a unique project in Telangana focuses on nurturing entrepreneurial skills, particularly among women and rural populations, and supporting the expansion of Micro, Small, and Medium Enterprises-MSMEs.
Furthermore, the fifth tranche of the dedicated freight corridor project is expected to facilitate the construction of a new dedicated freight railway system, modernising intermodal logistics systems to accommodate increased freight traffic.
Bharat and Japan share a longstanding and fruitful history of bilateral development cooperation dating back to 1958. The economic partnership has witnessed steady progress in recent years, with these latest projects further deepening the strategic and global partnership between Bharat and Japan.
