India, which has allowed foreign investments in most sectors under the automatic route, is one of the most open economies in the world, Guruprasad Mohapatra, Secretary, Department for Promotion of Industry and Internal Trade (DPIIT) said at a Ficci event.

Addressing the ‘44th India-Japan Business Cooperation Committee Meeting’ (IJBCC) Mohapatra said India and Japan will be the most preferred strategic partners in the days to come. “The partnership between India and Japan very strongly indicate the foundation of professional, political, economic and common strategic interest, has made the foundation stronger,” he said.

Mohapatra stated that Prime Minister Narendra Modi’s Aatmanirbhar Bharat campaign envisages a self-reliant and resilient India, which is globally integrated with major economic partners around the world to maintain a very smooth and cost-effective global supply chain.

He further said that Japan has also been regarded as a key partner in India’s economic transformation and today it stands to be one of the key investors in India (third largest FDI) with a cumulative investment of more than $ 30 billion, which represents 7.05 per cent of the cumulative inflows received till date.

Elaborating on the production linked incentive (PLI) scheme in 13 key sectors Mohapatra said, DPIIT and the ministry of external affairs (MEA) are closely working with the missions abroad to ensure that investments coming to India are hassle-free. The government is also coming out with a single-window system from 15 April.

“It will enhance India’s manufacturing capabilities and exports and we look forward to Japan participating in the PLI scheme in India,” he said.