Modi, Abe set things rolling for Chennai-B'luru indl corridor

 Prime Minister Narendra Modi and his Japanese counterpart Shinzo Abe on Saturday agreed to start the implementation of the Chennai-Bengaluru Industrial Corridor with New Delhi expecting an investment of $ 5.5 billion from Japan.

Abe also expressed Tokyo’s intention to provide loan under the Official Development Assistance (ODA) of the Japanese government for the peripheral ring road surrounding Bengaluru, in addition to other projects like improvement of road network connectivity in north-east states and horticulture irrigation in Jharkhand.

According to a joint statement issued after the Modi-Abe meeting, the two prime ministers welcomed the progress in the flagship projects such as the Western Dedicated Freight Corridor, and reaffirmed the determination to expedite the Delhi-Mumbai Industrial Corridor projects.

“The two prime ministers further concurred to take the Chennai-Bengaluru Industrial Corridor project to the next stage of concrete implementation, including by utilising ODA loan schemes and other facility measures. The Indian side hoped to attract $5.5 billion of investment and other support,” added the joint statement issued after the India-Japan annual summit.

The joint statement recognised the invaluable role played by Japan’s ODA in broadening, deepening and strengthening bilateral relations with India.

Noting that India was one of the largest recipients of Japan’s ODA, Modi thanked the people of Japan for their contribution to the building of social and physical infrastructure in India that was key to the country’s development and modernisation.

The two sides expressed their expectation that the total commitment of the Japanese ODA yen loan to India in FY 2015 may reach around 400 billion yen, the highest ever provided to India, and concurred to accelerate their respective efforts with a view to achieving this goal.

Modi welcomed the Japanese ODA loans of about 100 billion yen for the metro projects both in Chennai and Ahmedabad.

He also noted ongoing surveys for Japanese assistance for Mumbai Trans Harbour Link and the modernisation of ship recycling yards in Gujarat and an expected survey for the Tuticorin outer harbour.