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India and Japan can collaborate in chips, rare-earth & AI, says RBI chief
There are many collaboration opportunities between India and Japan in semiconductors and resilient supply chains, rare-earths extraction, space technology, artificial intelligence, quantum computing, said RBI Governor Shaktikanta Das in Tokyo. “Our partnership could also be potentially strengthened in the sphere of human resources. I am sure the future offers limitless possibilities to deepen our engagements for the benefit of our people and the entire world,” Das said in his address at the Tokyo chamber of commerce and industry.
India's young population, along with its improving physical and digital infrastructure, has made it the new engine of global growth. Moreover, an enabling policy environment has contributed to its success. In light of this, Japan and India remain natural partners. "We view Japan's 'Economic Miracle' as a valuable learning opportunity as we work towards boosting India's growth trajectory," said Das. He further added that Japan has played a critical role in infrastructure development in India through various public and private sector partnerships.
“To seize the moment, India looks at Japan as a close partner to usher in a new era of growth and prosperity, for both our countries,” he added. The RBI Governor highlighted the strengths of the Indian economy. He mentioned that the country's growth trajectory is on track, while inflation is showing signs of moderation, although it still remains above the target. Moreover, the balance sheets of banks and corporates are in the healthiest state in a long time. With the government's public investment push, the conditions are favourable for a sustained revival in investment.
“Consumer confidence, as evident from our surveys, is on a rising trajectory since the pandemic lows. Our external sector inspires confidence as we are reaping export opportunities in the services sector; our current account deficit remains eminently manageable; and we have bolstered our forex reserves to deal with potential eventualities,” he added.
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