India and Japan sign a loan agreement for development project in West Bengal.

India and Japan sign a loan agreement for a development project in West Bengal.

November 4, 2018.

India and Japan signed a Loan Agreement for a development project worth Rs. 1817 crore for construction of Turga Pumped Storage (I)’ Hydel Project. When this project will be completed, it will contribute to the improvement of industrial development and living standards in the West Bengal.

A Loan Agreement for a development project was signed here today between Shri C.S. Mohapatra, Additional Secretary, Department of Economic Affairs (DEA), Ministry of Finance, Government of India and Mr. Katsuo Matsumoto, Chief Representative of Japan International Cooperation Agency (JICA).

The aim of this Project is to strengthen the capability to respond to the fluctuation in supply and demand It also seeks to improve the stability of the power supply by constructing the pumped storage facilities, thereby contributing to the Industrial Development and Living Standard Improvement in the State of West Bengal.

India and Japan have had a long and fruitful history of bilateral development cooperation since 1958 and recently on October 28, 29 Prime Minister Narendra Modi visited Japan. PM Modi and his Japenese counterpart Shinzo Abe held delegation-level talks during which the two leaders discussed a range of bilateral, regional, and global issues including the situation in the indo-pacific region.

Earlier on October 29, PM Modi had engaged in talks with delegates, even addressed the Indian diaspora and presented a pitch for the ‘Make in India’ campaign which was launched in 2014 with the motive of refurbishing India into a global manufacturing hub. the visit to Japan has reflected a deepening of the bond between the two Asian countries that also encapsulated ideas and elements ranging from infrastructural development and telecommunications to space science and sports.

In the last decade, the economic cooperation between India and Japan has continuously progressed. Furthermore, it consolidates and strengthens the Strategic and Global Partnership between India and Japan.

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