India and Japan ink pacts on bullet train, N-energy

India and Japan on Friday inked a number of bilateral agreements in key areas of defence and nuclear energy and building of first bullet train network between Mumbai- Ahmedabad at a cost of about Rs 98,000 crore.

Japanese Prime Minister Shinzo Abe, who is on a three-day official visit to India, said: "We have taken our relationship to a new level."

Praising Modi's reforms programme, Japanese Prime Minister Shinzo Abe said, "Prime Minister Modi's speed of implementing policies and reforms is like Shinkansen (bullet train) and his reform agenda is as safe as Shinkansen."

Abe also said that India has become a very attractive investment destination for Japan.

PM Narendra Modi said recent economic indicators in both India and Japan were extremely encouraging, especially in the light of the global economic slowdown.

Here are the key developments of his visit:

1. PM Narendra Modi and his Japanese counterpart Shinzo Abe inked a pact to build first bullet train network in India. Japan gave a highly concessional loan with repayment period of 50 years and 15 year moratorium. It has an interest rate of 0.1 per cent. The high speed rail will be built using Japan's Shinkansen technology.

2. The two countries also inked two deals on security operations to deepen defence relations and for defence manufacturing. The two agreements were - concerning the Transfer of Defence Equipment and Technology and related to Security Measures for Protection of Classified Military Information.

Terming defence pacts as "decisive steps in our security cooperation", PM Modi said they will deepen the defence relations and promote defence manufacturing in India.

3. PM Narendra Modi and his Japanese counterpart Shinzo Abe also inked an MoU with Japan on civil nuclear energy and announced that the deal was not just about commerce and clean energy but also a sign of mutual confidence and partnership for a secure world.

The two leaders also issued a joint statement on 'India and Japan Vision 2025: Special Strategic and Global Partnership Working Together for Peace and Prosperity of the Indo-Pacific Region and the World'.

4. PM Modi also announced visa on arrival for Japanese nationals from March 1, 2016. Modi said that the Visa on Arrival is beyond the Electronic Tourist Visa (ETV) that the country has extended to visitors from 113 countries.

5. The two leaders also met a group of top business leaders from both countries at the India-Japan Business Leaders Forum, in New Delhi.

6. The two leaders are scheduled to leave for Varanasi, PM Modi's Lok Sabha constituency, where they will attend Ganga aarti at the famous Dasaswamedh Ghat.

(With inputs from agencies)