Union Minister for Steel and Mines Jyotiraditya Scindia said on Thursday that Japan is keen to make investments worth 5 trillion yen (about Rs 2.95 trillion) in India across various sectors.

Scindia made the announcement after a meeting with a Japanese delegation led by Minister of Economy, Trade and Industry of Japan, Nishimura Yasutoshi, in New Delhi.

The two sides discussed the potential for cooperation in the steel, electronics, and automobile sectors, as well as the development of smart cities and renewable energy.

Scindia said that the Indian government is committed to providing a favorable investment climate for Japanese companies. He also highlighted the opportunities that India offers in terms of its large market, skilled workforce, and strategic location.

The Japanese delegation expressed interest in investing in the development of smart cities, renewable energy, and the electronics sector. They also expressed interest in collaborating with Indian companies in the steel sector.

The two sides agreed to work together to identify specific projects for investment and to facilitate the process of investment approvals.

The announcement of Japan’s investment plans is a significant boost for India’s economy. It is also a sign of the growing economic ties between the two countries.