Memorandum Of Understanding Mou Memorandum Of Understanding Pay Equity Office: Fill & Download for Free

IntroductionAs per the Reserve Bank of India (RBI), India’s banking sector is sufficiently capitalised and well-regulated. The financial and economic conditions in the country are far superior to any other country in the world. Credit, market and liquidity risk studies suggest that Indian banks are generally resilient and have withstood the global downturn well.Indian banking industry is expected to witness the roll out of innovative banking models like payments and small finance banks. 11 payment banks are expected to be launched in 2016 and 2017. Separately about 10 small finance banks are also expected to be launched. RBI’s new measures may go a long way in helping the restructuring of the domestic banking industry.Market SizeThe Indian banking system consists of 26 public sector banks, 25 private sector banks, 43 foreign banks, 56 regional rural banks, 1,589 urban cooperative banks and 93,550 rural cooperative banks, in addition to cooperative credit institutions. Public-sector banks control nearly 80 percent of the market, thereby leaving comparatively much smaller shares for its private peers.Standard & Poor’s estimates that credit growth in India’s banking sector would improve to 12-13 per cent in FY16 from less than 10 per cent in the second half of CY14.Investments/developmentsKey investments and developments in India’s banking industry include:FreeCharge, the wallet company owned by online retailer Snapdeal, has partnered with Yes Bank and MasterCard to launch FreeCharge Go, a virtual card that allows users to pay for goods and services at online shops and offline retailers.Exim Bank of India and the Government of Andhra Pradesh has signed a Memorandum of Understanding (MoU) to promote exports in the state.Kotak Mahindra Bank Limited has bought 19.9 per cent stake in Airtel M Commerce Services Limited (AMSL) for Rs 98.38 crore (US$ 14.43 million) to set up a payments bank. AMSL provides semi-closed prepaid instrument and offers services under the ‘Airtel Money’ brand name.Ujjivan Financial Services Ltd, a microfinance services company, has raised Rs 312.4 crore (US$ 45.84 million) in a private placement from 33 domestic investors including mutual funds, insurance firms, family offices and High Net Worth Individuals (HNIs)).India's largest public sector bank, State Bank of India (SBI), has opened its first branch dedicated to serving start-up companies, in Bengaluru.Global rating agency Moody's has upgraded its outlook for the Indian banking system to stable from negative based on its assessment of five drivers including improvement in operating environment and stable asset risk and capital scenario.Lok Capital, a private equity investor backed by US-based non-profit organisation Rockefeller Foundation, plans to invest up to US$ 15 million in two proposed small finance banks in India over the next one year.The Reserve Bank of India (RBI) has granted in-principle licences to 10 applicants to open small finance banks, which will help expanding access to financial services in rural and semi-urban areas.IDFC Bank has become the latest new bank to start operations with 23 branches, including 15 branches in rural areas of Madhya Pradesh.The RBI has given in-principle approval to 11 applicants to establish payment banks. These banks can accept deposits and remittances, but are not allowed to extend any loans.The Bank of Tokyo-Mitsubishi (BTMU), a Japanese financial services group, aims to double its branch count in India to 10 over the next three years and also target a 10 per cent credit growth during FY16.The RBI has allowed third-party white label automated teller machines (ATM) to accept international cards, including international prepaid cards, and said white label ATMs can now tie up with any commercial bank for cash supply.The RBI has allowed Indian alternative investment funds (AIFs), to invest abroad, in order to increase the investment opportunities for these funds.RBL Bank informed that it would be the anchor investor in Trifecta Capital’s Venture Debt Fund, the first alternative investment fund (AIF) in India with a commitment of Rs 50 crore (US$ 7.34 million). This move provides RBL Bank the opportunity to support the emerging venture debt market in India.Bandhan Financial Services raised Rs 1,600 crore (US$ 234.8 million) from two international institutional investors to help convert its microfinance business into a full service bank. Bandhan, one of the two entities to get a banking licence along with IDFC, launched its banking operations in August 2015.Government InitiativesThe government and the regulator have undertaken several measures to strengthen the Indian banking sector.The Reserve Bank of India (RBI) has allowed additional reserves to be part of tier-1 or core capital of banks, such as revaluation reserves linked to property holdings, foreign currency translation reserves and deferred tax assets, which is expected to shore up the capital of state-run banks and privately owned banks by up to Rs 35,000 crore (US$ 5.14 billion) and Rs 5,000 crore (US$ 734 million) respectively.Scheduled commercial banks can grant non-fund based facilities including partial credit enhancement (PEC), to those customers, who do not avail any fund based facility from any bank in India.Ministry of Finance has planned to inject Rs 5,000 crore (US$ 734 million) in eight public sector banks in order to boost their capital,To reduce the burden of loan repayment on farmers, a provision of Rs 15,000 crore (US$ 2.2 billion) has been made in the Union Budget 2016-17 towards interest subvention.Under Pradhan Mantri Jan DhanYojna (PMJDY), 210 million accounts! have been opened and 174.6 million RuPay debit cards have been issued. These new accounts have mustered deposits worth Rs 33,704 crore (US$ 4.95 billion).The Government of India is looking to set up a special fund, as a part of National Investment and Infrastructure Fund (NIIF), to deal with stressed assets of banks. The special fund will potentially take over assets which are viable but don’t have additional fresh equity from promoters coming in to complete the project.The Reserve Bank of India (RBI) plans to soon come out with guidelines, such as common risk-based know-your-customer (KYC) norms, to reinforce protection for consumers, especially since a large number of Indians have now been financially included post the government’s massive drive to open a bank account for each household.To provide relief to the state electricity distribution companies, Government of India has proposed to their lenders that 75 per cent of their loans be converted to state government bonds in two phases by March 2017. This will help several banks, especially public sector banks, to offload credit to state electricity distribution companies from their loan book, thereby improving their asset quality.Government of India aims to extend insurance, pension and credit facilities to those excluded from these benefits under the Pradhan Mantri Jan DhanYojana (PMJDY).To facilitate an easy access to finance by Micro and Small Enterprises (MSEs), the Government/RBI has launched Credit Guarantee Fund Scheme to provide guarantee cover for collateral free credit facilities extended to MSEs upto Rs 1 Crore (US$ 0.15 million). Moreover, Micro Units Development & Refinance Agency (MUDRA) Ltd. was also established to refinance all Micro-finance Institutions (MFIs), which are in the business of lending to micro / small business entities engaged in manufacturing, trading and services activities upto Rs 10 lakh (US$ 0.015 million).Road AheadThe Indian economy is on the brink of a major transformation, with several policy initiatives set to be implemented shortly. Positive business sentiments, improved consumer confidence and more controlled inflation are likely to prop-up the country’s the economic growth. Enhanced spending on infrastructure, speedy implementation of projects and continuation of reforms are expected to provide further impetus to growth. All these factors suggest that India’s banking sector is also poised for robust growth as the rapidly growing business would turn to banks for their credit needs.Also, the advancements in technology have brought the mobile and internet banking services to the fore. The banking sector is laying greater emphasis on providing improved services to their clients and also upgrading their technology infrastructure, in order to enhance the customer’s overall experience as well as give banks a competitive edge.Many banks, including HDFC, ICICI and AXIS are exploring the option to launch contact-less credit and debit cards in the market shortly. The cards, which use near field communication (NFC) mechanism, will allow customers to transact without having to insert or swipe.Exchange Rate Used: INR 1 = US$ 0.0147 as on March 01, 2016References: Media Reports, Press releases, Reserve Bank of India, Press Information Bureau, www.pmjdy.gov.in, Union Budget 2016-17

These include:MoUs/Agreements between INDIA and USAIndia and UK have agreed to an overarching cyber-relationship framework that among others enables the development of a common and shared understanding of international cyber activity; discuss and share strategies to promote user confidence in the security of ICT products and services; promote cyber security product development; and share information relating R&D etc.On rejuvenation of River Ganga, a MoU has been signed between National Mission for Clean Ganga (NMCG) and Natural Environmental Research Council (NERC), UK. The MoU will enable the United Kingdom to support Government of India in sustainable management of water resources in the Ganga Basin through collaborative programmes of research and innovation and exchange of policy experts with the support of UK Water Partnership.The MoU on Skill Development, Vocational education and Training between the two governments seeks to promote greater collaboration in domains such as strengthening skill delivery in high demand sectors where UK has technical and skilling expertise, capacity building of institutions by facilitating the links between UK and Indian corporates and institutions, technical assistance for apprenticeships, quality assessment and certification.In the area of regulation of safe nuclear energy use for peaceful purposes, an arrangement has been arrived at between Atomic Energy Regulatory Board of India (AERB) and the Office for Nuclear Regulation of Great Britain (ONR). The arrangement among others will facilitate exchange of safety-related information concerning the regulation of siting, construction, commissioning, operation, radioactive waste management, decommissioning of civil nuclear installations, and preparedness and management of nuclear and radiological emergencies.A Statement of Intent between NITI Aayog and UK’s Department of Business, Energy and Industrial Strategy (BEIS) has been signed which will enable the two sides to explore potential for regular engagement on technology co-operation in areas such as electric vehicles, AI, FinTech, and advanced manufacturing, as well as utilizing AI, big data and analytics capability for evidence based policy making.The MoU on cooperation in the field of Animal Husbandry, Dairying and Fisheries Sectors seeks to strengthen collaboration in livestock health and husbandry, breeding, dairying and fisheries, sanitary issues, exchange of scientific personnel, promotion of agro-forestry for planting fodder tree species, bulk transportation of fodder to deficit areas etc.Recognising the increased threat posed by international criminality because of its increasingly complex nature and the threat posed by organised crime, a MoU on Exchange of Information for the Purposes of Combating International Criminality and Tackling Serious Organised Crime has been signed. The MoU will allow the two parties to establish a mechanism for the exchange of information, which will include criminal records, immigration records and intelligence.An Addendum covering research in humanities and social sciences has been added to the 2004 Newton-BhabhaMoU, which supports research and innovation capacities of both sides for long-term sustainable growth. With this addendum, the collaboration will now also extend to Humanities and Social Sciences.The UK has announced setting up a Fast Track Mechanism to identify and resolve specific issues faced by Indian companies who are either in the UK or looking to establish operations in the UK.The All India Institute of Ayurveda (AIIA), an autonomous organization under the Ministry of Ayush in collaboration with the College of Medicine will set up a Centre of Excellence in Ayurveda and traditional Indian medicine. A MoU between the two institutions has been signed which will enable among others the development of evidence-based guidelines for integrating Ayurvedic principles and practices with modern medicine, and develop Ayurvedic medical education guidelines for Ayurveda education in the UK.India-UK Tech initiatives:UK – India Tech Alliance: NASSCOM and techUK have set up the UK – India Tech Alliance, which will facilitate collaboration on building future skills in new technologies by nurturing a solid skills base in the UK and India, with the support of both the governments. The Alliance will be composed of high-level stakeholders from the technology industry in the United Kingdom and India. The Alliance will assist the governments of UK and India to develop policy in relevant areas by providing a forum for regular dialogue and the exchange of ideas, discuss concerns pertaining to the growth of the sector including, but not limited to skills, new technologies and migration.Technology Summit II: The UK and India announced the Technology Summit II, which will be held in autumn 2018.The Summit will bring together the greatest UK and Indian tech innovators, scientists, entrepreneurs and policy makers to work together to scope and design solutions to challenges including the governance of future tech.AI and Digital Healthcare: The UK and India announced that as partners in the next generation of healthcare, theywill collaborate on digital health pilots in India’s Aspirational Health Districts by applying UK evidence-based healthcare AI and technology to strengthen healthcare delivery. These pilots will be carried out in the areas of self-care, primary, secondary and tertiary care, including eye care, diabetes and cancer.UK tech-initiatives in India:UK-India Tech Hub: The UK announced the creation of a UK-India Tech Hub. Based in the British High Commission in New Delhi the Tech Hub will include a network of people and programmes designed to facilitate ideas, investment and prosperity for India and the UK. It will focus on the fastest growing sectors, including: cybersecurity, AI/data, future mobility, digital manufacturing, healthcare, electric vehicles and digital identity.UK-India Tech Cluster Partnerships: The Tech Cluster partnerships will link world-leading centres of excellence; enable shared innovation and technology exchange; create landing pads for Indian companies in the UK and UK companies in India to drive investment and trade and create high value jobs and build UK and Indian productivity.Advanced Manufacturing Centre: The UK announcedthe potential establishment of an Advanced Manufacturing Centre. Such a centre would support respective industrial strategies and in turn drive growth and jobs in both countries.FinTechRocketship Awards: The UK announced the launch of the FinTechRocketship Awards, a unique, first-of-its-kind FinTech mentoring programme, led by India and the UK’s top FinTech mentors. In the first year, at least 20 FinTech entrepreneurs from each country will be given the opportunity to experience respective ecosystems and pitch for investment.Trade, Investment and FinanceGreen Growth Equity Fund (GGEF): The UK and India launched the fund that will leverage City finance to invest in India’s growth, announcing Eversource Capital, a joint venture between Lightsource BP and Everstone Group, as the Green Growth Equity Fund Manager. An initial investment of £240m from both governments will catalyse additional City finance for green projects in India and UK companies will be able to bid for infrastructure projects financed by the Fund. The Fund will invest in renewable energy, clean transportation, water and waste management in India as part of India’s flagship National Investment and Infrastructure Fund (NIIF). UK and India contributions are investments that will generate returns for each country.UK-India Dialogue on Investment: The UK and India announced a Dialogue on Investment to improve our mutual understanding of priorities and review future opportunities for cooperationSector targeting roadmap: The UK and India have agreed to work together on a sector-based roadmap to address trade barriers in life sciences, food and drink and IT sectors.UK-India multilateral trade dialogue: The UK and India will take forward a dialogue under the Joint Working Group on Trade, which will support a shared commitment to the global rules-based system and to the WTO’s role in underpinning it.Fast Track Mechanism: TheUK and India announced a mechanism to support Indian investments into the UK.Commitment to transition EU-India Third Country Agreements: The UK and India announced that this commitment willensure continued application to the UK of EU-India Agreements during the Implementation Period following the UK’s departure from the EU, and put in place arrangements to replicate relevant EU-India agreements beyond this period.UK-India Fintech Dialogue: The two sides decided on the establishment of a FinTech dialogue to discuss further opportunities for financial services collaboration, including policy coordination.Global Force for GoodInternational Solar Alliance: The UK signed the Framework Agreement of the International Solar Alliance and became the 62nd signatory member country. The UK also expressed its commitment to the continued advocacy of ISAs aims and objectives.Research and Development: The UK and India will continue their world-leading research relationship, generating new knowledge and innovations that feed the world’s hungry (high yield crops), protect our environment (clean energy), save lives (advanced healthcare) and drive economic inclusion (digital services)Toward a Free, Open and Prosperous Indo-Pacific INDIA and JAPANH.E. Shinzo Abe, Prime Minister of Japan is paying an official visit to India from 13 September to 14 September, 2017 at the invitation of H.E. Narendra Modi, Prime Minister of India. On 14 September, the two Prime Ministers held strategic discussions on a wide range of issues under the Special Strategic and Global Partnership between the two countries.The two Prime Ministers welcomed significant deepening of bilateral relations in the past three years and the growing convergence in the political, economic and strategic interests, based on the firm foundation of common values and traditions, as well as on an emerging consensus on contemporary issues of peace, security and development. They decided to work together to elevate their partnership to the next level to advance common strategic objectives at a time when the global community is faced with new challenges.The two Prime Ministers affirmed strong commitment to their values-based partnership in achieving a free, open and prosperous Indo-Pacific region where sovereignty and international law are respected, and differences are resolved through dialogue, and where all countries, large or small, enjoy freedom of navigation and overflight, sustainable development, and a free, fair, and open trade and investment system.The two Prime Ministers underlined that India and Japan could play a central role in safeguarding and strengthening such a rules-based order. To this end, they pledged to reinforce their efforts to:- align Japan’s Free and Open Indo-Pacific Strategy with India’s Act East Policy, including through enhancing maritime security cooperation, improving connectivity in the wider Indo-Pacific region, strengthening cooperation with ASEAN, and promoting discussions between strategists and experts of the two countries;- enhance defence and security cooperation and dialogues, including the MALABAR and other joint exercises, defence equipment and technology cooperation in such areas as surveillance and unmanned system technologies, and defence industry cooperation.- ensure partnerships for prosperity through the India-Japan Investment Promotion Partnership, speedy implementation of key infrastructure projects including the Mumbai Ahmedabad High Speed Railway (MAHSR), and advancing cooperation in the fields of energy, smart cities, information and communication technology, space, science and technology, bio-technology, pharmaceuticals and health.- strengthen people-to-people and cultural ties through enhanced Japanese language teaching in India and collaboration in the fields of tourism, civil aviation, higher education, women’s education, skills development and sports;- work together on global challenges such as proliferation of Weapons of Mass Destruction (WMDs), terrorism, space and cyber security, United Nations Security Council (UNSC) reform, climate change and environment;- strengthen trilateral cooperation frameworks with the United States, Australia and other countries.Reinforcing Defence and Security CooperationThe two Prime Ministers emphasised the significance of defence and security cooperation in enhancing the strategic partnership between the two countries. In this context, they welcomed the regular and institutionalised engagement through the annual Defence Ministerial Dialogue, the National Security Advisers' dialogue, the "2+2” Dialogue, the Defence Policy Dialogue and Service-to-Service staff talks.The two Prime Ministers commended the significant progress achieved in maritime security cooperation evidenced by the expansion in scale and complexity of the MALABAR Exercise in the Bay of Bengal in July 2017 (MALABAR-17). They noted the ongoing close cooperation between the Indian Navy and Japan Maritime Self-Defence Force (JMSDF) in various specialised areas of mutual interest, including anti-submarine aspects. They also acknowledged the importance of bilateral cooperation in maritime security by strengthening and enhancing exchanges in expanding maritime domain awareness (MDA) in the Indo-Pacific region.The two Prime Ministers shared the intention to expand joint exercises and cooperation in such areas as humanitarian assistance and disaster relief (HA/DR), peacekeeping operations(PKOs), counter-terrorism including the possibility of joint field exercises between Indian Army and Japan’s Ground Self-Defence Force (JGSDF) in 2018, and reciprocal visits by air assets to each other’s country. They welcomed significant development in the long-standing partnership between the two Coast Guards, including the 16th High Level Meeting and the joint exercise in Yokohama in January 2017 between the two coast guards.The two Prime Ministers noted recent progress in bilateral cooperation on defence equipment and technology, including the commencement of the technical discussion for the future research collaboration in the area of Unmanned Ground Vehicles and Robotics. Japan’s readiness to provide its state-of-the-art US-2 amphibian aircraft was appreciated as symbolising the high degree of trust between the two countries. The two governments decided to continue their discussions in this regard.The two Prime Ministers welcomed the recently held annual Defence Ministerial Dialogue and the first Defence Industry Forum in Tokyo on 5 September, which was addressed by the two Defence Ministers as well as the discussions covering other promising initiatives in defence industry cooperation. They recognised the importance of enhancing interactions between governments and defence industries of the two countries in order to encourage equipment collaboration including defence and dual-use technologies.The two Prime Ministers welcomed the holding of the Second India-Japan Cyber Dialogue in New Delhi on 17 August this year and reaffirmed their commitment to an open, free, secure, stable, peaceful and accessible cyberspace, enabling economic growth and innovation as well as mutual cooperation in this regard.Working Together for a Better Connected WorldThe two Prime Ministers expressed their strong commitment to work together to enhance connectivity in India and with other countries in the Indo-Pacific region including Africa. They welcomed the deepening of their connectivity dialogue aimed at achieving concrete progress, and decided to further accelerate such an initiative.The two Prime Ministers also underlined the importance of all countries ensuring the development and use of connectivity infrastructure in an open, transparent and non-exclusive manner based on international standards and responsible debt financing practices, while ensuring respect for sovereignty and territorial integrity, the rule of law, and the environment. They also reaffirmed the importance of "quality infrastructure” which, among others ensures alignment with local economic and development strategies, safety, resilience, social and environmental impacts, and job creation as well as capacity building for the local communities.The two Prime Ministers welcomed the efforts to explore the development of industrial corridors and industrial network for the growth of Asia and Africa, which will benefit various stakeholders in the Indo-Pacific region including Africa. They shared the desire to further promote cooperation and collaboration in Africa in line with the priority measures identified through the India-Japan dialogue on Africa and the processes of the India Africa Forum Summit (IAFS) and Tokyo International Conference on African Development (TICAD).The two Prime Ministers welcomed the India-Japan cooperation on development of India’s North Eastern Region (NER) as a concrete symbol of developing synergies between India’s Act East policy and Japan’s Free and Open Indo Pacific Strategy. In this context, they noted with satisfaction the setting up of the India-Japan Act East Forum. They appreciated the cooperation between Japan and North Eastern Region of India, ranging from key infrastructure such as road connectivity, electricity, water supply and sewage, to social and environmental sustainability such as afforestation and community empowerment, as well as people-to-people exchanges including the "IRIS Program” inviting youth from the NER to Japan.The two Prime Ministers also stressed the importance of the development of the smart islands to enhance regional connectivity and decided to further accelerate consultations to identify technologies, infrastructure and development strategies for the purpose.Partnership for prosperityThe two Prime Ministers welcomed the commencement of the project on the ground at the Sabarmati Station for the Mumbai-Ahmedabad High Speed Rail (MAHSR), which will be an important symbol of a new era marked by the 75th Anniversary of India’s Independence. Expressing satisfaction at the steady progress, they directed their teams to multiply their efforts for achieving the target scheduleThe two Prime Ministers welcomed the exchange of notes for 100 billion yen as the first ODA loan for the MAHSR project. They also witnessed commencement of the construction of the HSR training institute in Vadodara. They appreciated the commencement of the JICA technical cooperation program for the capacity development of the National High Speed Rail Corporation.The two Prime Ministers committed to advancing "Make in India” and transfer of technology in HSR projects, and expressed optimism in this direction. They welcomed the series of business matching efforts to establish India-Japan cooperation, such as the prospective technology collaboration between Kawasaki and BHEL. Both sides will explore further strengthening of partnership in high speed railways. They also recognised that there is potential for further collaboration between India and Japan in the modernisation and expansion of the conventional railway system and the construction of metro rails in India. They also highlighted the importance of the safety of conventional railways, and appreciated the commencement of the JICA technical cooperation program by the dispatch of railways safety experts of Japan in August 2017,followed by a railway safety seminar and other programs.Prime Minister Modi updated Prime Minister Abe about his Government’s efforts for the country’s economic and social development. Prime Minister Abe reiterated Japan’s strong support for the initiatives such as "Make in India”, "Digital India”, "Skill India”, "Smart City”, "Clean India,” and "Start-Up India”. Prime Minister Abe highly appreciated Prime Minister Modi’s economic reforms, especially the historic introduction of the Goods and Services Tax (GST), which facilitates ease of doing business and promotes market integration in India by realising a simple, efficient and nation-wide indirect tax system.The two Prime Ministers welcomed the expansion of Japan’s Foreign Direct Investment in India under the "India-Japan Investment Promotion Partnership”, committed to by both sides in 2014. They shared the view that the India-Japan Roadmap for Investment Promotion will provide greater impetus to "Make in India” through investment promotion activities, expanding the scope of professional services and assistance provided by JETRO to Japanese Small and Medium-sized Enterprises (SMEs) operating in India, Review Mechanisms for Issue Resolution and Approvals, Single Window Clearance Procedures, Japan Industrial Townships and infrastructure development. Prime Minister Abe expressed appreciation for the facilitation provided by "Japan Plus”, and the coordination by the Core Group. They also welcomed the progress in the projects of the Western Dedicated Freight Corridor (DFC), through JICA, the Delhi-Mumbai Industrial Corridor (DMIC) including the DMIC Logistic Data Bank Project and expressed expectations of promoting industrial investment in DMIC cities. They welcomed the signing of "the Joint Statement on the Development of the New Capital City and Industrial Cooperation in Andhra Pradesh”. They also welcomed Japanese cooperation for smart city projects in Ahmedabad, Chennai as well as Varanasi.The two Prime Ministers welcomed the signing of the Memorandum of Cooperation on the joint development of the "Japan and India Special Program for Make in India” in Mandal-Becharaj-Khoraj, Gujarat, as a regional development project driven by manufacturing cluster, and the plan to establish a JETRO’s Business Support Centre in its Ahmedabad office to promote Japanese SMEs investment in Gujarat.The two Prime Ministers welcomed the start of the first four Japan-India Institutes for Manufacturing (JIMs) in the States of Gujarat, Karnataka, Rajasthan and Tamil Nadu in 2017,under the Manufacturing Skill Transfer Promotion Program, and looked forward to more JIMs. They also welcomed the commencement of the first Japanese Endowed Courses (JEC) in Andhra Pradesh from September 2017. They strongly hoped that this program will introduce Japanese manufacturing practices and accelerate training of future shop floor leaders and engineers.The two Prime Ministers expressed the confidence that synergy between Japan’s advanced technology and India’s rich human resources can transform both countries into new centres of production in the global industrial network. They underscored the potential to further cooperate in human resources development and exchanges, including through utilising such frameworks as Japan’s "Innovative Asia” initiative and the Technical Intern Training Program(TITP).The two Prime Ministers noted with satisfaction the significant contribution of Japan’s ODA to the socio-economic development of India, especially the historically highest ever amount of ODA loan provided through JICA in the last two consecutive years. Prime Minister Abe expressed Japan’s intention to continue to support India’s efforts for social and industrial development including building key infrastructure projects.Prime Minister Modi appreciated the provision of ODA loan to the following projects, in addition to the Mumbai-Ahmedabad High Speed Railway (MAHSR) Project and its related training institute:- Project for Upgradation of Environmental Management for Ship Recycling in Alang and Sosiya in Gujarat- North East Road Network Connectivity Improvement Project (Phase 2)- Kolkata East-West Metro Project (III)- Gujarat Investment Promotion ProgramIn this regard, the two Prime Ministers welcomed progress in the ODA projects in urban transportation sector such as the Delhi, Chennai, Mumbai, Bangalore, Kolkata and Ahmedabad Metro, the Mumbai Trans-Harbour Link Project, and the introduction of the Intelligence Transport System along with the Eastern Peripheral Highway in Delhi.The two Prime Ministers expressed satisfaction at the entry into force of the Agreement between the Government of the Republic of India and the Government of Japan for Cooperation in the Peaceful Uses of Nuclear Energy. They looked forward to a working group to strengthen bilateral cooperation in this field and reiterated their shared view that the Agreement reflects a new level of mutual confidence and strategic partnership in the cause of clean energy, economic development and a peaceful and secure world.The two Prime Ministers recognised that access to reliable, clean and affordable energy is critical for the economic growth of both countries. In this regard, they decided to strengthen bilateral energy cooperation and welcomed the India-Japan Energy Partnership Initiative as well as early convening of 9th Energy dialogue. They appreciated Japan’s proposal for India-Japan Clean Energy and Energy Efficiency Cooperation Plan. They also welcomed the efforts to promote renewable energy, including the establishment of the International Solar Alliance (ISA), and the progress of New Energy and Industrial Technology Development Organization (NEDO)’s demonstration project such as a micro grid system using solar power in Neemrana. They looked forward to further acceleration of cooperation in areas of energy saving, energy efficiency and energy storage as well as manufacturing of eco-friendly vehicles including hybrid and electric vehicles.In this regard, the two Prime Ministers welcomed the opening of the first lithium-ion battery factory in India by a joint venture of three Japanese companies – Suzuki, Toshiba and Denso as well as a new automotive factory this year. They decided to further promote public and private sector collaboration to make environmentally friendly and energy efficient technologies accessible and affordable to the general public, recognising that such investments facilitate India’s National Electric Mobility Mission Plan 2020 (NEMMP) and Faster Adoption of Manufacturing of Hybrid and Electric Vehicles (FAME) vision, and underlined the importance of support measures to promote eco-friendly vehicles including in terms of "Make in India” and transfer of technology.The two Prime Ministers also stressed that sustainable ship industry is one of the key areas for sustainable growth of India, and reaffirmed their intention to achieve an early conclusion of the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, 2009.The two Prime Ministers recognised the important role of science and technology in dealing with both developmental and societal challenges, and underlined the importance of enhanced bilateral cooperation in such fields as IoT, ICT, marine science, biomedical sciences, genetics, stem cell technology, and heavy ion radiotherapy. In this regard, they welcomed the successful holding of the 9th India-Japan Joint Committee on Science and Technology Cooperation in January 2017 in Delhi.The two Prime Ministers welcomed the progress made in the bilateral IT and IoT cooperation through the bilateral Joint Working Group on IT and Electronics, in particular by the signing of the Memorandum of Understanding (MoU) between the National Association of Software and Services Companies (NASSCOM) of India and IoT Acceleration Consortium (ITAC) of Japan.The two Prime Ministers directed their respective sides to work closely to establish an India Japan Startup Hub, which will serve as a platform for promotion of information exchange, business collaboration and investments between the vibrant and innovative Startup ecosystems of two countries.The two Prime Ministers acknowledged that outer space is an ever-expanding frontier of human endeavour and welcomed the deepening of cooperation between the space agencies of the two countries in the field of earth observation, satellite based navigation, space sciences and lunar exploration. They welcomed establishment of the ISRO-JAXA Joint Working Group under the space cooperation MoU signed in November 2016. They also welcomed co-hosting by India and Japan of the 24th Session of the Asia-Pacific Regional Space Agency Forum (APRSAF-24) in November 2017 in India. They stressed the importance of enhancing comprehensive space cooperation.The two Prime Ministers noted with satisfaction the progress in the health sector and the joint efforts by their medical experts on medical device development. They also noted the opportunities for collaboration between Indian and Japanese pharmaceutical companies in light of the target regarding the quantitative share of generic medicines in Japan.The two Prime Ministers shared the importance of strengthening cooperation in the fields of agricultural and food related sectors. They welcomed Japan’s participation in World Food India 2017 as a partner country.The two Prime Ministers welcomed the efforts to develop cooperation in disaster prevention, response, recovery and reconstruction as envisaged in the Memorandum of Cooperation on disaster risk reduction between the Ministry of Home Affairs of the Government of India and the Cabinet Office of the Government of Japan . They underlined the importance of identifying and disseminating best practices to "build better” and thus reducing losses arising from infrastructure damage during natural disasters, as aimed by the international coalition proposed by Prime Minister Modi at the Asia Ministerial Conference on Disaster Risk Reduction(AMCDRR)-2016.The two Prime Ministers recognised the importance of the empowerment of women to maximise their national potential, and decided to strengthen cooperation in this area, including through conferences such as the World Assembly for Women (WAW!). They welcomed the convening of the "Indo-Japan Consultation on ‘Women at Work and Changing Social Norms’” in Delhi in July 2017.Expanding vistas of People-to-People CooperationThe two Prime Ministers renewed their commitment to strengthening human and cultural ties commensurate with their Special Strategic and Global Index of / this context, the two Prime Ministers welcomed a series of cultural events successfully held through the Year of India-Japan Friendly Exchanges in 2017.The two Prime Ministers recognised the importance of expanding Japanese language education in India, for achieving wider and closer industrial cooperation. In this regard, they decided to endeavour towards establishing Japanese language certificate courses at 100 higher educational institutions in India as well as training1,000 Japanese language teachers, over the next five years.The two Prime Ministers welcomed the exchange of notes for the construction of a state-of-art Convention Centre in Varanasi as a symbol of friendship between India and Japan and expressed their hope for its early completion.The two Prime Ministers expressed satisfaction at the increased interaction at all levels of the government, between Members of Parliament, and between prefectures and states. They welcomed the strengthening of parliamentary exchanges through mutual visits of parliamentarians from both sides.With a view to achieving greater policy coordination and deepening intellectual exchanges between the two countries, the two Prime Ministers encouraged interactions among senior officials, strategists and experts in leading think tanks and universities on wide-ranging issues in the Indo-Pacific region.Prime Minister Modi welcomed the growing interest in celebrating the International Day of Yoga in Japan and, in particular, welcomed the first-ever Parliamentary League for Promotion of Yoga set up in the Japanese Diet in April 2017.The two Prime Ministers underscored the importance of promoting tourism exchange between the two countries and hoped that the opening of the Japan National Tourism Organisation (JNTO) office in Delhi in March 2017 and further relaxation of visa requirements will facilitate business and tourism links between the two countries.The two Prime Ministers welcomed the expansion of civil aviation connectivity between India and Japan, utilising the recently updated open sky policies between the two countries.The two Prime Ministers noted the steady increase in the number of Indian students in Japan. They welcomed the SAKURA Science Plan (Japan-Asia Youth Exchange Programme in Science) and the Japan East Asia Network of Exchange for Students and Youths (JENESYS) which contributed to increase in numbers of young Indian students and researchers in science and technology visiting Japan and hoped for further strengthening of collaboration in these fields.Aiming to enhance the positive influence of traditions of non-violence, tolerance and democracy in Asia, the two Prime Ministers welcomed the SAMVAD II conference held in Yangon, Myanmar, in August 2017 and looked forward to the next conference in 2018.Prime Minister Abe welcomed the support offered by Prime Minister Modi for Japan’s efforts towards the successful organisation of the Tokyo 2020 Olympic and Paralympic Games. The two Prime Ministers noted with satisfaction the institutional linkages set up between India and Japan. They also acknowledged that the Olympic and Paralympic Games offer a unique opportunity for the two countries to further deepen their cooperation.Working with Partners on Regional and Global ChallengesWelcoming the 50th anniversary of the establishment of ASEAN, the two Prime Ministers renewed their commitment to strengthening political, economic, and security cooperation with ASEAN countries, with a view to supporting the ASEAN’s unity and its centrality to regional architecture. They welcomed deepening bilateral policy coordination, including the launch of the India-Japan Dialogue on ASEAN in March 2017, and determined to work together to shape and strengthen the evolving regional architecture through ASEAN-led fora such as the ASEAN Regional Forum (ARF), ASEAN Defence Ministers’ Meeting Plus, the Expanded ASEAN Maritime Forum.The two Prime Ministers reaffirmed that regular convening of the East Asia Summit (EAS) Ambassadors Meeting in Jakarta and the establishment of EAS Unit within the ASEAN Secretariat have contributed to ensuring that the EAS process, as the premier leaders-led forum to discuss broad strategic, security and economic issues of common concern, continues to retain its dynamic proactiveness in responding to emerging issues of global importance. They decided to work in unison to enhance physical and digital connectivity within the EAS framework while striving to ensure greater economic benefits to all in an equitable and balanced manner. They also decided to continue to enhance their cooperation in the maritime domain bilaterally as well as in multilateral fora.The two Prime Ministers reaffirmed the importance of freedom of navigation, overflight and unimpeded lawful commerce in accordance with international laws. They also highlighted the importance of peaceful resolution of disputes, including through full respect for legal and diplomatic processes, without resorting to the threat or use of force, and in accordance with the universally recognised principles of international law, notably the United Nations Convention on the Law of the Sea (UNCLOS). The two Prime Ministers also reiterated their desire and determination to work together to maintain and promote peace, stability, and development in the Indo-Pacific region.The two Prime Ministers reaffirmed the importance of securing the maritime domain and combating piracy, armed robbery at sea and other transnational organised crimes through regional and international mechanisms such as the ARF, the Regional Cooperation Agreement on Combating Piracy and Armed Robbery against Ships in Asia (ReCAAP), the Contact Group on Piracy off the Coast of Somalia (CGPCS) and Shared Awareness and Deconfliction (SHADE) Mechanism, and expressed their commitment to pursue regional and international cooperation to combat these activities.The two Prime Ministers welcomed the renewed momentum for trilateral cooperation with the US and Australia. They stressed on the strategic importance of these cooperative frameworks and shared willingness to expand concrete cooperation. They resolved to work with other countries and regional partners to ensure a rule-based order in the Indo-Pacific Region.The two Prime Ministers condemned in the strongest terms North Korea’s continued development of its nuclear weapons and ballistic missile programs, including the latest nuclear test conducted by North Korea on 3 September as well as its uranium enrichment activities. Recognising that North Korea’s continued pursuit of nuclear and ballistic missile programmes and its proliferation links, including the launch of a ballistic missile flying over Japanese territory on 29 August 2017, pose grave and real threat to international peace and stability and the international non-proliferation efforts, the two Prime Ministers strongly urged North Korea to abandon its nuclear and ballistic missile programmes and not to take any further provocative actions, and to fully comply with its international obligations under relevant UNSC resolutions including the newly and unanimously adopted resolution 2375, and other international commitments. They pledged to work together to deal with the current serious situation and called on the international community to rigorously and fully implement relevant UNSC resolutions to maximise pressure on North Korea. They stressed the importance of holding accountable all parties that have supported North Korea’s nuclear and missile programmes. They also urged North Korea to address at the earliest the abductions issue.The two Prime Ministers also condemned in the strongest terms the growing menace of terrorism and violent extremism. They shared the view that terrorism in all its forms and manifestations is a global scourge that must be forcefully combatted through concerted global action in the spirit of "zero tolerance”. Accordingly, the two Prime Ministers called upon all UN member countries to implement the UNSC Resolution 1267 and other relevant resolutions designating terrorist entities. They also called upon all countries to work towards rooting out terrorist safe havens and infrastructure, disrupting terrorist networks and financing channels and halting cross-border movement of terrorists. They underlined the need for all countries to ensure that their territory is not used to launch terrorist attacks on other countries. They emphasised the need for stronger international partnership in countering terrorism and violent extremism, including through increased sharing of information and intelligence. They called for enhanced bilateral cooperation in this regard. The two Prime Ministers also called for Pakistan to bring to justice the perpetrators of terrorist attacks including those of the November 2008 terrorist attack in Mumbai and the 2016 terrorist attack in Pathankot. They looked forward to the convening of the fifth India-Japan Consultation on Terrorism and to strengthening cooperation against terrorist threats from groups including Al-Qaida, ISIS, Jaish-e-Mohammad, Lakshar-e-Tayyiba, and their affiliates.The two Prime Ministers reaffirmed their shared commitment to expedite the reform process of the United Nations, in particular the UN Security Council, in order to make it more legitimate, effective and representative, given the contemporary realities of the 21st century, and emphasized the importance of building upon the recent developments in the Intergovernmental Negotiations (IGN) aimed at launching text-based negotiations during the 72nd session of the General Assembly. In this regard, they also called for collaboration among reform-oriented countries through the "Group of Friends” on UNSC reform. They reiterated their support for each other’s candidature, based on the firmly shared recognition that India and Japan are legitimate candidates for permanent membership in an expanded UNSC.The two Prime Ministers reaffirmed their shared commitment to the total elimination of nuclear weapons. Prime Minister Abe stressed the importance of early entry into force of the Comprehensive Nuclear-Test-Ban Treaty (CTBT). They called for an immediate commencement and early conclusion of negotiations on a non-discriminatory, multilateral and internationally and effectively verifiable Fissile Material Cut-off Treaty (FMCT) on the basis of Shannon Mandate. They expressed their resolve towards strengthening international cooperation to address the challenges of nuclear proliferation and nuclear terrorism.Prime Minister Abe welcomed India's accession to the Missile Technology Control Regime (MTCR) and the Hague Code of Conduct against Ballistic Missile Proliferation (HCOC) and its intensified engagement with the export control regimes. The two Prime Ministers reaffirmed their commitment to work together for India to become a full member in the remaining three international export control regimes: Nuclear Suppliers Group, Wassenaar Arrangement and Australia Group, with the aim to strengthen the international non-proliferation efforts.The two Prime Ministers emphasised the need for concerted global action to combat climate change reflecting the principle of common but differentiated responsibilities and respective capabilities, in the light of different national circumstances and to preserve the environment for future generations. They reiterated their commitment to work together to finalise the work programme for implementation of the Paris Agreement adopted under the UN Framework Convention for Climate Change by 2018. They also decided to accelerate further consultations on the Joint Crediting Mechanism (JCM). Prime Minister Modi welcomed Japan’s cooperation on Clean India, including the Clean Ganga project.The two Prime Ministers underlined the crucial role of the rules-based multilateral trading system, and enhancing free, fair, and open trade, for achieving sustainable growth and development. They committed to resist protectionism including unfair trade practices and underlined the need to remove trade-distorting measures. They reaffirmed their commitment to work together to implement the Bali and Nairobi Ministerial decisions and make the eleventh WTO Ministerial Conference a success. They also decided to steadily implement WTO’s Trade Facilitation Agreement.Recognising India as the largest democracy and a fast growing large economy in the Asia-Pacific region, and acknowledging India’s robust macro-economic stability and its efforts at financial reforms, Japan reaffirmed its support to India’s membership in the APEC. The two Prime Ministers decided to work towards liberalisation and facilitation of trade and investment in the Asia-Pacific region. They reaffirmed to cooperate towards conclusion of a modern, comprehensive, high quality and mutually beneficial Regional Comprehensive Economic Partnership (RCEP) Agreement, in order to achieve a balanced outcome. They reaffirmed their commitment to further strengthening cooperation and to working with partners to tackle excess capacity in steel. In this regard, they called for the removal of market-distorting subsidies and other types of support by governments and related entities. They also reaffirmed their commitment to developing concrete policy solutions at the Global Forum on Steel Excess Capacity by November 2017.ConclusionPrime Minister Abe thanked the Government and the people of India for their warm hospitality and extended a cordial invitation to Prime Minister Modi to visit Japan at a mutually convenient time for the next annual summit meeting. Prime Minister Modi accepted the invitation with appreciation.Prime Minister of the Republic of India ---- Prime Minister of JapanSigned at Gandhinagar, Gujarat on 14 September 2017.