Narender Modi (PM of India)

PM Narendra Modi's Japan visit: No $1.7 trillion fund, Tokyo to finance specific projects 

NEW DELHI: Prime Minister Narendra Modi's dream of securing $1.7 trillion from Japan for creation of a fund that would support the country's economy may not become a reality with Tokyo discouraging the plan and instead asking Delhi to present a list of specific projects that it can finance. Ahead of Modi's maiden visit to Japan as prime minister beginning August 30, the government had approached Japan with a plan to secure $1.7 trillion over a period of five years to create a fund for mega project.
Tokyo, however, made it clear that it does not support creation of any such fund with any foreign partner but can finance specific projects identified by the Modi government, official sources told ET.
These projects could entail smart cities, railways, solar projects and the plan to clean Ganga. Modi's summit meeting with his Japanese counterpart, Shinzo Abe, on September 1 could identify some of these projects that India would like Japan to fund, sources said. 
Modi has huge expectations from Japan and expanding economic and business cooperation, therefore, will be a key component of his agenda.
During the summit, the two sides will also deliberate on doubling foreign direct investment from Japan into India over the next five years. This, according to sources, would be directly proportional to number of Japanese companies in India (currently numbering 1,072) doubling in India over the next five years.