Japan Current Affairs - 2019
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The report ‘India’s Sterling Assets: Britain Meets India’ by the Confederation of British Industry (CBI) has noted that UK is the largest foreign western investor in India.
UK investments in India:
- The total foreign direct investment (FDI) which flowed into India from all channels from the UK between 2000-2018 is estimated at $50.57 billion.
- Of $50.57 billion the UK has directly invested $26.09bn in India. There was an increase in investments by $847 million between 2017 and 2018 representing 7 per cent of all FDI into India.
- Almost two fifths, i.e. 38% of British companies made new investments in India in 2017.
- UK is the fourth largest investor in India. UK remains the largest investor into India outside of South East Asia and Africa.
- Japan narrowly overtook the UK and Japan is the largest G20 investor in India.
- UK is substantially ahead of Germany and France, who contribute 3% and 2% in FDI respectively.
Creating Jobs in India:
- The investments of UK resulted in the creation of around 52,000 new private sector jobs from 2016 to 2018 which was a 14% rise on the previous 18 months.
- British companies have created 422,524 jobs in India since 2000 and around 6% of all employees in British businesses in India are women, with 5% of managers in these firms being female.
Why India is preferred destination?
British firms are attracted to India due to its huge and growing market with an expanding middle class, the easy availability of talented workers and the current Government’s ease of doing business policies and reforms, such as the introduction of the Goods and Services Tax. Now India is the 6th largest economy in the world and is the most improved country on the World Bank Ease of Doing Business (EODB) Index. This makes India an attractive investment destination.
The economic relationship between the United Kingdom and India is blossoming. The economic ties between the two countries are going from strength to strength. India would be a vital trading partner as the UK charts a new future outside the EU. This makes a win-win situation for both the countries.
India and US have agreed to elevate their bilateral ‘Cope India’ air exercise to trilateral format by including Japan. The next edition of this exercise is scheduled to be held in December 2018 for which final planning conference to finalise its modalities will held in Kalaikunda, West Bengal.
During the annual Defence Ministerial Meeting held in August 2018 between Defence Minister Nirmala Sitharaman and her Japanese counterpart Itsunori Onodera, it was agreed that Japan will send observers for the next round of Cope India exercises between India and US to be hosted by Indian Air Force.
To begin with, trilateral Cope India air exercise will be a small-level exercise involving transport aircraft. It will be scaled up in subsequent editions. Japan will be sending observers to this exercise. The three countries already are conducting trilateral naval war games under expanded Malabar naval exercise. But the level of interoperability in these exercises, both bilateral and trilateral are expected to go up after India had signed Communications Compatibility and Security Agreement with US.
It is series of international Air Force exercises between Indian Air Force (IAF) and United States Air Force conducted on and over Indian soil. The first such exercise was conducted at IAF air force station in Gwalior from February 2004. The exercise included flight tests, practice and demonstrations as well as lectures on subjects related to aviation. The exercise was repeated in 2005, 2006, and 2009.