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India, Japan sign currency swap deal worth Rs 80,000cr
TNN | Dec 29, 2011, 02.18AM IST

NEW DELHI: India and Japan on Wednesday signed a revised $15-billion (nearly Rs 80,000-crore) currency swap deal which is expected to help support the rupee.

Officials said that the two Asian giants had a swap deal for $3 billion (around Rs 16,000 crore at current rates) which was signed in 2008, but it expired a few months ago. Talks between the two countries have been on to finalize a revised deal which was signed during Japanese PM Yoshihiko Noda's visit to India.

Japan's foreign reserves hit an all-time high of $1.3 trillion in November, and experts say a swap arrangement may help support the Indian rupee, Asia's worst performing currency this year. On the other hand India's reserves have declined because of the rupee depreciation.

The Japanese government and some of its agencies are funding several infrastructure projects in India, including the Rs 1-lakh-crore Delhi-Mumbai Industrial Corridor and the third phase of Delhi Metro (see box). Traditionally, Japan has helped fund several infrastructure projects in India, while several top Japanese companies are again making renewed efforts to enter the lucrative Indian market.

Experts say the currency swap deal is also a signal that Japan is keen to spread its influence.

Japanese PM Noda urged India and Japan to work towards closer ties between the two nations for better economic, political and regional cooperation. "The driving force behind the development of Japan was the development of the middle class, and I believe that India's middle class will also be the driving force if the manufacturing sector grows. And by the development of the manufacturing sector in India, we can achieve greater trade volumes," Noda told businessmen at a meeting organized by Ficci, CII and Assocham.

Bilateral economic relations between the two countries have been on an upswing. India and Japan signed the Comprehensive Economic Partnership Agreement (CEPA) in February. Commerce, industry and textiles minister Anand Sharma said bilateral trade is likely to increase significantly and hoped that the target of $25 billion (over Rs 1.30 lakh crore at current rates) by 2014 would be achieved. In 2010-11, the level was $13.823 billion (over Rs 73,000 crore).

"The signing of CEPA has begun a whole new chapter in our economic partnership, unlocking the true potential of trade between our two countries. I am hopeful that CEPA will further deepen economic engagement in terms of trade in goods, services, and investment," Sharma said.

"Japan is an invaluable and strategic partner in the process of India's development. India-Japan has to play major role in the globally changing economic landscape," he said.

Bilateral trade between India and Japan during 2009-10 stood at $10.36 billion (nearly Rs 55,000 crore at present rates) and in 2010-11 it reached $13.823 billion (over Rs 73,000 crore), a government statement said.

He, Sharma, urged the Japanese government to invest in the infrastructure sector and called for cooperation in the pharmaceutical sector. "Our pharmaceutical companies can be of immense value in providing affordable healthcare which is much needed in a country of Japan's demographic profile," the minister said.
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quote:
Originally posted by Wally:
India needs Japan because the Chinese are out to put the screws on India because of racial envy.

This is rubbish. The USA want to manipulate India into becoming part of an anti-China alliance. India is not going to fall into that trap for the simple reason that for India China means much better business than the US. China will become the largest economy of the planet in 2016. Sooner rather than later India and China will sign agreements to trade in their own currencies and drop the dollar as well.
Chinese Nationalists under Chang and his son together with the Chinese Communist Party under Mao and Deng have turned the Political relationship with India into one based on race where Indians are seen as racial inferiors who need to be taught a lesson.

India must at all cost strenghten relationships with Japan, Burma, Thailand and the two Koreas.
quote:
Originally posted by Wally:
Chinese Nationalists under Chang and his son together with the Chinese Communist Party under Mao and Deng have turned the Political relationship with India into one based on race where Indians are seen as racial inferiors who need to be taught a lesson.

India must at all cost strenghten relationships with Japan, Burma, Thailand and the two Koreas.
Indians better continue pretending they are white..
quote:
Originally posted by Lucas:
quote:
Originally posted by Wally:
Chinese Nationalists under Chang and his son together with the Chinese Communist Party under Mao and Deng have turned the Political relationship with India into one based on race where Indians are seen as racial inferiors who need to be taught a lesson.

India must at all cost strenghten relationships with Japan, Burma, Thailand and the two Koreas.
Indians better continue pretending they are white..


five thousand years ago, the aryans came down from Russia and settle in the Indus valley, Where they called themselves 'Hindus' and created the Hindi Language.
quote:
Originally posted by Wally:
Lucas China is the one who started the war with India. China is the one who is trying to put Pakistan against India.

Yes, that was in the past because India used to behave like an indenture country always ready to serve her white master. So, China was not envious but concerned. But things have changed recently. Indians no longer enroll in the British Army to demonstrate their loyalty to the white man. On the contrary, Indians have learned to be proud of their country, their language, their race and their skin color and understand that Chinese are another race that were also subjugated and humiliated by the same white master in their recent past.
Lucas you sound like that fool Krishna Menon who was India's Defence Minister. According to that fool Menon China will never invade India because they recognize indians as fellow Asian brothers. So this fool Krishna Menon as defence Minister together with the other fool Nehru did nothing to prepare a counter defence against the Chinese. The result ended in the Chinese occupying thousands of miles of Indian land which they will never give up.
quote:
Originally posted by Wally:
Lucas you sound like that fool Krishna Menon who was India's Defence Minister. According to that fool Menon China will never invade India because they recognize indians as fellow Asian brothers. So this fool Krishna Menon as defence Minister together with the other fool Nehru did nothing to prepare a counter defence against the Chinese. The result ended in the Chinese occupying thousands of miles of Indian land which they will never give up.

China occupying land in a time when India didn't exist? India was created in 1947 by the British, whereas China existed as a compact nation for a few millennia.
quote:
Originally posted by Lucas:
quote:
Originally posted by Wally:
Lucas you sound like that fool Krishna Menon who was India's Defence Minister. According to that fool Menon China will never invade India because they recognize indians as fellow Asian brothers. So this fool Krishna Menon as defence Minister together with the other fool Nehru did nothing to prepare a counter defence against the Chinese. The result ended in the Chinese occupying thousands of miles of Indian land which they will never give up.

China occupying land in a time when India didn't exist? India was created in 1947 by the British, whereas China existed as a compact nation for a few millennia.


India was in existence long before the british took over from the Muslims. It was call Bharat then, the ancient name of India.
quote:
Originally posted by Ramakant_p:
quote:
Originally posted by Lucas:
quote:
Originally posted by Wally:
Lucas you sound like that fool Krishna Menon who was India's Defence Minister. According to that fool Menon China will never invade India because they recognize indians as fellow Asian brothers. So this fool Krishna Menon as defence Minister together with the other fool Nehru did nothing to prepare a counter defence against the Chinese. The result ended in the Chinese occupying thousands of miles of Indian land which they will never give up.

China occupying land in a time when India didn't exist? India was created in 1947 by the British, whereas China existed as a compact nation for a few millennia.


India was in existence long before the british took over from the Muslims. It was call Bharat then, the ancient name of India.

India didn't exist as a nation, it existed as a region of many little kingdoms. Thanks to the British it is now a nation, otherwise it would've become the subcontinent of the many rajahs.

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