Government sources told CNBC TV-18 that Japan seeks relaxation of Indian borrowing norms.
The relaxation is sought to facilitate Japanese equity in Delhi-Mumbai Industrial Corridor (DMIC), according to the CNBC TV-18 report.
Japan also seeks relaxation of European Central Bank norms for repaying rupee loans, the sources added. The relaxation from ECB is sought for working capital. The country wants relaxation of norms in forex borrowing rules too.
Japan wants to borrow forex overseas for DMIC projects, the government sources told CNBC TV-18. The Department of Economic Affairs has taken up Japan’s request with the RBI, the sources confirmed.
The RBI wants additional details on requests by Japan. India, meanwhile, asked Japan to expedite equity participation in DMIC.
Anand Sharma, the Commerce Minister, asked Japan to invest in DMIC by October.
The CNBC TV-18 report also said that the Cabinet cleared Japan’s 26% equity in DMIC.
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