On 14th September, 2017 foundation stone for first bullet train in India from Ahemdabad to Mumbai was laid by PM Narendra Modi and his Japanese counterpart PM Shinzo Abe. Bullet train played a vital role in accelerating the economic growth of Japan, when it was first introduced between Tokyo and Osaka in 1964. It increased the speed of delivery of goods, services and reduced the travel time of work force working at distant places, and in turn increasing overall efficiency of economy.
India is vast country compared to Japan, and perhaps having bullet train in India is more relevant than Japan, if efficiency of economy is to be improved by reducing travel and fast delivery of goods and services. In this respect India is going to have this benifit. Japanese bullet train called Shinkasen has proven technolgy and known for its quality and performance since more than half acentury. So, India is getting very good and proven technology compared to other new players in this field. Though this Japanese technology may be bit expensive, but same has been offset by very soft loan provided by Japan at the interest rate of 0.1% with repayment period over 50 years. The bullet train project will create huge perennial employment in comissioning of Ahmedabad Mumbai project and operation of the train. After its completion, it is likely to be replicated in many other sectors and routes. It will also boost "Make in India" programme as many of the vital components and sub-systems will be manufactured in India in phases. So, India will have access to modern technology that will also positively impact other industries. In India, there is huge migration of people from rural ares to urban areas especially to big metro cities in search of employment. Due to heavy influx and concentration of people in these urban area are creating undue pressure on existing infrastructure. This will reduce the population pressure on big cities.
As far as Japan is concerned, it has secured a big market for long time as first entrant that will provide boost to its stagnant economy for decades. Moreover, it should also be considered as a successful big move by Japan to mitigate the big economic influence of China in India. This economic partership will also likeky to strengthen other business and strategic parternership. This way both India and Japan has win-win situation through this project.