NEW DELHI: Indian Prime Minister Narendra Modi<\/a> and SoftBank<\/a> Group founder Masayoshi Son<\/a> met on Monday to discuss more investments by the country's biggest tech backer, as a startup boom appears to cool in India amid worries about the global economy.
The Japanese firm<\/a> has injected more than $14 billion into India's tech industry<\/a>, including in payments app Paytm<\/a> whose market value has sunk since listing in Mumbai in November.
Fund raising has become much more difficult this year for Indian startups after attracting a record $35 billion in 2021, while Softbank this month posted a record $26.2 billion loss at its Vision Fund investment arm<\/a>.
\"Further propelling Japanese investments in India,\" Indian foreign ministry spokesperson, Arindam Bagchi, said on Twitter posting pictures of Modi and Son in a meeting in Tokyo.
Bagchi said talks focused on \"Softbank's future participation in India in technology, energy, finance, R&D, etc\" without giving details.
In a video statement shared by New Delhi after the meeting, Son said India was growing \"very quickly\" and had become the third-biggest generator of startups in the world.
\"India's future is bright,\" he said, adding Modi was keen to keep supporting the startup sector<\/a>.
Modi also met officials from Suzuki Motor Corp, the majority owner of India's biggest automaker, Maruti Suzuki , and discussed investment in electric vehicles and batteries.
In a separate meeting with the chief of Uniqlo parent Fast Retailing Co Ltd, Modi urged the retailer to invest in India's upcoming all-in-one mega textile parks.
The prime minister is in Tokyo for a summit of the leaders of the Quad group of countries - India, the United States, Japan and Australia - and the launch of the Indo-Pacific Economic Framework for Prosperity.
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