The launch of the Mumbai-Ahmedabad high-speed rail (MAHSR) project by the prime ministers of India and Japan has been met by the usual carping criticism. It brings to mind the criticism that Indira Gandhi faced when she allowed a public sector company to tie up with Japan's Suzuki Motor Corp, that Rajiv Gandhi faced when he spoke of computerisation of public services delivery, that PV Narasimha Rao faced when he ended the licence permit raj, and that Manmohan Singh faced when he sought to strike a civil nuclear deal with the US.Each of those initiatives started a new phase in India's industrial and technological development. So, too, could the MAHSR project.The MAHSR project is not just about a railway line and a costly commute. It is the lynchpin of a new strategic partnership between Japan and India. India has long ceased to be a supplicant nation that only begs for aid. It seeks to build relations of mutual benefit with nations that wish to accelerate India's geo-economic rise.Indian business believes the MAHSR project can be a win-win programme if it accelerates the 'Make in India' agenda, creates jobs for Indian skilled workers, enables training of professionals in new skills and promotes development of technologies.The project is big in terms of size and scale with an estimated cost of $17-18 b, out of which 81 per cent is funded by Japan through a soft loan. It involves the creation of 508 kms of standard gauge rail line, with an elevated corridor of 405 kms, 21 kms of an undersea line and around 5 kms of mountain tunnels.It is an engineering behemoth that could catalyse the Indian engineering skills. Indian industry hopes this project would open new opportunities for its own development and offer new business in such areas as construction, supply and manufacture of parts, materials and so on. The Federation of Indian Chambers of Commerce and Industry ( FICCI ) has been part of a joint task force set up by both governments and has pushed for greater involvement of Indian firms in the MAHSR project. It is heartening to see that the project emphasises both transfer of technology and 'Make in India' as its key objectives.At every stage, Indian companies can benefit if Japanese partners work with them through JVs, vendor development, capacity and quality improvement programmes. Since this will be a high technology project, there would be high standards and expectations from the Japanese, and Indian industry must meet those expectations. Based on feedback from Indian companies it's clear that their interest, commitment and capability exist.The Railways and Indian companies engaged in the railways, logistics and communication fields have acquired new capabilities. There is now evidence of their ability to partner Japanese hi-tech companies in the MAHSR project. It would be pertinent that Japanese industry explore collaboration possibilities early on so that the criticism against the project does not snowball.There are presently 1,305 Japanese companies registered in India and the manufacturing sector accounts for half the number. The MAHSR project can benefit all of them. The Delhi Metro , the Bandra Worli Sea Link, the Pir Panjal railway tunnel are just some examples of Indian capability. Over the years, Indian industry has gained sufficient experience in executing such projects.Whether metro projects in various cities or some of the largest projects globally like dedicated freight corridors, Indian industry has been at the forefront of delivering such large and complex projects. The western dedicated freight corridor project has been executed in terms of design, build, supply, testing and installation by Indian companies.The Delhi-Mumbai freight and industrial corridor, launched by the Manmohan Singh government, has created the foundation on which the MAHSR project would have to now stand. This means the Delhi-Mumbai Industrial Corridor (DMIC) region can develop all the capacity and capability needed for the MAHSR project.Going beyond borders, Indian companies have also delivered world class projects overseas in the railway sector. From bridge construction and tunneling to fabrication and project implementation, Indian companies have made their mark overseas.In looking for business opportunities in the MAHSR project, one should not miss the woods for the trees. It is the cornerstone of a new era of strategic engagement between Japan and India. Both nations have come to recognise that in the backdrop of emerging Asian geopolitics and geo-economics, their partnership would not only benefit both countries but also create a more stable, prosperous and peaceful Asia.(The writer is secretary-general, Ficci)