This is the New space of Indo-Japan

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has been apprised of the Memorandum of Understanding (MoU) signed on November 11, 2016 at Tokyo, Japan between the Indian Space Research Organisation (ISRO) and the Japanese Aerospace Exploration Agency (JAXA) for cooperation in the field of outer space.
The purpose of this MoU is to pursue future cooperative activities in the exploration and use of outer space exclusively for peaceful purposes in accordance with the laws and regulations applicable in each country and their international obligations.This MoU provides scope for pursuing cooperation in various areas of space science technology and applications including: eearth observation, satellite communication and navigation; exploration and space sciences; Research and development (space systems and space technology); and Space industry promotion.ISRO and JAXA will bear the costs of their respective activities under this Memorandum, unless they decide otherwise in writing. Ability to fulfil their respective roles and activities under this Memorandum and its relevant separate Implementation Arrangement is subject to their respective funding procedures, the availability of appropriated funds and their respective national laws.
Framework MoU would lead to joint activity in the field of application of space technologies for the benefit of humanity. Thus all sections and regions of the country will get benefited.
Background:India and Japan pursue space cooperation for more than 5 decades and carried out studies in the field of atmospheric study, observation of universe and scientific investigation in remote sensing. With the formation of JAXA in 2003, an "arrangement concerning the considerations of potential future cooperation in the field of outer space" was signed in October 2005 between ISRO/ Department of Space (DOS) and JAXA. Subsequently both agencies have signed cooperative documents addressing lunar exploration, satellite navigation, X-ray astronomy and Asia Pacific Regional Space Agency Forum (APRSAF).During the ISRO-JAXA bilateral meeting held at New Delhi on April 05, 2016, both sides stressed the need for updating the contents of '2005 Arrangement' with enhanced scope of cooperation. Accordingly, both sides have arrived at the draft of new 'Memorandum of Understanding (MoU) between ISRO and JAXA concerning cooperation in the field of outer space’ and got it signed on November 11, 2016 at Tokyo during the visit of Prime Minister of India to Japan.