Union Minister for Commerce and Industry Piyush Goyal said the number of Japanese companies operating in India should double within this decade.
The push for increased investment is part of a broader strategy to accelerate India's economic growth. By attracting more foreign capital and technical expertise, India aims to scale its industrial capacity and infrastructure.
Speaking in Tokyo during an official visit on Aug. 24, 2024, Goyal said that the Indian government is maintaining an open-door policy for foreign investors. He said, "Doors are open 24x7 for Japanese firms to invest in India" [3].
India currently possesses an economy valued at $4 trillion [1]. The government has set a long-term target to expand this to a $30 trillion economy by 2047 [1, 2]. Goyal said Japan is a critical partner in achieving this milestone.
"We are looking at Japan being our partner in this journey as we progress from a $4 trillion economy today to a $30 trillion economy by 2047," Goyal said [1].
While a large number of Japanese firms already operate within the country, the minister believes the current levels of partnership can be significantly expanded [1]. He said, "I believe that this decade should see that number double from the current levels" [1].
The visit to Tokyo focused on deepening investment ties and expanding partnerships across various sectors. This effort aligns with India's goal to increase its global economic footprint over the next two decades.
“"Doors are open 24x7 for Japanese firms to invest in India."”
The ambition to double Japanese corporate presence reflects India's reliance on high-quality infrastructure and manufacturing expertise from Japan to fuel its growth. By targeting a $30 trillion valuation by 2047, India is positioning itself as a primary global alternative for supply chain diversification, leveraging strategic bilateral ties to move from a regional power to a global economic superpower.
