Indian Commerce and Industry Minister Piyush Goyal urged Japanese firms to double their presence in India during a visit to Tokyo on Aug. 24, 2024 [2, 3].
The push for increased capital aims to secure India's position in the global high-tech supply chain by leveraging Japanese expertise in electronics and automation.
Goyal led a delegation of 200 members to Japan to focus on drawing investments and establishing technical partnerships [1]. The visit included a roundtable discussion centered on artificial intelligence, semiconductors, and electronics [2]. During these sessions, the minister pitched emerging sectors and highlighted recent policy reforms designed to make the Indian market more attractive to foreign capital [2].
A primary objective of the mission is to attract 10 trillion yen in private investment from Japan [4]. Goyal met with Japanese financial leaders to discuss deepening capital flows and strengthening investment ties [4]. The effort comes as India seeks to scale its domestic manufacturing capabilities through strategic international collaborations.
By focusing on semiconductors and AI, India intends to reduce reliance on a limited number of global suppliers. The delegation said that current policy shifts are intended to streamline the process for Japanese companies to expand their operations within the country [2].
The discussions in Tokyo underscore a broader strategy to integrate Japanese private capital into India's industrial growth. Goyal said that the collaboration would benefit both nations by combining India's market scale with Japan's technological leadership [2].
“Piyush Goyal urged Japanese firms to double their presence in India”
This diplomatic push represents India's strategic effort to diversify its technology partnerships and accelerate its 'Make in India' initiative. By targeting 10 trillion yen in private capital specifically for semiconductors and AI, India is attempting to move up the value chain from basic assembly to high-end component manufacturing, while Japan seeks new growth markets to offset its domestic demographic challenges.
