Piyush Goyal says India open to expanding scope of Japan trade agreement
India is open to expanding its economic partnership agreement with Japan. The nation seeks to make the existing pact more contemporary and relevant. Japanese textile firms, including Uniqlo, plan increased sourcing and investment in India. Significant Japanese investment is already flowing into India at a rapid pace. India aims to support Japan's ambition to double its companies operating locally.
Commerce and Industry Minister Piyush Goyal announced that Japanese firms have already invested Rs 1 lakh crore of the 10 trillion Yen investment target in India, ahead of schedule within a decade. Goyal stated that this progress could lead to reaching the 10 trillion Yen goal in the next 3-4 years rather than the originally planned 10 years.
Japan had initially committed to investing 5 trillion Yen in India over a decade, which was achieved in just five years. In 2025, the target was raised to 10 trillion Yen. Prime Minister Narendra Modi aimed to double the number of Japanese companies operating in India to 3,000 from the current 1,500. Goyal urged Japanese firms to invest in manufacturing, services, financial services, insurance, and pension funds.
He proposed a Deep Tech Capital Corridor, a two-way innovation bridge, and Manufacturing and Technology Integration initiatives to facilitate collaboration between Indian and Japanese entities. Goyal also emphasized the establishment of Joint Startup Pitching Platforms to encourage interactions between Indian startups and Japanese corporations.
The India-Japan Startup Roundtable in Tokyo saw Goyal propose these measures to leverage Japanese technologies and investments in India.
Written by urgent.news from The Economic Times - Economy's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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