Commerce Minister says over 1,400 Japanese companies already operate in India, but scope for deeper economic ties remains
Commerce and Industry Minister of India Piyush Goyal has called for a significant expansion in Japanese business presence in India, saying the number of Japanese companies operating in the country should double within the current decade.
Speaking at a roundtable organised by the Japan-India Business Consultative Committee (JIBCC) of the Japan Chamber of Commerce and Industry (JCCI), along with the Embassy of India in Tokyo, Goyal said there was considerable scope for deeper business-to-business cooperation between India and Japan.
“I believe that this decade should see that number double from the current levels,” Goyal said, referring to the more than 1,400 Japanese companies currently operating in India.
Goyal is in Japan leading a high-level Indian business delegation of nearly 200 industry representatives. The delegation includes companies and business leaders from sectors such as manufacturing, semiconductors, clean energy, steel, automobiles, financial services, healthcare and technology start-ups.
The minister said India and Japan could play a larger role in each other’s economic growth, particularly as New Delhi seeks to expand its manufacturing and technology capabilities.
He also highlighted the significance of 2026, which has been designated as the “India-Japan Year of Shared Horizons” to mark 75 years of diplomatic relations between the two countries.
More from IndiaGoyal pitches $30 trillion India vision
Inviting Japanese companies to participate more closely in India’s growth story, Goyal said India was targeting a major expansion of its economy over the coming decades.
“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, when we celebrate 100 years of independence. It’s an ambitious target, but 1.4 billion Indians are committed to making this happen,” he said.
Goyal also referred to the Japanese concept of “Kaizen”, or continuous improvement, as an approach that could strengthen cooperation between the two economies.
He held meetings with senior executives from Meiji Seika Pharma and Sumitomo Corporation in Tokyo, among others, discussing opportunities to expand India-Japan cooperation. Talks with Meiji Seika focused on the pharmaceutical sector, including expanding its manufacturing and R&D footprint in India, while discussions with Sumitomo centred on energy transformation, mobility and industrial infrastructure. Goyal highlighted India’s growing manufacturing and investment ecosystem as a platform for deeper Japanese business engagement.
The minister’s four-day visit will include meetings and engagements in Tokyo, Nagoya and Osaka. The visit is scheduled to conclude in Osaka with an Investors and Business Roadshow, along with meetings with senior Japanese executives from the electronics, industrial equipment and consumer goods sectors.
India and Japan recorded bilateral trade worth $27.47 billion in the financial year 2025-26, according to the Ministry of Commerce and Industry. Japanese exports to India stood at $21.43 billion, while Indian exports to Japan were valued at $6.04 billion.
Goyal said the current level of trade represented only a fraction of the potential available to the two major Asian economies, and called for stronger commercial ties and greater investment from Japanese businesses in India.