Tokyo, August 25: Indian Minister of Commerce and Industry, Piyush Goyal, highlighted the resilience of the Indian economy during discussions with top leaders from Japan’s financial and investment institutions. Despite global uncertainties, India recorded a 7.7% economic growth last year and is on track to become a $30 trillion economy by 2047.
The discussions primarily focused on strengthening long-term capital flows, deepening investment partnerships, and enhancing Japan’s involvement in India’s growth journey. Senior representatives from MUFG, Development Bank of Japan (DBJ), Mizuho, Morgan Stanley, Nomura, and Nippon Life participated in the meeting.
Goyal emphasized the robustness of India’s banking sector, strong capital adequacy, low levels of non-performing assets (NPAs), a growing middle class, and increasing disposable income as key factors driving sustained economic growth.
He also discussed significant opportunities for Japanese investors in sectors such as semiconductors, artificial intelligence (AI), data centers, renewable energy, green hydrogen, advanced manufacturing, and digital infrastructure.
According to Goyal, India’s expanding renewable energy capacity and national power grid provide a solid foundation for the growth of energy-intensive digital industries. Additionally, the India Semiconductor Mission is creating new opportunities in manufacturing and technology.
India views Japan as a reliable partner in its journey to become a global hub for manufacturing, technology, and investment. The meeting also explored the potential of GIFT City to facilitate international capital inflows into India and enhance cross-border investment flows between Japan and India.
This meeting is particularly significant as India and Japan aim to increase Japanese private investment in India to 10 trillion yen over the next decade.
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