TOKYO : Japan’s planned 10 trillion yen investment in India is gaining momentum, with Commerce and Industry Minister Piyush Goyal saying several major investments have already begun taking shape.
The target, worth roughly ₹60,000 crore, was set as part of the wider India-Japan economic partnership and covers investment expected over the coming decade.
Goyal said on Wednesday that the investment push had “kickstarted extremely well” as he met Japanese businesses and financial institutions during his visit to the country.
India is trying to turn the investment commitment into projects in sectors that can strengthen manufacturing and technology links between the two countries. Semiconductors, artificial intelligence, clean energy, batteries, advanced mobility and digital infrastructure are among the areas being discussed.
The focus is also shifting beyond traditional Japanese investment in automobiles and infrastructure.
Goyal has been encouraging Japanese companies to use India as a manufacturing and export base, combining Japanese technology and engineering capabilities with India’s large domestic market and growing industrial workforce.
A major business delegation of more than 200 Indian representatives is accompanying Goyal during his four-day Japan visit. The delegation includes companies from manufacturing, semiconductors, steel, automobiles, clean energy, financial services, healthcare and startups.
India and Japan are also discussing the review of their Comprehensive Economic Partnership Agreement. The two governments have agreed to speed up the review, with the aim of making the agreement more relevant to newer areas of trade and investment. The economic relationship still has considerable room to expand.
Bilateral trade between India and Japan stood at about $27.5 billion in 2025-26, according to Goyal. Indian officials have said the figure remains well below the potential of the two economies. Japanese institutional investors are also being encouraged to increase their participation in Indian markets and infrastructure projects.
During meetings in Tokyo, Goyal held discussions with senior representatives from MUFG, Mizuho, Nomura, Morgan Stanley, Nippon Life and the Development Bank of Japan. The discussions covered long-term capital flows, investment opportunities and measures that could make it easier for Japanese investors to operate in India.
Indian officials are particularly interested in Japanese capital for sectors where the government wants to build domestic capacity. Semiconductors and AI have become important parts of that strategy as India tries to attract global manufacturing and technology supply chains. The government is also pushing for closer cooperation in advanced manufacturing and next-generation industries.
Goyal said the investment target was already moving forward, but the government wants the pace to increase further.
