Piyush Goyal Highlights Japan’s Role in India’s $30 Trillion Economy Goal

Union Minister for Commerce and Industry Piyush Goyal has called for a stronger and more ambitious India-Japan business partnership, saying the number of Japanese companies operating in India should double during the current decade.

Goyal made the remarks while attending a round table meeting with the Japan India Business Consultative Committee (JIBCC) of the Japan Chamber of Commerce and Industry (JCCI) and the Embassy of India.

Highlighting the significance of the year, Goyal said India and Japan are marking the India-Japan Year of Shared Horizons as the two countries celebrate 75 years of diplomatic relations. He said the occasion provides an important opportunity to discuss the future trajectory of bilateral economic and business cooperation.

“Our leaders have declared this year as the India-Japan Year of Shared Horizons, marking 75 years of diplomatic relations,” Goyal said, stressing the need to look at how the partnership can evolve over the next decade.

The Commerce and Industry Minister noted that a large number of Japanese companies are already operating in India, but expressed confidence that their presence can expand significantly.

“I believe that this decade should see that number double from the current levels,” Goyal said.

He also positioned Japan as an important partner in India's long-term economic transformation. Goyal said India believes in the principle of continuous improvement and wants Japan to be a key partner as the country works towards its ambitious economic objectives.

According to Goyal, India is aiming to grow from a $4 trillion economy today to a $30 trillion economy by 2047, when the country marks 100 years of independence.
Calling the target ambitious, Goyal said the commitment of 1.4 billion Indians can help make the vision a reality.

The remarks underline India's efforts to deepen economic engagement with Japan through greater investment, business collaboration, manufacturing and industrial partnerships, while strengthening the broader strategic relationship between the two countries.