IGI Logo

Commerce and Industry Minister Piyush Goyal has said that ‘Efforts are being made to balance trade between India and Japan, with a focus on increasing Indian exports to ensure reciprocal benefits’. India's exports to Japan during April-January this fiscal rose by 21.12 per cent to $5.1 billion, while imports grew by 9.1 per cent to $15.92 billion, leaving a trade deficit of $10.82 billion in favour of Japan. In 2023-2024, the country’s export to Japan was $5.15 billion and imports were $17.7 billion, leaving trade gap of $12.55 billion. Both countries have inked Comprehensive Economic Partnership Agreement (CEPA) in 2011. 

The minister also invited Japanese firms to increase collaboration in areas such as green energy, renewable energy, high-tech manufacturing of semiconductors, electronic goods, and artificial intelligence. He pointed out that major infrastructure projects such as the Mumbai-Ahmedabad High-Speed Rail and metro systems in Delhi, Ahmedabad, Bengaluru, and Chennai reflect Japan's active participation in India's development. He expressed optimism about the commencement of the Shinkansen bullet train service between Mumbai and Ahmedabad in the near future. 

India has received over $43 billion foreign direct investment (FDI) from Japan between 2000 and 2024, making it India's fifth-largest source of foreign investment. The minister further said the two countries are collaborating to build globally competitive brands, citing the example of Maruti exporting vehicles to various countries, including Japan. He reiterated the objective of increasing the share of manufacturing in India's GDP to 25 per cent (from the current about 16-17 per cent), with Japan playing a crucial role in achieving this target.