In Nagoya, Commerce Minister Piyush Goyal urged Japanese businesses to deepen trade and manufacturing ties with India, calling it the world’s fastest-growing major economy poised for decades of rapid growth.
Stating that India is the world’s fastest-growing major economy and is poised for decades of rapid growth, Union Commerce and Industry Minister Piyush Goyal on Wednesday called upon the Japanese industry and local leaders to deepen bilateral trade and manufacturing cooperation, urging businesses to expand their presence in India’s growing industrial ecosystem.
Goyal’s Call to Action in Nagoya
Addressing the ‘Celebrating India-Japan Next Generation Economic Partnership’ event in Nagoya, Goyal called on the Central Japan Economic Federation (Chukeiren) to bring Japanese small and medium enterprises (SMEs) into India’s new industrial corridors. He urged the Nagoya Chamber of Commerce and Industry (NCCI) to establish an Indian presence in its sister-chamber network and send an investment survey mission to India. The minister also called for stronger municipal and industrial partnerships between Nagoya and Indian cities, including Bengaluru, Mumbai, Rajkot, Pune and Ludhiana.
Four Specific Requests
“Let me conclude by making four specific requests. One, to Chukeiren, bring your SMEs into our Japanese industrial townships along our new industrial corridors. Let Central Japan Vision 2050 write its next story in India,” Goyal said.
“Two, to NCCI, your sister chamber network today reaches Los Angeles, Mexico City, Sydney, Lille and Torino, but does not have any Indian address. Let us correct that this year. Send your investment survey mission to India and explore the possibilities,” he added.
Goyal further urged Nagoya to explore partnerships with major Indian industrial centres and welcomed the planned visit of seven Japanese businesses to Bengaluru next month. “Three, Deputy Mayor, while we welcome the visit of your seven businesses coming to Bengaluru next month, we would like you to explore Nagoya’s partnership potentially with Bengaluru, with Mumbai, with Rajkot, with Pune, with Ludhiana,” he said.
He also urged Japanese businesses to communicate their concerns directly to the Indian government during Japan Business Week. “Four, tell us your concerns. Japan Business Week is bringing senior officials directly across the table from you to hear your concerns and act on it,” Goyal said.
India’s Economic Outlook
The minister highlighted India’s strong economic growth and said the country was expected to remain a key global growth engine over the next two decades. “India is the world’s fastest growing large economy today. We just saw last year’s growth of 7.7 per cent. The current year will continue that rapid pace of growth, and we expect the next 20, 25 years of continuous growth in India, leading the global growth as a growth engine,” he said.
Goyal also highlighted India’s expanding power infrastructure and clean energy capacity. “Our electricity grid is already 520 gigawatt single grid on one frequency across the country with nearly 60 per cent, 300 gigawatt, of clean energy and expected to grow in the next seven to eight years into a thousand gigawatt grid with 700 gigawatt of clean energy,” he said.
Visit and Trade Context
The Commerce Minister is in Japan from August 24 to 27, leading a business delegation of around 200 members. The four-day visit covers Tokyo, Nagoya and Osaka, with participation from sectors including manufacturing, semiconductors, clean energy, steel, automobiles, financial services, healthcare and start-ups.
India-Japan bilateral trade stood at USD 27.47 billion in FY 2025-26. India’s imports from Japan were USD 21.43 billion, while exports to Japan stood at USD 6.04 billion. Japan accounts for 1.75 per cent of India’s total trade, making it India’s 10th-largest trading partner, while India accounts for 2.26 per cent of Japan’s total trade, ranking 14th. India accounts for 2.61 per cent of Japan’s total exports and ranks eighth, while Japan accounts for 1.37 per cent of India’s total exports and ranks 21st. In terms of imports, India ranks 22nd among Japan’s trading partners with a 0.98 per cent share, while Japan ranks 10th among India’s import partners with a 2.76 per cent share. (ANI)
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