Union Commerce and Industry Minister Piyush Goyal has highlighted the growing role of India’s young entrepreneurs while calling for stronger cooperation between India and Japan in banking, financial services, investment and industry.
Speaking at a startup roundtable in Tokyo during his ongoing visit to Japan, Goyal described India’s young population as a growing force of job creators, innovators and thinkers. He said the country’s entrepreneurial ecosystem has expanded significantly over the past decade, with the number of recognised startups rising from around 400-500 at the beginning of the Startup India initiative to nearly 2.5 lakh.
Goyal said the change reflects a broader shift in the mindset of young Indians, who are increasingly willing to take risks, develop new ideas and build businesses rather than remain limited to traditional employment opportunities. (The Tribune)
Focus on Financial Cooperation
The minister’s engagements in Tokyo have also focused heavily on strengthening economic and financial links between the two countries. He held meetings with senior executives from major Japanese financial institutions, including Nippon Life Insurance, Mitsubishi UFJ Financial Group (MUFG) and Sumitomo Mitsui Banking Corporation.
During his meeting with Nippon Life Insurance, discussions covered opportunities for expanding India-Japan cooperation in insurance and financial services. With MUFG, Goyal explored possibilities across banking, commercial finance and investment.
His discussions with SMBC also centred on creating new opportunities to deepen financial ties and increase investment cooperation between India and Japan.
India as Global Export Hub
Goyal has been encouraging Japanese companies to expand their presence in India and use the country as a base for exports to global markets. He has particularly stressed greater localisation, research and development, Global Capability Centres and manufacturing capacity.
India and Japan are also looking to expand cooperation in areas such as advanced manufacturing, semiconductors, artificial intelligence, clean energy and digital infrastructure. Goyal has highlighted India's cost competitiveness and engineering talent as advantages for Japanese companies looking to expand globally.
10 Trillion Yen Investment Target
Goyal's Japan visit comes as the two countries seek to strengthen trade and investment ties. Japan has set a target of mobilising 10 trillion yen in private investment in India over the next decade. India is also reviewing its existing trade agreement with Japan, with efforts aimed at improving investment flows and addressing the bilateral trade imbalance.
India-Japan bilateral trade stood at around $27.5 billion in FY 2025-26, while Japan remains one of India's major foreign investment partners. More than 1,400 Japanese companies operate in India across sectors including automobiles, electronics and engineering.
Building on Suzuki's Success
Goyal has repeatedly pointed to Suzuki's India operations as an example of the scale that Japanese companies can achieve in the Indian market. He has urged Japanese businesses to expand their investments and build larger operations in India.
His four-day Japan visit, running from August 24 to 27, includes meetings in Tokyo, Nagoya and Osaka. A delegation of more than 200 Indian business representatives is accompanying him, with participation from sectors including manufacturing, semiconductors, clean energy, automotive, financial services, healthcare and startups.
The latest discussions indicate that India-Japan economic engagement is increasingly moving beyond traditional trade towards financial services, technology, manufacturing, investment and supply-chain cooperation.
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