India aims for $30 trillion economy by 2047 through Japanese partnerships

Indian Union Minister of Commerce and Industry Piyush Goyal met with leaders from major Japanese financial and investment institutions in Tokyo to discuss strengthening economic ties. Goyal highlighted India's 7.7 percent economic growth recorded last year and stated the nation is working toward becoming a $30 trillion economy by 2047.

The discussions focused on deepening investment partnerships and increasing Japanese participation in India's development. Key sectors identified for potential Japanese investment include semiconductors, artificial intelligence, data centers, renewable energy, green hydrogen, advanced manufacturing, and digital infrastructure.

Representatives from institutions such as MUFG, Development Bank of Japan (DBJ), Mizuho, Morgan Stanley, Nomura, and Nippon Life participated in the meeting. The dialogue also addressed the potential of GIFT City as a platform to facilitate international capital inflows and cross-border investment between Japan and India. This follows a mutual goal to increase Japanese private investment in India to 10 trillion yen over the next decade.