Balancing Act: India-Japan Trade Relations on the Rise

Efforts are underway to balance India-Japan trade by boosting Indian exports. In 2023-24, India's exports to Japan stood at USD 5.15 billion against imports of USD 17.7 billion. Minister Piyush Goyal emphasized increasing manufacturing's GDP share with significant collaboration from Japan in sectors like energy and technology.

Commerce and Industry Minister Piyush Goyal recently highlighted the ongoing efforts to rebalance trade between India and Japan by focusing on boosting Indian exports. The minister's commentary came during his keynote address at the India-Japan Economy and Investment Forum.

In financial year 2023-24, India's exports to Japan reached USD 5.15 billion while imports amounted to USD 17.7 billion, resulting in a USD 12.55 billion trade deficit. The trade strategy involves elevated collaboration in areas including green energy, semiconductors, and artificial intelligence.

Japan remains a significant player in India's development, contributing over USD 43 billion in foreign direct investments since 2000, making it the fifth-largest source. Goyal is optimistic about future projects, including the Shinkansen bullet train service and enhancing India's manufacturing sector with Japan's pivotal role.

(With inputs from agencies.)