Japan already invested 14% of 10 trillion yen India investment target: Piyush Goyal

New Delhi: The Commerce and Industry Minister Piyush Goyal on Wednesday said that Japanese firms have already invested Rs 1 lakh crore of the 10 trillion Yen (Rs seven lakh crore) investment target in India over a decade, as committed in 2025.

He said that with this pace, the 10 trillion yen may be invested in India in the next 3-4 years instead of 10 years.

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Earlier, Japan had set a target of investing 5 trillion yen in India in 10 years and that target was achieved within five years. In 2025, a new target of 10 trillion yen was set, the minister told reporters here.

Prime Minister Narendra Modi had set a target of doubling the number of Japanese companies operating in India to 3,000 from 1,500 at present.

“Japanese companies should come to India for manufacturing, services, financial services, insurance and pension funds. On a large scale, we should take advantage of Japanese technologies and investments,” he said.

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Earlier, addressing the India-Japan Startup Roundtable in Tokyo, Goyal proposed establishing a Deep Tech Capital Corridor to mobilise patient capital for early-stage research, deep-tech innovation and commercialisation.

The minister also proposed a two-way innovation bridge connecting universities, incubators, R&D institutions, laboratories and testing facilities in both countries.

The other proposal was on Manufacturing and Technology Integration that combines India's scale, engineering talent and entrepreneurial dynamism with Japan's precision engineering, technology and manufacturing capabilities.

He also emphasised setting up Joint Startup Pitching Platforms to facilitate regular interactions between Indian founders, Japanese corporations, venture funds and strategic investors.

India's Japan Pitching Series has already connected 65 domestic startups with around 100 Japanese corporations and facilitated more than 30 business tie-ups. India's ambassador to Japan, Nagma Mohamed Mallick, said at the event.

On India's efforts to give a boost to deep-tech startups, the minister highlighted the recently launched second Fund of Funds of around USD 1 billion. The first Startup fund of USD 1.5 billion has catalysed investments of USD 10 billion, he added.

India has the world's third largest startup ecosystem. Since the launch of Startup India 10 years ago, the number of startups in India has grown to 2.5 lakh from 510 earlier. Of these startups, more than 130 are unicorns.

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