India working towards becoming $30 trillion economy by 2047: Piyush Goyal
Tokyo, Aug 25
India recorded 7.7 per cent growth last year despite global uncertainties and is working towards becoming a $30 trillion economy by 2047, Shri Goyal highlighted the strength and resilience of the Indian economy, Commerce and Industry Minister Piyush Goyal said here on Tuesday during discussions with senior leaders of leading Japanese financial and investment institutions.
The discussions centred around strengthening long-term capital flows, deepening investment partnerships and expanding Japanese participation in India's growth story. The meeting brought together senior representatives of MUFG, Development Bank of Japan (DBJ), Mizuho, Morgan Stanley, Nomura and Nippon Life.
The minister underlined the strength of India's banking sector, robust capital adequacy, low levels of non-performing assets, expanding middle class and rising disposable incomes as key drivers of sustained economic growth.
Goyal also highlighted significant opportunities for Japanese investors in semiconductors, artificial intelligence, data centres, renewable energy, green hydrogen, advanced manufacturing and digital infrastructure.
He noted that India's expanding renewable energy capacity and national power grid provide a strong foundation for the growth of energy-intensive digital industries, while the India Semiconductor Mission is creating new opportunities across manufacturing and technology.
India regards Japan as a trusted partner in its journey towards becoming a global manufacturing, technology and investment hub.
Goyal emphasised India's commitment to intellectual property protection, availability of high-quality talent, policy reforms and creating an increasingly conducive business environment, according to an official statement.
MUFG highlighted its investment of around $4 billion in Shriram Finance and its expanding interests in areas including renewable energy and hydrogen. DBJ outlined its dedicated India strategy and growing interest in property development, venture capital and other long-term investment opportunities.
Mizuho highlighted the improving profitability of Japanese companies operating in India and the expansion of its India operations, including its Global Capability Centre in Pune.
Morgan Stanley described India as one of its most important global locations, with more than 19,000 employees, and highlighted the evolution of its India operations towards higher-value capital markets and financial services activities.
Meanwhile, Nomura highlighted its long-standing presence in India and its role in connecting Japanese companies and global industries with Indian opportunities, including through technology capabilities in areas such as artificial intelligence and cybersecurity.
Nippon Life emphasised the importance of long-term "patient capital" and noted the strong returns generated by its Indian operations.
The meeting also explored the potential of GIFT City as a gateway for international capital into India and as a platform for facilitating greater cross-border investment flows between Japan and India.
The discussions assume significance in the context of the India-Japan objective of mobilising 10 trillion yen of Japanese private investment into India over the next decade.
— IANS
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