From FTAs to $30 trillion economy: What Goyal is pitching in Japan –  ‘create 1,580 more Suzukis in India’ 

Speaking at a business forum attended by more than 200 Indian and Japanese industry leaders, Goyal said that India wants the number of Japanese companies operating in the country to double.  “I believe that this decade should see that number double from the current levels,” Goyal said. He also urged Japanese companies to build businesses in India that grow to a scale similar to Suzuki’s operations in the country.

Goyal is in Japan from August 24 to 27, leading a delegation of more than 200 Indian business representatives. The visit covers Tokyo, Nagoya and Osaka and focuses on investment, manufacturing, trade and emerging technologies. 

1,580 more Suzukis: Goyal’s pitch to Japanese firms

Goyal used Suzuki’s four-decade journey in India to make his pitch to Japanese businesses. “Today, we see some of the largest and most profitable operations coming out of India. I’m told that the market cap of Suzuki in India is higher than the market cap of the parent company itself,” he said.

“This is the journey we would like to see for the 1,580 companies you represent. We would like to see 1,580 Suzukis being created out of India,” Goyal added.

The reference was to the Japanese companies represented by the business body at the meeting. It was not a statement that India currently has exactly 1,580 Japanese companies operating in the country.

The Commerce Ministry has separately said that more than 1,400 Japanese companies currently operate in India. The figure includes companies such as Suzuki, Toyota, Honda, Sony, Hitachi and Mitsubishi. The ministry provided the figure in its August 18 communication on India-Japan economic ties.

Goyal also spoke about India’s young workforce as an advantage for Japanese businesses. “We have one of the youngest working populations anywhere in the world, with an average age under 30 years, and it is expected to remain young for many decades,” he said.

India targeting FTAs that would cover 75% of global commerce: Goyal

While at the roundtable, Goyal also said that India is currently in discussions with eight to nine more countries and regional trade groupings to establish new free trade agreements (FTAs), with these markets collectively accounting for an estimated $15 trillion in GDP.

Speaking at a business forum attended by more than 200 Indian and Japanese industry leaders, Goyal said the country’s growing network of trade agreements is expected to eventually encompass around 75 per cent of global commerce. He said this broader trade integration would strengthen India’s role as a dependable participant in international supply chains and global value networks.

He also pointed out that India has a strong domestic market and has signed nine FTAs over the past four years. These agreements together cover economies with a total GDP of about $60 trillion, including 38 developed nations. Earlier trade agreements with countries and regions such as Japan, South Korea and ASEAN have also given India access to markets representing another USD 10 trillion in GDP.

Taken together, India now has preferential market access to economies worth about $70 trillion (around Rs 65.6 lakh crore), Goyal said, adding that the next eight to nine negotiations could add another $15 trillion (around Rs 14.05 lakh crore).

He further added that India has significant investment opportunities in data centres, manufacturing and artificial intelligence, and that stronger economic ties should also help India and Japan move towards more balanced trade.

India’s plan to become a $30 trillion economy by 2047

Goyal also linked India’s Japan partnership to the country’s long-term economic ambition. “We are looking at Japan being our partner in this journey as we progress from a $4 trillion economy (about Rs 3.74 lakh crore) to a $30 trillion economy (about Rs 2.81 crore crore) by 2047, when we celebrate 100 years of independence,” Goyal said.

He called the target ambitious but said 1.4 billion Indians were committed to achieving it. The minister said 2026 marks the India-Japan Year of Shared Horizons, with the two countries marking 75 years of diplomatic relations.

“No better moment than today to discuss our partnership into the future and how we see the next decade unfolding, how we see growing collaboration and cooperation between businesses to further strengthen the strong partnership that our leaders share,” he said.

India’s economic target also explains the government’s push for more trade agreements and foreign investment. The Commerce Ministry on August 18 linked the expansion of market access with opportunities for Indian businesses to enter global value chains. Nine FTAs had opened new market opportunities for Indian industry and businesses and linked this wider global engagement to the $30 trillion economy vision.

Piyush Goyal’s Japan visit agenda

The four-day visit is designed to turn the broader India-Japan economic relationship into more business partnerships. In Tokyo, Goyal met senior executives from Japanese companies and business organisations. He is also scheduled to engage with Keidanren, the Japan Business Federation, which represents more than 1,500 leading Japanese companies.

The delegation includes representatives from manufacturing, semiconductors, clean energy, steel, automobiles, financial services, healthcare and start-ups. Goyal’s agenda includes discussions on areas such as digital innovation, industrial transformation, advanced manufacturing, AI, semiconductors and electronics.

The minister will then travel to Nagoya, where the focus will include manufacturing and automotive businesses.

The final stop will be Osaka, where the delegation will hold an “Investors and Business Roadshow” and meet Japanese companies from electronics, industrial and consumer sectors.

The government is also seeking investment in sectors such as AI, semiconductors, critical minerals, batteries, energy and next-generation mobility. Goyal had already identified these areas on August 18, before his Japan visit, when he addressed a Japanese delegation in New Delhi. 

The 10 trillion yen (about Rs 60,000 crore) Japanese investment target is part of this larger agenda. Goyal spoke about this target on August 18, when he said Japan had set a goal of investing 10 trillion yen in India over the next 10 years. 

The target itself dates back to the India-Japan summit in 2025. Prime Minister Narendra Modi had set the objective of attracting 10 trillion yen in Japanese investment over 10 years and doubling the number of Japanese companies operating in India. The Prime Minister’s Office said the target was part of the bilateral economic agenda.

There has already been progress towards that goal. At the July 2, 2026 India-Japan summit, the Japanese Prime Minister’s Office said investment commitments totalling 2 trillion yen (about Rs 12,000 crore) had been made since the 10 trillion yen target was set.

The current visit therefore focuses on taking that existing investment target forward through direct discussions with Japanese businesses.

India-Japan bilateral trade stood at about $27.47 billion (around Rs 2.58 lakh crore) in FY 2025-26. Japan’s exports to India were $21.43 billion (around Rs 2.01 lakh crore), while India’s exports to Japan stood at $6.04 billion (around ₹56,700 crore), according to government data. This left India with a trade deficit of about $15.39 billion (around Rs 1.45 lakh crore).

The scale of that deficit adds another issue to Goyal’s agenda. India wants more Japanese companies to manufacture in the country, build supply chains and help expand exports.

For India, the Japan visit is therefore about more than the Rs 60,000 crore investment target. Goyal’s message covers three linked goals including creating larger Japanese businesses in India, expanding India’s preferential market access through more FTAs and using Japanese technology and investment to support the country’s long-term growth towards a $30 trillion economy.