Goyal said India’s first Semiconductor Mission had seeded USD 10 billion, which, combined with support from state governments, attracted USD 20 billion in investment into the sector. Building on this, the government has launched Semiconductor India Mission 2.0 with a USD 15 billion outlay. Together with matching state incentives, the government expects the initiative to mobilise USD 50 billion in fresh investment.
“We are ready to fund much more because we see the growing demand for semiconductors in India,” Goyal said, citing projections that India’s annual semiconductor consumption will reach USD 150 billion per year within five years. He described the projected demand as a major opportunity to “innovate in India, make in India.”
The minister also highlighted a people-mobility initiative, noting that Prime Minister Takaichi had signalled Japan’s willingness to welcome 300,000 Indians across various sectors to support its economy. Goyal proposed partnerships with companies in the Kansai region to train these workers in Japanese work ethics, culture and language before they take up roles in Japan.
He urged Kansai industry leaders to visit India, invest in the country and deepen engagement through joint exhibitions, sectoral dialogues and exchange seminars.
Goyal identified food processing as another area with significant scope for collaboration. He said India could learn from Japanese standards to improve the quality of processed foods, while Japanese companies could access India as both a market and a technology partner.
On the maritime front, Goyal pointed to India’s nearly 250,000 seafarers currently serving on ships worldwide. Following talks with the Mediterranean Shipping Company (MSC), which has agreed to establish a major seafarer training academy in Mumbai, Goyal called for similar partnerships with Japanese shipping companies and training institutes.
He said MSC alone had indicated capacity to absorb workers at a scale reflecting massive global demand for Indian seafarers, whom he described as “hardworking,” “skilled,” and “talented.”
Goyal said collaborations spanning semiconductors, human resources, food processing and shipping represented “significant opportunities” for Japanese companies to participate in India’s growth story in the years ahead.
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