Tokyo [Japan], August 24 (ANI): Union Commerce and Industry Minister Piyush Goyal said India will amend existing regulations and introduce new rules over the next two months to address concerns raised by companies seeking to set up manufacturing operations in the country. He said he met two major corporations earlier in the day--one planning to establish semiconductor equipment manufacturing in India and another operating in the automotive components sector.
"Both had certain issues and we were able to resolve them through two phone calls in the middle of the meeting and have already declared the framework that we will follow," Goyal said during a fireside chat with Nikkei Asia Editor-in-Chief Akito Tanaka here.
"I have assured them that within the next two months, India will amend its regulations, bring in new rules to accommodate their requests and ensure that they will have absolutely no problem as they bring manufacturing into India," he added.
The minister did not name the two companies or specify which regulations would be amended or the new rules that would be introduced.
Goyal said the government was willing to address issues faced by investors where their demands were fair and justified, but indicated that requests involving imports from countries known to supply goods at predatory prices would be difficult to accommodate.
On India-Japan economic ties, Goyal said the two countries were complementary economies, with Japan bringing technology and business practices while India offered a young workforce, scale and a large domestic market.
"India is not a plus-one country. India stands on its own merits, on its own feet, as a trusted partner," he said while responding to a question on why Japanese companies should increase their commitment to India.
Artificial intelligence (AI) was another area highlighted for greater cooperation. Goyal said India and Japan were in active dialogue on working together as trusted partners, including to address concerns around AI being weaponised or monopolised.
"Japan and India have both been in an active dialogue in the field of artificial intelligence and the way forward to work together as trusted partners," he said.
Goyal said the two countries were working on a "full stack approach" covering large language models, AI applications, equipment, semiconductors, compute infrastructure, data centres and energy requirements.
He also said India's large domestic market and free trade agreements could provide Japanese companies with opportunities to manufacture in India and access global markets.
The minister is leading a nearly 200-business delegation to bolster economic ties between the two nations. The visit will cover Tokyo, Nagoya and Osaka, with representatives from key sectors including manufacturing, semiconductors, clean energy, steel, automobiles, financial services, healthcare and start-ups, as per the Ministry of Commerce.
The visit will conclude in Osaka with an Investors and Business Roadshow, along with meetings with leading Japanese companies across the electronics, industrial and consumer sectors.
As per government data, Japan's bilateral trade with India stood at USD 27.47 billion during FY 2025-26. During this period, exports from Japan to India stood at USD 21.43 billion, and imports came to USD 6.04 billion. (ANI)
India to amend regulations within two months to facilitate manufacturing investments: Piyush Goyal
