India-Japan Special Strategic and Global Partnership

The Government of India and the Government of Japan reaffirmed their ‘Special Strategic and Global Partnership’ and announced multiple economic, defence, science & technology and clean energy cooperation measures.

• Main announcement and implementation details:

  • JPY 5 trillion target in Japanese investment and financing to India over five years (announced at the 14th Annual Summit, 19-20 March 2022).
  • Signing/notes for seven yen loan projects worth over JPY 300 billion (~USD 2.7 billion) at the 2022 Summit; JICA 4th tranche ODA loan of JPY 300 billion (INR 18,000 crore) specifically for the Mumbai-Ahmedabad High-Speed Rail Project (MAHSR) signed during PM Kishida’s 2023 visit.
  • Launch of the India-Japan Clean Energy Partnership (March 2022) and an Aide Memoire on the Joint Crediting Mechanism (JCM) (2023); continued energy and environmental cooperation including MoC on Environmental Cooperation (2018) and High-Level Policy Dialogue on Environment (2021).

• Background, timelines and other concrete facts:

  • Defense cooperation: MoI for co-developing the UNICORN mast signed on 15 November 2024; 4th India-Japan Defence Ministerial Meeting held in May 2025; multiple joint exercises (MALABAR, JIMEX, MILAN, Dharma Guardian) held across 2024–2025.
  • Trade & finance figures: India-Japan bilateral trade USD 22.85 billion in FY 2023-24 (Exports to Japan USD 5.15bn; Imports from Japan USD 17.69bn); FY24-25 (Apr’24–Jan’25) bilateral trade USD 21 billion. Japanese ODA disbursement to India in 2023-24 about JPY 580 billion. Japanese FDI in India: USD 1.79bn (2022–23), USD 3.1bn (2023–24), USD 2.5bn (2024–25); cumulative FDI since 2000 USD 44.4bn.
  • Infrastructure & projects: Mumbai-Ahmedabad HSR corridor length 508.17 km, 12 stations, covering Maharashtra, Gujarat and Dadra & Nagar Haveli; NHSRCL is the implementing SPV. JCM joint monitoring and JICA loan tranches are tied to project implementation.