India and Japan
Infrastructure, investment, technology and maritime security link India and Japan. CEPA has organised trade since 2011. The 2025 joint vision added a cooperation horizon for the following decade, with investment targets that are not already observed disbursements.
Analysis reviewed: 2026-10-07 · Indicators updated: 2026-10-07CEPA and business exchanges
The economic partnership agreement entered into force on 1 August 2011.
Long-term financing targets
The August 2025 vision recalls the earlier target of five trillion yen in public and private investment and financing for 2022–2026, and announces a new target of ten trillion in private investment.
The vision for the next decade
The August 2025 meeting set out priorities in investment, innovation, economic security, the environment and health.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | 28,297.16 M USD | 2025 · UN Comtrade / IND |
| Goods: India to Japan | 6,120.26 M USD | 2025 · UN Comtrade / IND |
| Goods: Japan to India | 22,176.9 M USD | 2025 · UN Comtrade / IND |
| Services trade | ||
| Export share: India to Japan | 1.37 % | 2025 · UN Comtrade / IND |
| Export share: Japan to India | ||
| Investment stock: India in Japan | ||
| Investment stock: Japan in India |
Definitions and sources
Trade adds both directions. Shares refer to the country’s total goods exports; investment is an accumulated stock, not an annual flow. Every figure retains the currency and period of its source. BEA positions are historical-cost estimates based on the immediate counterpart, not market values or investment by ultimate owner. ‘More than’ indicates a lower bound, not an exact amount. A recorded stock does not establish new activity or authorisation to operate under sanctions.
- Goods trade
- 2025 · UN Comtrade / IND · Goods; full year; IND reporter. Exports normally FOB and imports CIF according to the reporter's coverage. No addition of mirror reports.
- Goods: India to Japan
- 2025 · UN Comtrade / IND · Goods; full year; IND reporter. Exports normally FOB and imports CIF according to the reporter's coverage. No addition of mirror reports.
- Goods: Japan to India
- 2025 · UN Comtrade / IND · Goods; full year; IND reporter. Exports normally FOB and imports CIF according to the reporter's coverage. No addition of mirror reports.
- Export share: India to Japan
- 2025 · UN Comtrade / IND · Goods share: IND exports to the partner / the same reporter's exports to the world, same year.
Country comparison
Period and source beside each figure · est. = estimate by the stated institution.
| Indicator | India | Japan |
|---|---|---|
| Nominal GDP | 3.96 trillion USD2025 · WB | 4.44 trillion USD2025 · WB |
| GDP per capita | 2,702.48 USD2025 · WB | 35,951.05 USD2025 · WB |
| GDP growth | 7.57 %2025 · WB | 1.19 %2025 · WB |
| Policy interest rate | 5.25 %2026-10-06 · RBI | 1.25 %2026-09-24 · BoJ |
| Inflation · annual average | 2.4 %Annual average · 2025 · WB | 3.17 %Annual average · 2025 · WB |
| Inflation · latest year-on-year figure | 4.82 %provisionalprovisionalYear-on-year · Aug. 2026 · MoSPI | 1.9 %Year-on-year · Aug. 2026 · Statistics JP |
| Unemployment | 4.22 %ILO est.2025 · WB | 2.45 %ILO est.2025 · WB |
| Budget balance (% of GDP) | -7.4 %IMF est.2025 · IMF | -1.1 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 84.1 %IMF est.2025 · IMF | 206.5 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | -0.42 %2025 · WB | 4.86 %2025 · WB |
| Population | 1,463,865,5252025 · WB | 123,366,7342025 · WB |
| Area | 3,287,260 km²2023 · BM / FAO | 377,969 km²2023 · BM / FAO |
| Military expenditure | ||
| Military expenditure (% of GDP) |
Definitions, dates and sources
Blank cells are not zero. Average annual inflation and the latest year-on-year figure appear in separate rows: they are not the same measure. Every annual indicator retains its reference year; when the years differ, the figures are identified as not directly comparable. When a figure is unavailable from the World Bank, an annual IMF estimate is used and identified as such. The latest year-on-year figure is the latest official release verified as of 7 October 2026. This includes advance releases marked as provisional. Mexico may have a fortnightly figure before the full month is published; it is not automatically compared with a monthly figure. The publication date is retained in each source’s details; it does not replace the observation period or the annual average. Policy rates carry their own dates and represent different instruments. Spain and France share the ECB rate. Balances are positive for surpluses and negative for deficits. The IMF may use fiscal years; unemployment retains each source’s definition (ILO estimates, IMF WEO or PCBS), as stated in the details. For Palestine, debt and the fiscal balance cover central government and retain the PCBS definition; they are not presented as consolidated general government. These are economic magnitudes, not measures of relationship quality.
Area retains each source’s territorial coverage; it does not determine sovereignty or effective control. Canada uses an archived national geographic reference. Military expenditure retains the 2024 SIPRI sample distributed by the World Bank: the amount and percentage of GDP use that same definition, which differs from NATO’s. It is not an approved budget or a 2026 figure. Information from the Stockholm International Peace Research Institute (SIPRI). Military expenditure database · Terms of use0
Indicators reviewed: 2026-10-07. Each source retains its original access date; this review does not turn all the data into 2026 observations. Figures may be revised.
- Nominal GDP
- Current USDIndia: 2025 · World BankJapan: 2025 · World Bank
- GDP per capita
- Current USD per personIndia: 2025 · World BankJapan: 2025 · World Bank
- GDP growth
- Annual real change (%)India: 2025 · World BankJapan: 2025 · World Bank
- Policy interest rate
- Central bank instrument (%)India: 2026-10-06 · RBI policy repo rate · Reserve Bank of India (RBI) · Access date for Current Rates; does not represent a new decision on 6 October. · Alternative official source; verified 2026-10-06Japan: 2026-09-24 · Approximate target for the uncollateralised overnight rate · Bank of Japan
- Inflation · annual average
- Average annual change in headline CPI (%)India: 2025 · Average annual CPI change (%) · World BankJapan: 2025 · Annual average change in the CPI (%) · World Bank
- Inflation · latest year-on-year figure
- Headline CPI relative to the same period of the previous year (%); monthly or fortnightly frequency statedIndia: 2026-08 · Headline CPI change relative to the same month of the previous year (%) · MoSPI / Press Information Bureau, Government of India · Published: 2026-09-14 · provisional · Provisional · Combined rural and urban headline CPI, 2024 base; provisional MoSPI figure. Not food or wholesale inflation. Provisional figure or official advance release; subject to revision.Japan: 2026-08 · Change in headline CPI from the same month of the previous year (%) · Statistics Bureau of Japan · Published: 2026-09-18 · National headline CPI, 2025 base; includes fresh food and energy. The measure excluding fresh food (1.7%) and the preliminary Tokyo release are not used.
- Unemployment
- % of the labour force; definition used by the stated institutionIndia: 2025 · World Bank · ILO est.Japan: 2025 · World Bank · ILO est.
- Budget balance
- General government (% of GDP)India: 2025 · IMF — World Economic Outlook · IMF est.Japan: 2025 · IMF — World Economic Outlook · IMF est.
- Gross public debt
- General government (% of GDP)India: 2025 · IMF — World Economic Outlook · IMF est.Japan: 2025 · IMF — World Economic Outlook · IMF est.
- Current account balance
- % of GDPIndia: 2025 · World BankJapan: 2025 · World Bank
- Population
- PeopleIndia: 2025 · World BankJapan: 2025 · World Bank
- Area
- Total area in km²; territorial coverage of the sourceIndia: 2023 · Total area including inland waters; territorial coverage of the source · World Bank · FAOJapan: 2023 · Total area, including inland waters; source's territorial coverage · World Bank · FAO
- Military expenditure
- Current USD per year; SIPRI series
- Military expenditure (% of GDP)
- Percentage of GDP; SIPRI definition, not NATO’s definition
Other data specific to this relationship
What they buy and sell
Documented selection, not an exhaustive list. Cells without a figure do not mean zero value; some products are identified without a verified amount.
India to Japan
| Product or sector | Value / share |
|---|---|
| Land vehicles and components | 1,089.3 M USD2025 · Source |
| Machinery and mechanical appliances | 618.8 M USD2025 · Source |
| Electrical and electronic equipment | 576.7 M USD2025 · Source |
| Mineral fuels and oils | 139.8 M USD2025 · Source |
| Pharmaceutical products | 103.7 M USD2025 · Source |
Japan to India
| Product or sector | Value / share |
|---|---|
| Machinery and mechanical appliances | 3,905.6 M USD2025 · Source |
| Electrical and electronic equipment | 3,532 M USD2025 · Source |
| Land vehicles and components | 1,560.7 M USD2025 · Source |
| Mineral fuels and oils | 179 M USD2025 · Source |
| Pharmaceutical products | 42 M USD2025 · Source |
Connections between people
Education, work, visits and community connections have their own records and procedures. Residents are not equivalent to annual arrivals, and visits may be repeated. The tables retain dates, definitions and sources to distinguish these connections from business contracts and government decisions. [1]
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from India living in Japan | ||
| Residents from Japan living in India | ||
| Study and training: India in Japan | ||
| Study and training: Japan in India | ||
| Academic stays: India in Japan | ||
| Academic stays: Japan in India | ||
| Travel: India to Japan | ||
| Travel: Japan to India |
What each figure measures
Residents are counted by nationality and the coverage of the stated register, not as people born in the other country or as new arrivals in one year. PERE includes dual nationals and people born outside Spain. Study with OPT and stays carrying academic credit are different measures. Travel may include several visits by the same person; FRONTUR arrivals require an overnight stay, whereas the Canadian survey includes day visits. These figures are neither added together nor automatically compared across directions.
Mobility data added or reviewed: 2026-10-07. Reference periods may be earlier.
Underlying ties
History, institutions and long-standing issues.
CEPA and business exchanges
The economic partnership agreement entered into force on 1 August 2011. The Indian summary places it within the trade and business relationship. Its provisions have their own categories and origin conditions. An infrastructure project, affiliate sales and goods crossing customs are not recorded in the same way; the table keeps annual flows separate from accumulated investment. [1]
Long-term financing targets
The August 2025 vision recalls the earlier target of five trillion yen in public and private investment and financing for 2022–2026, and announces a new target of ten trillion in private investment. These targets have different periods and scopes, not a single figure for capital already invested. The currency and financial modalities remain explicit. [2]
A defence and technology dimension
The bilateral summary records contacts between military commanders and scientific cooperation with Japanese institutions. These channels have participants and timelines different from CEPA. Joint research may involve cofinancing and project selection, not unlimited transfer of any technology. Maritime security is addressed through its own mechanisms and is not inferred from a trade figure. [1]
The scale of the two economies
India recorded nominal GDP of 3,956.1 billion USD in 2025, compared with 4,435.2 in 2025 for Japan. The reference populations were 1,463.87 million (2025) and 123.37 million (2025), respectively. In the same year, India's nominal GDP was 0.89 times Japan's. These figures contextualise market size; they do not by themselves describe well-being, individual wealth or political influence. IMF estimates or population extrapolations retain their labels in the table. No ratio is calculated when periods do not match. [4] [5]
Recent developments
Recent developments and latest available data · Reviewed: 2026-10-07
The vision for the next decade
The August 2025 meeting set out priorities in investment, innovation, economic security, the environment and health. The multi-year horizon distinguishes future projects from completed operations. The 2025 goods provide an independent annual reference, not an assessment of fulfilment of all the new vision's targets. [2]
Observed economic exchange
In 2025, recorded goods trade between India and Japan totalled 28,297.2 million USD. Shipments from India to Japan were 6,120.3 million USD; those in the reverse direction were 22,176.9 million USD. India's shipments to the partner represented 1.37% of its goods exports to the world, using the same year and reporter. A single customs reporting source is used for both directions. This annual flow does not include all services activity or affiliates' local sales and is not added to accumulated investment capital. [3]
Milestones and consequences
Sources and data
Periods and scope of the figures
Each figure retains its period, unit, definition and source. Announcements, contracts and results are not interchangeable. Empty cells do not mean zero. Customs data for 2025 are not presented as activity observed during later crises.
- Japan–India bilateral summary
Ministry of External Affairs of India · Institutional source · Document: 2025-08 · Accessed: 2026-10-07
- Joint vision for the next decade
India's Press Information Bureau · Institutional source · Document: 2025-08-29 · Accessed: 2026-10-07
- Annual TOTAL X/M; 2025; reporter 699; partners 0,392,36,784,682,376,364,50,524,144,360,704
UN Comtrade / IND · Institutional source · Accessed: 2026-10-07
- Official statistics
World Bank · Institutional source · Accessed: 2026-09-17
- Official statistics
World Bank · Institutional source · Accessed: 2026-10-06
- HS2 27; 2025; reporter 699; partners 392,36,784,682,376,364,50,524,144,360,704; X/M; annual goods
UN Comtrade / IND · Institutional source · Accessed: 2026-10-07
- HS2 30; 2025; reporter 699; partners 392,36,784,682,376,364,50,524,144,360,704; X/M; annual goods
UN Comtrade / IND · Institutional source · Accessed: 2026-10-07
- HS2 84; 2025; reporter 699; partners 392,36,784,682,376,364,50,524,144,360,704; X/M; annual goods
UN Comtrade / IND · Institutional source · Accessed: 2026-10-07
- HS2 85; 2025; reporter 699; partners 392,36,784,682,376,364,50,524,144,360,704; X/M; annual goods
UN Comtrade / IND · Institutional source · Accessed: 2026-10-07
- HS2 87; 2025; reporter 699; partners 392,36,784,682,376,364,50,524,144,360,704; X/M; annual goods
UN Comtrade / IND · Institutional source · Accessed: 2026-10-07
Additional sources on products and human connections
- UN Comtrade / IND
2026-10-07 · Accessed: 2026-10-07 · HS2 27; 2025; reporter 699; partners 392,36,784,682,376,364,50,524,144,360,704; X/M; annual goods.
- UN Comtrade / IND
2026-10-07 · Accessed: 2026-10-07 · HS2 87; 2025; reporter 699; partners 392,36,784,682,376,364,50,524,144,360,704; X/M; annual goods.
- UN Comtrade / IND
2026-10-07 · Accessed: 2026-10-07 · HS2 84; 2025; reporter 699; partners 392,36,784,682,376,364,50,524,144,360,704; X/M; annual goods.
- UN Comtrade / IND
2026-10-07 · Accessed: 2026-10-07 · HS2 85; 2025; reporter 699; partners 392,36,784,682,376,364,50,524,144,360,704; X/M; annual goods.
- UN Comtrade / IND
2026-10-07 · Accessed: 2026-10-07 · HS2 30; 2025; reporter 699; partners 392,36,784,682,376,364,50,524,144,360,704; X/M; annual goods.