As of October 2024, 1,434 Japanese companies have expanded into India, with manufacturing accounting for approximately half at 708 companies. Key industries include transportation machinery, electrical and electronic equipment, and metal manufacturing. Japanese companies in India are characterized as being heavily domestic-sales-oriented, with exports representing only 14.1% of sales revenue—the lowest ratio in Asia. The Indian government is actively pursuing free trade agreements with various countries. There is potential for expansion of business models that include exports targeting western regions such as Europe, the Middle East, and Africa as production bases.