Ashoka University, Iron Pillar Launch India–Japan Economic Corridor Report

Ashoka University and venture capital firm Iron Pillar have launched a new report outlining opportunities to deepen economic cooperation between India and Japan through technology, finance, manufacturing, innovation and talent exchange.

Titled India–Japan Economic Corridor: Technology, Finance, and the Future of the Indo-Pacific, the report was unveiled at the International House of Japan in Tokyo. The launch brought together approximately 60 policymakers, diplomats, investors, academics and entrepreneurs from both countries to discuss ways to translate the longstanding bilateral relationship into stronger commercial and institutional partnerships.

The report has been developed by the Iron Pillar Initiative in Global Learning (IGL) at Ashoka University in collaboration with Iron Pillar. It examines how India and Japan can move beyond their established strategic ties to build a more integrated economic partnership spanning investment, industrial development, technology and workforce collaboration.

Report Brings Together Perspectives From 27 Contributors

The report features 27 independent perspectives from policymakers, academics, investors, business leaders and technology experts. Contributors include Anand Prasanna, Managing Partner at Iron Pillar; Archish Mittal, Vice President at Iron Pillar; Ashish Dhawan, Founding Chairperson of Ashoka University's Board of Trustees; and Professor K. VijayRaghavan, Chair of the university's Science Advisory Council and former Principal Scientific Adviser to the Government of India.

Other contributors include Dr. Prachi Mishra, Dean of the Ashoka School of Economics and Director and Head of the Ashoka Isaac Center for Public Policy, and Dr. Henrik Syse, Norwegian philosopher and Vice Chair of the Scandinavia Japan Sasakawa Foundation.

Michael A. Spence, Nobel Laureate in Economics and Dean Emeritus of Stanford Graduate School of Business, has written the report's foreword.

The publication examines the evolution of India–Japan relations, from development finance, infrastructure and manufacturing cooperation to a broader economic partnership. Its contributions cover private investment, semiconductors, artificial intelligence (AI), deep technology, space, workforce mobility and other areas with potential for bilateral collaboration.

India–Japan Economic Ties Face a Wider Growth Opportunity

The report comes amid renewed efforts by New Delhi and Tokyo to expand economic engagement. At the 16th India–Japan Annual Summit in July 2026, the two countries reaffirmed a target of ¥10 trillion in Japanese private-sector investment in India by 2035. Cooperation in economic security, artificial intelligence, energy resilience and trade also featured in the bilateral agenda.

Despite the strategic importance of the relationship, the report highlights a gap between diplomatic engagement and actual economic integration. Japan accounts for less than 1% of India's imports from global markets, while India represents approximately 4% of Japan's outbound investment, according to the figures cited in the report.

The findings point to substantial scope for increasing trade, investment and industrial collaboration.

Japan brings established industrial capabilities, technological expertise and investment capital to the partnership. India, meanwhile, offers a large and young workforce, a growing market, expanding technology capabilities and strong long-term demand for capital.

However, the report argues that financial investment alone cannot deliver deeper integration. Stronger institutional frameworks, greater movement of skilled professionals, effective intermediaries and predictable implementation mechanisms will be essential to convert bilateral commitments into measurable economic outcomes.

Bridging the Gap Between Policy and Business

A central theme of the report is the need to address what it describes as the “missing middle” between government-led initiatives and large corporate partnerships.

According to the report, fund managers, startups, mid-sized suppliers, intermediaries and research institutions can play a crucial role in connecting policy objectives with commercial opportunities. These organisations can help businesses identify partners, facilitate investment and establish long-term research and technology collaborations.

The report also highlights the growing importance of supply-chain resilience and economic security as both countries respond to changes in the global economic environment.

Strengthening links between businesses and institutions could help India and Japan diversify supply chains, develop new industrial capabilities and build more durable economic relationships.

AI, Advanced Technology and Talent Mobility in Focus

Technology is another major area of opportunity identified in the report. Combining Japan's manufacturing expertise and industrial strengths with India's capabilities in artificial intelligence, digital technology and entrepreneurship could support new products, services and industrial applications.

The report also examines opportunities in emerging sectors such as semiconductors, deep technology and space, where collaboration could encourage innovation and expand business opportunities in both countries.

Talent mobility is equally important to the proposed economic corridor. The report calls for stronger two-way exchanges involving students, researchers, skilled professionals and entrepreneurs.

Greater collaboration between universities, research organisations and businesses could create lasting institutional relationships, facilitate knowledge sharing and help develop the workforce required to support future economic growth.

Ashoka University and Iron Pillar Emphasise Long-Term Collaboration

Archish Mittal, Vice President at Iron Pillar and Co-Chair of the Iron Pillar Initiative in Global Learning at Ashoka University, said the next phase of India–Japan relations should focus on building institutional and economic connections that translate longstanding mutual trust into sustained cooperation.

He emphasised the need to strengthen collaboration across capital, technology and talent, adding that the report brings together diverse perspectives on how both countries can move from shared objectives to lasting engagement.

Professor K. VijayRaghavan, Chair of Ashoka University's Science Advisory Council and Co-Chair of the Iron Pillar Initiative in Global Learning, highlighted the complementary strengths of the two economies.

He noted that Japan's industrial capabilities, technology and capital could work effectively alongside India's talent base, market scale and innovation ecosystem. He also underscored the importance of creating stronger opportunities for researchers, businesses, investors and young professionals from both countries to collaborate.

The report is intended to encourage discussion rather than advance a single policy prescription. It brings together different viewpoints on the economic, technological, institutional and strategic factors that could shape the future of India–Japan cooperation.

Ashoka University Announces Partnership With ADBI

The report launch also coincided with the announcement of a partnership between the Asian Development Bank Institute (ADBI) and Ashoka University. The collaboration is expected to create additional avenues for institutional engagement and cooperation between India and Japan.

The report is among the first outcomes of the Iron Pillar Initiative in Global Learning, a joint initiative established by Ashoka University and Iron Pillar on September 28, 2026.

The initiative aims to develop sustained relationships among scholars, students, academic institutions and industry practitioners. Its activities are intended to support research collaborations, internships, international learning opportunities and cross-border exchange of ideas.

Through IGL, Ashoka University seeks to connect students, researchers, policymakers, businesses and international institutions to encourage the movement of knowledge, technology and talent across borders.

The India–Japan Economic Corridor report represents an initial step towards that objective, with further research partnerships and international academic engagement expected to form part of the initiative's broader work.

Read the full report: Visit Ashoka University's official website and look for India–Japan Economic Corridor: Technology, Finance, and the Future of the Indo-Pacific.

About Iron Pillar

Iron Pillar is a growth-stage venture capital firm that invests in enterprise and consumer technology companies developing products in India for domestic and international markets. Established in 2016, the firm works with founders to help businesses scale from early growth stages into sustainable enterprises.

Its portfolio includes companies such as BlueStone, Curefoods, Freehand.AI, FreshToHome, SEDEMAC, Servify and Uniphore. Iron Pillar has offices in Bengaluru, Mumbai, Dubai and Palo Alto.

Website: www.ironpillarfund.com

About Ashoka University

Ashoka University is an interdisciplinary, research-focused institution in the Delhi-NCR region, offering programmes in the natural sciences, social sciences and humanities. Established in 2014, the university operates on a collective-philanthropy model and emphasises interdisciplinary education, research and public engagement.

Its academic and research activities span areas including public health, energy transition, digital transformation and women's empowerment. The university also supports research through specialised centres and initiatives focused on public policy and societal impact.