India, Oct. 16 -- "India and Japan are natural and indispensable partners," the two countries' leaders declared at their 16th Annual Summit held earlier this year. The relationship is now backed by a 10-trillion yen target for private Japanese investment in India over the next decade; an Economic Security Initiative spanning critical minerals, semiconductors, information and communication technology (ICT) and Artificial Intelligence (AI), clean energy and pharmaceuticals; new cooperation on batteries, mobility and technology; and the first significant India-Japan defence co-development project.

Both governments have also agreed to review the 2011 Comprehensive Economic Partnership Agreement, recognising that 15 years on, economic ties ha...