Japan-India ties deepen as both nations counter China’s influence. Japanese FDI in India surpassed China’s for the second consecutive year in 2024, totaling $5.34bn, while investments in China fell to $3.39bn, its lowest since 2014. Teruhide Sato of Beenext observed a “ripple effect” as Japanese banks, insurers, and asset managers expand operations. Daikin’s president Naofumi Takenaka cited India’s “world’s most rapidly growing market” as justification for its production hub ambitions. Meanwhile, Kotak Investment Bank’s Mallik underscored Japan’s “patient capital” aligning with Indian entrepreneurs’ control preferences.