The notes were exchanged on Tuesday between Vikas Sheel, additional secretary, Department of Economic Affairs in the Ministry of Finance and Japanese Ambassador Suzuki Hiroshi.
In his Union Budget 2018 speech in Parliament on Thursday, Finance Minister Arun Jaitley said India was on the path to become a $5-trillion economy soon.
The Indian economy stands at $2.5 trillion now.
Jaitley also said the economy was on course to achieve 8 per cent growth, which will be at 7.2 to 7.5 per cent in the second half of the fiscal.
“Indian economy has performed very well since our government came to power,” the Finance Minister said.