Business News | India is Targeting $1 Trillion Exports, Auto Industry Should Deepen Localization and Expand Global Footprint: Piyush Goyal
Get latest articles and stories on Business at LatestLY. India is targeting $1 trillion in goods and services exports this year, with the government calling upon the automobile industry to deepen localisation, expand capacity and aggressively pursue global markets as the country seeks to build a more resilient and globally competitive automotive ecosystem.
New Delhi [India], September 3 (ANI): India is targeting $1 trillion in goods and services exports this year, with the government calling upon the automobile industry to deepen localisation, expand capacity and aggressively pursue global markets as the country seeks to build a more resilient and globally competitive automotive ecosystem.
Addressing the 66th Society of Indian Automobile Manufacturers (SIAM) Annual Convention on Thursday, Union Commerce and Industry Minister Piyush Goyal said India’s automotive industry would be central to the country’s ambitions of becoming a major manufacturing and export hub, while urging companies to use new trade agreements and international partnerships to expand their global presence.
Also Read | Swatantra Bharadwaj Viral Interview Video: Opposition Takes Pot Shot; Delhi Police Say Action Taken.
Goyal said India recorded $863 billion in exports of goods and services last year but has set a significantly more ambitious target of $1 trillion for the current year. He said the country needed to add about $137 billion to reach that goal, with the industry expected to play a key role in closing the gap.
“I'd rather do closer to a trillion and fail, which means bad headlines from all the press people sitting at the back. Then set a suboptimal target of 900, exceed it to 920 and get a very beautiful headline,” Goyal said, stressing the need for ambitious targets.
He also called on automakers and component manufacturers to reduce import dependence and strengthen domestic supply chains, particularly for critical inputs. “Deepen your localization. It's very critical. And finally, set an export ambition worthy of each of the ladies and gentlemen involved in this sector. Compete with the best in the world,” he said.
Goyal said resilience should come through partnerships rather than isolation, pointing to India’s growing engagement with Japan, Europe and other markets. He said global companies were increasingly looking for Indian partners, creating opportunities for domestic manufacturers to bring technology into India, produce locally and serve overseas markets.
The minister also highlighted the importance of critical minerals, rare earths, permanent magnets, batteries and other components for the future of mobility. He said the government was working to secure supplies through international partnerships, free trade agreements and initiatives such as the Critical Mineral Mission.
Goyal urged the industry to invest more in research and development, innovation and quality while expanding manufacturing capacity to meet global demand. The government, he said, was willing to support companies seeking to establish large automotive or component clusters through plug-and-play infrastructure and industrial parks.
“Resilience will not come from isolation. Resilience will come from partnerships,” Goyal said, as he urged the industry to use India’s expanding market access to rapidly increase exports and strengthen the country’s position in global automotive supply chains. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)