India targets $1 trillion exports this year, urges auto sector to go global: Piyush Goyal
India aims for one trillion dollars in exports this year, seeking automotive industry growth. The government encourages companies to increase local production and pursue international markets. Automakers must reduce import dependence and strengthen domestic supply chains for critical components. New trade agreements and global partnerships will help expand the industry's presence. Investment in…
India aims to achieve $1 trillion in exports this year, with the government urging the automobile industry to localize, expand capacity and pursue global markets, according to Union Commerce and Industry Minister Piyush Goyal. Addressing the 66th Society of Indian Automobile Manufacturers (SIAM) Annual Convention, Goyal emphasized that India's automotive sector would be crucial to the nation's goal of becoming a major manufacturing and export hub.
Last year, India recorded $863 billion in exports of goods and services, but the target is significantly higher at $1 trillion for the current year, requiring an additional $137 billion to be reached. Goyal urged companies to reduce import dependence, strengthen domestic supply chains, and invest in research and development, innovation, and quality to meet global demand.
The government is supporting companies in establishing large automotive or component clusters through plug-and-play infrastructure and industrial parks. Goyal stressed the importance of partnerships over isolation, highlighting India's growing engagement with markets like Japan and Europe, and the opportunities for domestic manufacturers to bring technology into India and serve overseas markets.
Written by urgent.news from The Economic Times - Economy's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
