New Delhi: Union Minister of Commerce and Industry, Consumer Affairs, Food & Public Distribution and Textiles Piyush Goyal has said that India’s merchandise exports have reached almost USD 390 billion as of March 14th and will certainly cross USD 400 billion in the current fiscal.   

He was addressing the Atma Nirbhar Excellence Awards and 7th Technology Summit 2022, organized by the Automotive Component Manufacturers Association (ACMA) in New Delhi. He added that India’s auto components industry had, for the first time, recorded a trade surplus of USD 600 million.

It may be noted that India’s automotive industry is worth more than USD 100 billion and contributes 8 per cent of the country’s total export and accounts for 2.3 per cent of India’s GDP and is set to become the 3rd largest in the world by 2025.

The Minister appreciated the resilient auto industry players who adapted and evolved to keep the industry going despite the five Cs – challenges of COVID-19, container shortages, chip shortages, commodity prices and conflict. 

Highlighting India’s capabilities in the field of auto components manufacturing, the Minister asked automakers to make greater use of Indian made components. Stating that the Government held back stringent norms regarding import substitution due to Covid-19 and industry assurances on securing equal market access, the Minister urged automakers to buy local and substitute imports. 

He asked the automotive industry to work on improving the e-mobility ecosystem, including fuel cell vehicles with Hydrogen storage, higher Lithium-Ion battery capacity at low price and better charging infrastructure. He cautioned automakers that the cost of not investing in innovation and evolving to meet the needs of the future would be obsolescence. /BI/