India's merchandise export set to cross $400 billion in current fiscal: Piyush Goyal
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Commerce and Industry Minister Piyush Goyal has said India's merchandise exports have reached almost $390 billion as of March 14 and will cross $400 billion in the current financial year (FY22).
Goyal also said the auto components industry has, for the first time, recorded a trade surplus of $600 million. He urged automakers to buy local products and substitute imports. He pointed out that India could no longer afford to be closed and protective but will have to open up domestic markets.
Further, he asked the auto industry to invest more in R&D (research and development), especially e-mobility, set higher benchmarks for performance and aspire to take five Indian companies in top-50 global automotive suppliers club.
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