Piyush Goyal calls for positioning India as world's manufacturing hub
Commerce and Industry Minister Piyush Goyal has called for positioning India as the world's manufacturing hub through global partnerships and export-led growth, saying that India is well on track to achieve $1 trillion export target this year.
Speaking at the curtain raiser of the third edition of Bharat Mobility Global Expo here, he highlighted the growing stature of the event and the importance of the mobility sector to India's manufacturing and global economic ambitions.
The minister urged industry stakeholders across the mobility value chain to look beyond the domestic market and tap global markets and export opportunities.
Goyal said that complementing India's large domestic market with international markets would enable businesses to achieve economies of scale and become globally competitive in pricing. Expressing confidence in the capabilities of Indian manufacturers, he said that those supplying to Japanese and European automobile manufacturers, as well as the aerospace and defence sectors, had the potential to meet world-class quality standards.
Goyal further stated that the initiative had brought together different segments of the mobility ecosystem, which had traditionally organised separate exhibitions at different times and locations, often attracting the same set of visitors.
The minister urged the organisers and industry to market the event extensively across the world and aim to attract at least 25,000 international visitors out of the expected 10 lakh visitors.
He emphasised that the event should go beyond original equipment manufacturers (OEMs) and reach the wider global ecosystem, including tyre dealers, suppliers, auto component manufacturers and the substantial after-sales market.
Referring to the Free Trade Agreement (FTA) negotiations, the minister said that market access in India would initially allow European automobile manufacturers to test demand by introducing a limited number of models in the Indian market. Once they identify models with adequate demand, manufacturers could establish production in India, not only to serve the domestic market but also to export to the rest of the world.
Goyal said that manufacturing in India would enable companies to benefit from economies of scale, access the large domestic market and produce vehicles at competitive prices for global markets.
This would create significant opportunities for Indian component manufacturers, startups, steel and rubber industries, and other participants across the mobility ecosystem. He urged industry stakeholders to capture these opportunities before other countries did.
The Minister underlined that India's large domestic market was a major advantage in attracting global manufacturing investments.
Referring to automobile sales during the festive season, he said that one million cars had been sold during Navratri alone, while around 70,000 cars were sold over the two days of Dhanteras. He said that the scale of the Indian market offered an ideal opportunity for global manufacturers to establish production facilities in India and use the country as a base for serving international markets.
Goyal said that India should also emerge as a centre for developing technologies and creating designs, with all talent-driven solutions being centred around the country.
