India’s merchandise exports have reached $390 billion till March 14 of the current financial year and will certainly cross $400 billion during the year ending March 31, 2022, Union Commerce and Industry Minister Piyush Goyal said on Thursday.
Addressing an event organised by the Automotive Component Manufacturers Association (ACMA), Goyal said India’s auto components industry has, for the first time, recorded a trade surplus of $600 million.
He also said the auto components industry has, for the first time, recorded a trade surplus of $600 million.
Goyal 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.
Earlier, Goyal said that the share of India’s exports in the gross domestic product (GDP) should rise to at least 20% for a $5 trillion economy, adding that a strong Rupee would be good for exports.
“If we want to be a five trillion dollar economy, our exports of Goods and Services will have to a trillion Dollars at least, – ideally 25 per cent, but at the very least 20 per cent. And why I said 25 per cent because we need to support our import of oil. And therefore our exports will have to really go up by leaps and bounds so that we can continue to finance our imports and strengthen the Rupee in the days to come,” said Goyal.
Goyal called for the reorienting of economic laws to suit the changing needs of the time. “We will have to look at all of our traditional ways of working or doing business afresh,” he said.