India's exports to certainly cross $400 bn in FY22: Goyal

Highlighting the steady rise in merchandise exports, Commerce and Industry Minister Piyush Goyal on Thursday said India's exports have reached almost $390 billion as of March 14 and will cross $400 billion in the current financial year 2021-2022.

Addressing the Atmanirbhar Excellence Awards and 7th Technology Summit 2022, organized by the Automotive Component Manufacturers Association (ACMA) in New Delhi, Goyal also said the auto components industry has, for the first time, recorded a trade surplus of $600 million.

The union minister urged automakers to buy local products and substitute imports.

It may be noted that India’s Automotive Industry is worth more that $100 billion and contributes 8 per cent of 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. However, spelling out the opportunities for the future of mobility, he also said that mobility of tomorrow would be dependent on the 7 Cs, - Common, Connected, Convenient, Congestion-free, Charged, Clean and Cutting edge.

Goyal also 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.