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India’s Merchandise Exports Will Cross $400 Bn In Current Fiscal: Goyal

Highlighting India’s capabilities in the field of auto components manufacturing, he asked automakers to make greater use of Indian made components and urged them to buy local and substitute imports

Photo Credit : Piyush Goyal's Youtube

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Union Minister of Textiles, Commerce and Industry, Consumer Affairs and Food and Public Distribution, Piyush Goyal while addressing the forum.

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India’s merchandise exports have reached almost USD 390 billion as of March 14 and will certainly cross USD 400 billion in the current fiscal, said  Union Minister Piyush Goyal on Thursday.  

While addressing the Atmanirbhar Excellence Awards and 7th Technology Summit 2022, Goyal said that India’s auto components industry had, for the first time, recorded a trade surplus of USD 600 million.

Goyal said the government was sensitive to the auto sector’s concerns related to chip shortage. The recently approved Semicon India Programme with a budget of 76,000 crore would help reduce import dependence and eventually help us become Atmanirbhar in the arena of chips. 

Highlighting India’s capabilities in the field of auto components manufacturing, he asked automakers to make greater use of Indian made components and urged them to buy local and substitute imports. 

He also talked about the budgetary push to the EV industry. The minister said that India has the potential to become a hub for EVs and Integrated Circuits (IC) technology.

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