According to Union Commerce Minister Piyush Goyal, Korean automakers Hyundai and Kia have cost India billions of dollars in trade deficit with Korea and other countries. He was speaking during the 3-day Asia Economic Dialogue.
Goyal added that Hyundai and Kia have enjoyed the benefits of our free-trade agreement with Korea and Japan and continue to import indiscriminately.
While talks are on with Korea to open its markets, the high nationalistic spirit among Korean businesses prevents us from selling even a ton of steel in these countries. He added that Korea and Japan will buy steel from their domestic market even if it costs $100 / ton more but will not source it from India.
Despite the challenges, it is predicted that India would become the third-largest economy in the next 5 years and a $40 trillion economy by 2047.
Source: Economic Times