India's merchandise export has reached almost USD 390 billion: Commerce Minister Piyush Goyal

Commerce and Industry, Consumer Affairs, Food and Public Distribution Minister Piyush Goyal today said the country's merchandise export has reached almost USD 390 billion. He expressed hope that it will certainly cross USD 400 billion during the current fiscal.

Mr Goyal said the country's auto components industry has for the first time recorded a trade surplus of USD 600 million. He cautioned automakers that the cost of not investing in innovation would be inevitable obsolescence.

The minister said, the challenge during the Amrit Kaal is to ensure that every single citizen is a stakeholder in the nation's progress.

Addressing the Atmanirbhar Excellence Awards and 7th Technology Summit 2022, organized by the Automotive Component Manufacturers Association (ACMA) in New Delhi, he said, India's Automotive Industry contributes 8 per cent of the country's total export and accounts for 2.3 per cent of India's GDP.

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.

Highlighting India's capabilities in the field of auto components manufacturing, the Minister asked automakers to make greater use of Indian-made components.

Spelling out the opportunities for the future of mobility, Shri Goyal said that the mobility of tomorrow would be dependent on the 7 Cs, - Common, Connected, Convenient, Congestion-free, Charged, Clean and Cutting edge. Mr Goyal asked the automotive industry to work on improving the e-mobility ecosystem, including fuel cell vehicles with Hydrogen storage, higher Lithium-Ion battery capacity at a low price and better-charging infrastructure.