Union Minister of Commerce & Industry Shri Piyush Goyal Calls Upon Automotive Industry to Deepen Localisation, Expand Exports and Prepare to Serve Global Markets
Commerce Minister Piyush Goyal addressed the 66th SIAM Annual Convention, urging the automotive industry to deepen localisation, expand exports and prepare for global markets, citing India's nine trade agreements covering economies worth $60 trillion GDP and a $1 trillion export target for the year.
Why It Matters
Highly relevant for UPSC, banking and state-PSC candidates studying India's trade policy, Free Trade Agreements, the automotive sector and export promotion initiatives.
In Simple Words
Commerce Minister Piyush Goyal addressed the 66th SIAM Annual Convention, urging the automotive industry to deepen localisation, invest in R&D and prepare to serve global markets. He said India has finalised nine trade agreements in under five years, covering economies worth around $60 trillion GDP, with the India-EU FTA to become operational by March next year.
He said India recorded $863 billion in exports last year and has set a $1 trillion target this year, requiring exports to rise to around $12 billion a month. He also highlighted the ₹1 lakh crore Research and Development Innovation Fund and India's push for self-sufficiency across the 'four M's of mobility' — molecules, modules, megawatts and markets.
Key Points
- Commerce Minister Piyush Goyal addressed the 66th SIAM Annual Convention as Chief Guest
- India has finalised nine trade agreements in under 5 years, covering economies with combined GDP of around $60 trillion
- India-EU FTA, called the 'mother of all deals', will be operational by March next year
- The India-UK FTA is already operational, providing near 100% access for auto components at zero duty
- India recorded $863 billion in exports last year; target for this year is $1 trillion
- Monthly export pace needs to rise from around $9 billion to $12 billion to meet the target
- Government highlighted the ₹1 lakh crore Research and Development Innovation (RDI) Fund
- India is pursuing self-sufficiency in the 'four M's of mobility': molecules, modules, megawatts and markets
Exam Angle
A. Molecules, modules, megawatts and markets.
Source: Press Information Bureau