India's merchandise export set to cross $400 bn in current fiscal: Goyal

India's auto components industry has for the first time recorded a trade surplus of $600 mn, says Union Commerce Minister

Commerce and Industry Minister Piyush Goyal has said India's merchandise exports have reached almost USD 390 billion as of March 14 and will cross USD 400 billion in the current financial year.

He also said the auto components industry has, for the first time, recorded a trade surplus of USD 600 million.

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

He said this while addressing an event of the automotive component sector on March 16 here.

Goyal 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.

"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," the commerce ministry said on Thursday quoting the minister.