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Informist, Thursday, Sept. 3, 2026

 

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--Minister Goyal:Going to encourage more global auto cos to operate in India
--CONTEXT: Trade Minister Piyush Goyal's comments at SIAM annual event
--Minister Goyal: Global auto cos to come into India strongly
--Minister Goyal: Days of looking only at domestic mkt for auto cos over
--Minister Goyal: Urge auto cos to look at export mkt more aggresively
--Minister Goyal: Auto industry growth to double sooner if our exports go up
--Minister Goyal: Reasonably well on track to meet FY27 export aim
--Minister Goyal: Not a single sensitivity compromised in proposed US deal
--Minister Goyal: Auto cos need to be prepared to utilise FTAs

 

NEW DELHI – Automobile companies should look at export markets more aggressively as they will help the industry to double its size sooner, Commerce and Industry Minister Piyush Goyal said Thursday at the 66th annual conclave of the Society of Indian Automobile Manufacturers. "Gone are the days when we could look at the domestic market," he said.

 

Goyal expressed concern over automobile companies making sub-optimal cars for the domestic markets as compared to those being exported. "That is not going to be acceptable," he said. Indian automobile companies have room to grow exports by improving technology absorption and adapting latest technologies, the minister added.

 

Goyal also said competition in the domestic market will get more intense as more foreign companies start operations in the country. The government will encourage more global car companies to come to India, he said, adding, "Now bear in mind the competition is going to come strongly at all of you."

 

Goyal urged automobile companies to be prepared to use the various trade deals that the country has signed or is negotiating. "We are building bridges with developed countries," he said. The free trade agreement with New Zealand will take effect soon while the FTA with the European Union will come in force by March. India and the EU concluded their trade deal in January while the FTA with New Zealand was signed in April.

On India's ongoing trade deal negotiations with the US, Goyal said, "Not a single sensitivity of India was compromised in the India-US deal." The US is India's largest export destination. India's exports to the US in Apr-Jul totalled $34.49 billion, slightly higher than a year ago. Imports from the US rose to $22.12 billion from $18.07 billion.

 

The trade negotiations between the countries have been delayed by differences over opening up India's sensitive agricultural sector to genetically modified products from the US. The Donald Trump administration's steep reciprocal tariffs and Section 301 probe against India on the failure to effectively prohibit the import of goods manufactured using forced labour have added to the complexity of the negotiations.

 

Goyal said exports grew at a steady pace in the first five months of FY27, and India is well positioned to meet the target of $1 trillion for the year. In Apr-Jul, India's merchandise trade deficit widened nearly 23% on year to $118.60 billion. Merchandise imports rose over 19% on year to $292.38 billion while exports grew 17% to $173.78 billion.  End

 

Reported by Pratyush Kumar and Sagar Sen

Edited by Rajeev Pai

 

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