Addressing an event organized by the Automotive Components Manufacturers Association (ACMA), Goyal said India’s automotive components industry had, for the first time, recorded a trade surplus of $600 million.
According to data released by the Ministry of Commerce and Industry on March 14, India’s merchandise exports for the period April-February 2021-22 amounted to $374.81 billion from $256.55 billion. of dollars during the period April-February 2020-21, registering a growth of 46.09. percent.
In February 2022, merchandise exports jumped to $34.57 billion, registering a year-on-year growth of 25.1%.
Addressing the ACMA event, Goyal noted that India’s automotive industry is worth over $100 billion and contributes 8% of the country’s total exports and accounts for 2.3% of India’s GDP. It is estimated that India’s automotive industry will become the 3rd in the world by 2025.
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