Trade and Industry Minister Piyush Goyal has said that exports of goods from India reached nearly $390 billion on March 14 and will exceed $400 billion in the current fiscal year. He also said the auto parts industry has recorded a $600 million trade surplus for the first time.

The minister urged car manufacturers to buy local products and replace imported products.

He said this during a speech at an auto parts industry event on March 16 here.

Goyal pointed out that India can no longer afford to be closed and protective, but will have to open up its domestic markets.

He further asked the automotive industry to invest more in R&D (research and development), especially e-mobility, to set higher performance standards and to aim for five Indian companies in the top 50 of the global automotive supplier club.

“Exports of goods from India have reached nearly $390 billion on March 14 and are sure to exceed $400 billion in the current fiscal year,” the Commerce Ministry said Thursday, citing the minister.

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