New Delhi: India is firmly on track to achieve its $1-trillion export target for the current financial year, having recorded nearly $480 billion in combined goods and services exports during the first six months, Commerce and Industry Minister Piyush Goyal said. He expressed confidence that export performance would gather further momentum in the second half of the fiscal year.
Goyal also said India’s export performance had shown encouraging signs, with the country accomplishing approximately 48% of its annual export target in the first six months. Speaking at an event ahead of the third Bharat Mobility Global Expo, slated to be held from February 4 to 9, 2027, he said the September figures had added to the optimism and indicated that October’s export data, set to be published on November 15, could exceed expectations.
Goyal stressed that meeting the $1-trillion export goal set for the current year was non-negotiable and said the target must be fulfilled.
Commenting on the India-EU trade agreement, Goyal said greater access to India’s automobile market should be viewed as a means of encouraging European companies to establish manufacturing operations in the country, rather than simply expanding vehicle imports.
With production expenses and regulatory constraints mounting in Europe, automakers there could consider India a strategic base for manufacturing and exports, supported by its vast consumer market, lower operating costs and expanding auto-component industry. Goyal further said that European automakers were considering a phased entry into the Indian market, beginning with the launch of a select range of models to gauge customer preferences. Based on the response, they would subsequently explore moving their manufacturing operations to India, not just to serve domestic buyers but also to cater to international markets, he added.
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