India is on track to achieve its ambitious $1 trillion export target this year, with exports reaching approximately $480 billion in the first six months, accounting for 48 per cent of the annual target, Union Minister of Commerce and Industry Piyush Goyal has said.
Speaking at the curtain raiser of the third edition of Bharat Mobility Global Expo in New Delhi, Goyal expressed confidence that export performance would strengthen further in the second half of the year. He indicated that the October export figures, scheduled to be released by the Commerce Secretary on November 15, would be encouraging.
Urging Indian industry to move beyond incremental growth, the Minister called on businesses across the mobility value chain to look beyond the domestic market and tap emerging opportunities in international markets.
He said combining India’s large domestic market with global demand would enable manufacturers to achieve economies of scale, improve cost competitiveness and strengthen their position in international markets.
Goyal highlighted the capabilities of Indian manufacturers, noting that companies supplying automobile manufacturers in Japan and Europe, as well as those serving the aerospace and defence sectors, had demonstrated their ability to meet world-class quality standards.
He also pointed to the engineering sector’s growth of around 22 per cent, urging the industry to sustain this momentum and establish it as a benchmark for future performance.
EU Market Access to Create New Opportunities
On international trade, Goyal said the European Union’s 27-nation bloc was expected to open up for Indian businesses at zero duty by March or April, creating significant opportunities for exporters. India was also negotiating trade agreements with another seven to eight countries, he added.
Explaining the potential impact of free trade agreements on the automobile industry, he said European manufacturers could initially introduce a limited number of models in India to assess market demand. Once demand was established, companies could consider setting up manufacturing facilities in the country to serve both the domestic market and global destinations.
Such investments would benefit not only automobile manufacturers but also Indian component makers, startups, steel and rubber industries and other participants in the wider mobility ecosystem.
Referring to his recent visit to Japan, Goyal said the response from Japanese industry had been encouraging, with several companies expressing interest in partnerships with Indian manufacturers to serve global markets. The interest included investments worth billions of dollars in manufacturing facilities in India.
He said India’s strong domestic demand continued to attract global manufacturers. During the recent festive season, one million cars were sold during Navratri alone, while around 70,000 cars were sold over the two days of Dhanteras.
Bharat Mobility to Strengthen India’s Global Manufacturing Presence
Highlighting the importance of Bharat Mobility Global Expo, Goyal said the initiative had brought together various segments of the mobility industry that had traditionally organised separate exhibitions at different venues and times.
The integrated platform reflects a whole-of-government approach, bringing together industries spanning steel, chemicals, electronics, two-wheelers, three-wheelers, passenger vehicles, commercial vehicles, construction equipment and tyres.
He credited the development of Bharat Mandapam and Yashobhoomi, under Prime Minister Narendra Modi’s vision, with helping position India as an international destination for large-scale exhibitions and business events.
Expressing confidence in the upcoming third edition, Goyal said the exhibition could potentially become the world’s largest mobility exhibition in terms of size and visitor numbers, depending on demand for exhibition space and the expansion of facilities.
He urged organisers and industry stakeholders to intensify international marketing efforts and aim to attract at least 25,000 international visitors from an expected total footfall of one million.
The outreach, he said, should extend beyond original equipment manufacturers to include tyre dealers, suppliers, automobile component manufacturers and the after-sales market.
Goyal emphasised that every segment represented at Bharat Mobility offered opportunities for international business engagement, sourcing and partnerships. He encouraged stakeholders to identify country-specific and sector-specific opportunities across global value chains.
The first two days of the exhibition will be dedicated to business engagements, business launches and new product launches, providing companies with an opportunity to showcase their capabilities, technologies and product quality to international buyers.
Citing Bharat Mobility, Bharat Tex, Startup Mahakumbh and Bharat BuildCon, Goyal said India was increasingly developing large-format platforms that bring entire industry value chains together and showcase the country’s manufacturing capabilities to the world.
He also highlighted the growing convergence of telecom and electronics exhibitions, noting that India was offering global industries an unprecedented scale for business engagement, investment and collaboration.