India targets $1 trillion exports as Piyush Goyal urges auto sector to go global

MUMBAI: India is putting its foot on the export accelerator. With a $1 trillion target for goods and services exports this year, commerce and industry minister Piyush Goyal has called on the automobile industry to deepen localisation, expand manufacturing capacity and pursue global markets more aggressively.

Addressing the 66th annual convention of the Society of Indian Automobile Manufacturers (SIAM) on Thursday, Goyal said the automotive sector would be central to India’s ambition of becoming a major manufacturing and export hub.

India exported $863 billion worth of goods and services last year, Goyal said, leaving the country with about $137 billion to add to reach this year’s target. He urged businesses to set ambitious goals rather than settle for targets that are easier to achieve.

For automakers and component manufacturers, the minister’s message was straightforward: reduce import dependence and build stronger domestic supply chains, particularly for critical inputs.

He urged the industry to deepen localisation, improve quality and set export targets that match the scale of India’s automotive sector. Companies, he said, should compete with the best manufacturers globally rather than focus only on domestic demand.

Goyal also stressed that supply-chain resilience should not mean cutting India off from global markets. Instead, he pointed to partnerships with countries such as Japan and markets across Europe as routes for Indian companies to access technology, build products locally and eventually serve customers overseas.

The government is also focusing on securing supplies of critical minerals and other materials needed for the next phase of mobility. These include rare earths, permanent magnets, batteries and other key components. Goyal said international partnerships, free trade agreements and initiatives such as the Critical Mineral Mission would help strengthen access to these resources.

He also called for greater investment in research and development, innovation and manufacturing capacity so Indian companies can meet international demand. The government, he said, was prepared to support large automotive and component clusters through plug-and-play infrastructure and industrial parks.

For the auto industry, the opportunity extends beyond selling more vehicles abroad. The government wants India to become a deeper part of global automotive supply chains, with stronger local manufacturing, technology partnerships and higher-value exports.

The message from the minister was clear: India’s $1 trillion export ambition will require the auto sector to think beyond its home market and build products, supply chains and partnerships that can compete worldwide.