Stories
Piyush Goyal Envisions India as Global Car Manufacturing Hub Amid Rising Demand
- •Commerce and Industry Minister Piyush Goyal stated that India is poised to become a global car manufacturing hub as growing domestic demand makes local production viable.
- •Speaking at the Dilli Dialogue in New Delhi, Goyal noted that trade agreements with the UK and EU protect the mass-market segment for vehicles priced below seventeen lakh rupees.
- •He highlighted the potential in electronics, semiconductor fabrication, and tourism sectors to create massive employment and business opportunities.
- •Goyal emphasized India's demographic advantage, noting high demand for skilled Indian workers in countries like Germany and Japan.
Key Questions Answered
Commerce and Industry Minister Piyush Goyal expressed confidence that India could emerge as a global car manufacturing hub as rising domestic demand makes local production commercially viable for international automakers. He noted that import quotas under trade agreements with the UK and the EU mainly cover expensive vehicles, keeping the mass-market segment below ₹17 lakh protected.
Piyush Goyal explained that import quotas permitted under India's trade agreements with the United Kingdom and the European Union largely cover expensive cars, leaving the mass-market segment for vehicles priced below ₹17 lakh fully protected.
Piyush Goyal stated that India needs a two-pronged approach by adopting top-tier technologies while identifying high-potential sectors like electronics, white goods, and tourism to create jobs and businesses. He noted that rising demand for electronics can attract investments into domestic manufacturing, including semiconductor fabrication plants, while tourism offers considerable potential for employment and new business opportunities.
