New Delhi: Commerce and Industry Minister Piyush Goyal has said India's merchandise exports have reached approximately USD 390 billion as of March 14 and would cross USD 400 billion in the current financial year.

He also stated that the car components industry has established a trade surplus of USD 600 million for the first time. The minister advised automakers to purchase local products instead than importing them.

On March 16, he mentioned this while speaking at an event for the automotive component sector in this city. India, can no longer afford to be closed and guarded, and must instead open up its internal markets, he said. He also urged the auto sector to invest more in research and development, particularly in e-mobility, raise performance standards, and aim to place five Indian companies among the top 50 global automotive suppliers.

"India's merchandise exports have reached about USD 390 billion as of March 14, and will undoubtedly exceed USD 400 billion in the current fiscal," the commerce ministry stated on Thursday, citing the minister.

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