Union Minister of Commerce & Trade Piyush Goyal
| Picture Credit score:
ANI
The federal government on Wednesday mentioned that India would welcome any world car to check its merchandise within the nation, in order that they get thinking about investing right here.
Talking on the seventh Auto Conclave organised by Federation of Vehicle Sellers Associations (FADA) right here, Minister of Commerce and Trade Piyush Goyal mentioned that India has lowered the customs duties on import of fully constructed models (CBUs) and whereas India can also be free commerce agreements (FTAs) with ‘many elements of the developed world’, numerous corporations are additionally coming and investing in India for the big market that India is.
“I’ve a view that whereas we will definitely be defending and supporting the home trade, home producers, we might additionally acknowledge a good competitors as a result of competitors brings effectivity, helps you enhance product legal responsibility and competitors ensures that the client will get a good deal/choices. And, due to this fact we working to see a correct stability between safety and prospects of increasing enterprise or increasing to newer fashions, newer authentic gear producers (OEMs) coming into the Indian ecosystem,” Goyal mentioned.
Home development wants world entry
He said that the federal government will proceed to assist home manufacturing considerably. Nevertheless, if the trade is to develop, extra world corporations might want to come to India.
“I’ve realised that if you wish to develop our manufacturing, different elements of the world get a style of the Indian market. It can be crucial for his or her means to check out their greatest merchandise within the Indian market earlier than they’ll get curiosity to come back and put money into India. And, due to this fact our effort is to develop the market, to display resilience in our trade…if we open our market, we are able to compete with anyone on this planet, by anyone I imply all people. That’s the new India we wish to create,” he mentioned.
Auto part makers search world market entry
As an example, he mentioned that the auto parts producers have urged him to open the world markets for them.
“They solely come to me with a requirement that ‘give us acess, open newer markets for us. Do the rest with anyone on this planet, open the marketplace for us (FTAs) as a result of accessing these markets would give us revenues from these markets and for that if we now have to open the Indian market, go forward and do it. We will compete with anyone on this planet’. They’ve this self esteem,” Goyal mentioned.
On Compensation Cess problem
In the meantime, he additionally assured that he’ll focus on the Compensation Cess with the Finance Minister, which considerations the sellers, earlier than the GST 2.0 kicks off on September 22.
Based on FADA, the sector has a Compensation Cess of round ₹2,500 crore to them.
Printed on September 10, 2025