Piyush Goyal, Union commerce and industries minister spoke at the valedictory function of the three-day Asia Economic Dialogue and said that Korean automobile giants Hyundai and Kia cost India billions of dollars in a trade deficit due to the free-trade agreement (FTA). He blamed the nationalist spirit for the trade deficit and said that the same feeling is missing from Indian businesses, which are more profit-oriented. Goyal claimed that the Korean and Japanese governments don’t stop any steel export from India to Korea, but India can’t sell even a ton of steel in both these countries due to their highly nationalist spirit. However, Hyundai is a top exporter from India and has exported over 30 lakh units in 2020, while Kia India has exported over 1.5 lakh units in three years. Goyal took the example of China for the Indian businessmen and said that to save even 2%, businesses will import from China instead of going local.
Today: November 30, 2023