India's Commerce and Industry Minister Piyush Goyal said on Monday that all automakers in Europe would prefer to manufacture cars in India, as the continent's regulations make it uncompetitive, adding that India would become a global carmaking hub.

"Finally India is going to become the global hub for car manufacturing. Everybody is going to come and manufacture in India and with Europe having such crazy regulations, it is going to be impossible to be competitive. All the European manufacturers will come to India," he said at The Dilli Dialogue. India has currently offered quota-based tariff concessions to the United Kingdom and European Union in their respective free trade agreements.

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"I do not know if you are aware. Tatas had so much trouble after they bought Jaguar. Tata Motors itself was going to collapse and then they put in a lot of re-engineering, and shift some models to India...Finally they were able to make money after years," he added.

Goyal did not expand on any European Union regulations, while certain countries including India have raised issues with the bloc's carbon border adjustment mechanism (CBAM).

Goyal added that ministry was targeting $1 trillion worth of exports this fiscal year. During April-August this fiscal, exports rose 17.85% year-on-year to $215.91 billion, and imports climbed 18.21% to $363 billion.