New Delhi: Union Minister of Commerce and Industry Piyush Goyal said India has set a target of achieving exports worth $1 trillion this year and $2 trillion over the next five years, describing it as a defining milestone for an Atmanirbhar Bharat.
Addressing the website launch ceremony of Bharatiya Vyapar Mahotsav in New Delhi, Piyush Goyal said exports this year have already reached $863 billion, registering nearly 5 per cent growth over the previous year despite global challenges.
He noted that both goods and services exports have witnessed growth, calling it a major achievement in the present global environment.
Speaking at the launch of the Bharatiya Vyapar Mahotsav website, Piyush Goyal said the exports target is not merely the government’s target but a national mission.
He stated that the Central Government is prepared to extend all necessary support to achieve the goal.
Highlighting India’s trade expansion strategy, Piyush Goyal said the government has been working on Free Trade Agreements with nearly 38 developed countries over the last three-and-a-half years.
He said these agreements would provide Indian products preferential access to large global markets through lower import duties compared to competing countries.
According to Piyush Goyal, some of these agreements are expected to become operational soon. He stated that the Oman FTA could come into effect from June 1, while other finalised FTAs are awaiting procedural formalities before implementation.
During his address at the Bharatiya Vyapar Mahotsav launch ceremony, Piyush Goyal urged businesses and stakeholders to closely study import trends through the Commerce Ministry’s trade portal to identify opportunities for domestic manufacturing and import substitution.
He emphasised that continuously tracking products being imported into India could open significant opportunities for Indian manufacturers and entrepreneurs.
Piyush Goyal said the Commerce Ministry should present such opportunities in a more systematic manner to help businesses understand sectors where India can strengthen domestic production capabilities.
The Union Minister said initiatives such as the Bharatiya Vyapar Mahotsav and Bharatiya Swadeshi Mela could evolve into a nationwide movement promoting Made in India products.
Piyush Goyal also pointed out that India continues to depend significantly on foreign countries in sectors such as capital goods. He called upon industrial clusters including Rajkot, Jalandhar, Ludhiana, Batala and Pune to increase domestic production instead of depending on imports.
Highlighting India’s growing manufacturing capabilities, Piyush Goyal referred to the production of medical devices within the country, including a CT scan machine manufactured in Visakhapatnam.
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Referring to the Bharatiya Swadeshi Mela being organised at Bharat Mandapam, Piyush Goyal said the venue reflects India’s diversity as materials and products used there have been sourced from different parts of the country.
The Union Minister also highlighted the importance of improving quality standards and productivity. Piyush Goyal said Prime Minister Narendra Modi wants India’s quality benchmarks and productivity levels to improve significantly.
He stated that without better quality and packaging, India would not be able to establish a stronger position in global markets.
Speaking about agriculture and fisheries, Piyush Goyal said India’s agricultural exports, including products from farmers and fishermen, have crossed nearly ₹5 lakh crore. However, he noted that value addition in these sectors remains limited.
He highlighted the significant potential for young entrepreneurs to enter value-added industries by establishing processing and manufacturing units across small, medium and large scales.
Piyush Goyal further stated that an export-oriented approach naturally improves product quality. He said if indigenous products become export-quality products, consumers would prefer domestic goods over foreign alternatives.
On MSME reforms, Piyush Goyal said the definition of MSMEs has been expanded and enterprises with turnover up to ₹500 crore are now included within the MSME ambit. He added that the government wants enterprises to grow larger and would continue supporting them.
Urging broader participation in the Bharatiya Vyapar Mahotsav, Piyush Goyal encouraged organisers to bring together manufacturing sector participants from across the country.
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Referring to the participation of around 1,000 businesses in the programme, he suggested inviting 25 women entrepreneurs from every state, which could add nearly 700 to 750 participants.
The Union Minister said India’s expanding middle class and rising consumption patterns present enormous opportunities for traders, industries and MSMEs both in domestic and global markets.
However, he cautioned that imports would continue to fill the gap if domestic industries fail to meet the country’s requirements.
Piyush Goyal also emphasised the need to involve the next generation, including startups, youth and young entrepreneurs from across the country, in the initiative.
He said opportunities related to import substitution and imported products should be highlighted to create awareness about domestic manufacturing potential.
The Minister proposed involving National Payments Corporation of India in the Bharatiya Swadeshi Mela to promote wider adoption of India’s digital payment systems.
He noted that while UPI has become widely popular, RuPay cards are still underutilised. Piyush Goyal suggested establishing 50 to 100 kiosks at the venue where visitors could obtain RuPay debit cards using Aadhaar and other identification documents and conduct transactions digitally through UPI or RuPay cards.
Piyush Goyal concluded by urging all stakeholders to work together to make the Bharatiya Vyapar Mahotsav successful and extended his best wishes for the programme.
The Bharatiya Vyapar Mahotsav will be held from August 12 to August 15, 2026.
