Piyush Goyal sets $1 trillion export target for India this year

Union Commerce and Industry Minister Shri 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 key milestone towards an Atmanirbhar Bharat. Speaking at the website launch ceremony of Bharatiya Vyapar Mahotsav in New Delhi, he said India’s exports have reached $863 billion this year, nearly 5% higher than the previous year despite global challenges, with growth recorded in both goods and services exports.

Goyal said the exports target is not only the government’s goal but a national mission, adding that the Centre is ready to provide all necessary support to achieve it. He said India has worked towards Free Trade Agreements (FTAs) with nearly 38 developed countries over the last three-and-a-half years, which would help Indian products gain preferential access to major markets through lower import duties. He said the Oman FTA may come into effect from 1 June, while other finalised agreements awaiting formalities will become operational later.

The Minister urged businesses to study import trends through the Commerce Ministry’s trade portal and identify opportunities for domestic manufacturing and import substitution. He said monitoring imported products could help businesses understand market opportunities and strengthen local production.

Goyal said import substitution and exports are both important drivers of growth and added that the Commerce Ministry will work to make business opportunities more visible by highlighting products being imported as well as areas where India has manufacturing strength.

He stressed the need to promote domestic products and strengthen the spirit of Swadeshi, saying growing consumption driven by an expanding middle class creates opportunities for Indian businesses but could also lead to higher imports if domestic demand is not met. He urged businesses and consumers to support locally made products and said initiatives such as the Bharatiya Swadeshi Mela could help encourage wider adoption of made-in-India goods.

The Minister said India still relies heavily on imports in sectors such as capital goods and called on industrial clusters in Rajkot, Jalandhar, Ludhiana, Batala and Pune to increase domestic production. He also highlighted rising manufacturing of medical devices in India, referring to a CT scan machine produced in Visakhapatnam, and said wider use of Indian-made products could help increase demand and scale production.

Goyal said India should not become complacent despite being the world’s fastest-growing economy and must continue working towards the goal of Viksit Bharat 2047 through innovation, new ideas and sustained efforts.

Highlighting quality and productivity, he said improving standards, packaging and competitiveness is necessary for India to strengthen its position in global markets. He added that India’s exports continue to grow steadily despite global challenges.

He also highlighted the potential of agriculture and fisheries, saying exports from these sectors have crossed nearly ₹5 trillion, although value addition remains low. He encouraged young entrepreneurs to enter value-added sectors and establish processing and manufacturing units at different scales.

Goyal said the definition of MSMEs has been expanded to include enterprises with turnover of up to ₹5 billion, adding that the government wants businesses to grow larger and will continue to support them.

He also called for greater participation of youth, startups and women entrepreneurs in the Bharatiya Vyapar Mahotsav and suggested wider involvement of NPCI to encourage the use of RuPay cards and UPI through kiosks at the event venue.

The Bharatiya Vyapar Mahotsav will be held from August 12 to 15, 2026.