Piyush
for $1 tn Export of Goods and Services this Year, Petrol,
Diesel and ATF to Take Major Share
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India
Targets $1 Trillion Exports This Year, $2 Trillion in Five Years, Piyush Goyal
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Exports
Target is a National Mission; FTAs with Nearly 38 Developed Countries to Boost
Market Access
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Piyush
Goyal Asks Businesses to Monitor Import Trends to Identify Opportunities, Help
Country with Import Substitution
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Promote
Swadeshi, Support Domestic Products to Reduce Import Dependence
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Rising
Consumption Offers Opportunities, But Domestic Industry Must Step Up to Prevent
Import Surge; Calls for Greater Youth and Startup Participation
1.
Union Commerce and Industry Minister Piyush Goyal
said India has set a target of achieving exports worth $1 trillion this year.
2.
He also announced a long-term target of reaching $2
trillion in exports over the next five years.
3.
Mr. Goyal said achieving these targets would be the
true hallmark of an Atmanirbhar Bharat.
4.
He was addressing the website launch ceremony of
the Bharatiya Vyapar Mahotsav in New Delhi on 18 May
2026.
5.
India’s exports have reached $863 billion this
year, nearly 5% higher than the previous year despite global economic
challenges.
6.
Both merchandise and services exports recorded
growth during the year.
7.
Mr. Goyal said the export target is not just a
government goal but a national mission.
8.
He assured full government support to industries
and businesses to achieve the export targets.
9.
The Minister said India has worked on Free Trade
Agreements (FTAs) with nearly 38 developed countries over the last
three-and-a-half years.
10.
These FTAs are expected to provide Indian exporters
preferential access to major global markets.
11.
He said the Oman FTA could come into effect from 1
June 2026, while other finalized FTAs are expected to become operational later.
12.
Mr. Goyal urged businesses to study import trends
through the Commerce Ministry’s trade portal to identify opportunities for
domestic manufacturing and import substitution.
13.
He emphasized that import substitution and exports
are two key pillars of India’s economic growth strategy.
14.
The Minister stressed the importance of promoting
Swadeshi products and reducing dependence on imported goods.
15.
He warned that growing domestic consumption could
lead to higher imports if Indian industries fail to meet demand.
16.
Mr. Goyal highlighted India’s dependence on foreign
countries in sectors such as capital goods.
17.
He called upon industrial clusters such as Rajkot,
Jalandhar, Ludhiana, Batala, and Pune to strengthen domestic manufacturing
capabilities.
18.
The Minister cited the example of CT scan machines
being manufactured in Visakhapatnam as a sign of growing domestic manufacturing
strength.
19.
He stressed the need to improve product quality,
packaging, productivity, and competitiveness to capture global markets.
20.
Mr. Goyal said agricultural and fisheries exports
have crossed nearly ₹5 lakh crore.
21.
However, he noted that value addition in these
sectors remains low and urged entrepreneurs to invest in food processing and
manufacturing.
22.
He said export-oriented production naturally
improves product quality and competitiveness.
23.
The Minister noted that the definition of MSMEs has
been expanded to include enterprises with turnover up to ₹500 crore.
24.
He encouraged greater participation of women
entrepreneurs, startups, youth, and MSMEs in the Bharatiya Vyapar
Mahotsav.
25.
The Minister suggested involving National Payments
Corporation of India to promote wider use of RuPay
cards and UPI during the event.
26.
He proposed setting up kiosks at the venue to issue
RuPay debit cards and encourage digital transactions.
27.
Mr. Goyal said India’s growing middle class and
rising consumption offer major opportunities for domestic businesses and
exporters.
28.
He emphasized that India should not become
complacent despite being one of the world’s fastest-growing economies.
29.
The Minister said collective participation from
industries, businesses, and citizens would help achieve the vision of Viksit
Bharat 2047.
30.
The Bharatiya Vyapar
Mahotsav is scheduled to be held from 12–15 August 2026 at Bharat Mandapam in
New Delhi.
Union
Minister of Commerce and Industry Piyush Goyal on 18 May, 2026 said that India has
set a target of achieving exports worth 1 trillion dollars this year and 2 trillion
dollars over the next five years, asserting that this would be the true hallmark
of an Atmanirbhar Bharat. Addressing the website launch
ceremony of Bharatiya Vyapar Mahotsav in New Delhi, he
said exports this year have reached 863 billion dollars, nearly 5 per cent higher
than the previous year, despite global challenges. He said both goods and services
exports have increased, calling it a significant achievement in the present global
environment.
Mr.
Goyal said this is not merely the government’s target but the nation’s target, and
the Central Government stands ready to provide whatever support is needed to achieve
it. He said that over the last three-and-a-half years, efforts have been made towards
Free Trade Agreements with nearly 38 developed countries, which will provide preferential
access to large markets where Indian goods can be sold at lower import duties compared
to competitors. He said these agreements will gradually come into effect, adding
that the Oman FTA may come into force from 1 June, while other finalised FTAs awaiting
paperwork will also become operational subsequently.
Mr.
Piyush Goyal urged stakeholders to study import trends through the Commerce Ministry’s
trade portal and identify opportunities for domestic manufacturing and import substitution.
He emphasised the need to continuously observe what goods are being imported into
the country, noting that such trends present significant opportunities for Indian
businesses. The Minister stated that the Commerce Ministry should make these opportunities
visible in a more systematic manner, highlighting products entering India from abroad.
He further noted that import substitution and exports represent two key sides of
growth, and added that the Ministry will also showcase areas where India has strength
and capability so that businesses can leverage these opportunities.
Mr.
Piyush Goyal emphasised the need to promote domestic products and strengthen the
spirit of Swadeshi, noting that even small preferences for foreign goods can weaken
domestic industry. He stated that as consumption grows with the expansion of the
middle class, it is essential for India to meet its own requirements, otherwise
imports will fill the gap. The Minister urged businesses and consumers to support
one another by becoming suppliers and customers within the country, adding that
if this sentiment is strengthened through initiatives like the Bharatiya Swadeshi
Mela, it can expand into a nationwide movement promoting made in India products.
He
said India still depends heavily on foreign countries in sectors such as capital
goods and called upon industrial clusters including Rajkot, Jalandhar, Ludhiana,
Batala and Pune to increase domestic production instead of relying on imports.
The
Union Minister also highlighted the growing domestic manufacturing of medical devices
and referred to a CT scan machine manufactured in Visakhapatnam. He said greater
adoption of Indian-made products would increase demand and expand the scale of operations.
Mr.
Goyal said India should never become complacent merely because it is the world’s
fastest-growing economy. He said the country must continuously strive for bigger
achievements, generate new ideas, and work constantly towards the goal of Viksit
Bharat 2047 during Amrit Kaal, as envisioned by Prime Minister Mr. Narendra Modi.
He
said the enthusiasm among industries, businesses and citizens, along with the collective
spirit of 140 crore Indians, gives confidence that no force in the world can stop
India’s progress. Referring to the Bharatiya Swadeshi Mela being organised at Bharat
Mandapam, he said the venue itself reflects India’s diversity as materials and products
used there have come from different corners of the country.
Highlighting
the importance of quality and productivity, Mr. Goyal said Prime Minister Mr. Narendra
Modi wants quality standards in the country to improve and productivity to increase.
He said without better quality and packaging, India would not be able to capture
global markets. He noted that despite global challenges, India continues to progress
rapidly and its exports are also growing steadily.
Highlighting
the potential of the agriculture and fisheries sectors, Mr. Goyal said India’s agricultural
exports, including the products of farmers and fishermen, have crossed nearly Rs
5 lakh crore. However, he noted that value addition in these sectors remains low.
He said there is immense potential if young entrepreneurs enter value-added sectors
and establish processing and manufacturing units at small, medium and large scales.
The
Union Minister said that when India moves towards an export-oriented approach, quality
standards naturally improve. He said if indigenous products become export-quality
products, people will not turn towards foreign goods. He stressed the need to improve
product quality, enhance competitiveness and expand scale of operations in order
to compete effectively in international markets.
Mr.
Goyal said the definition of MSMEs has been expanded and enterprises with turnover
up to Rs 500 crore now come within the MSME ambit. He said the government wants
enterprises to grow bigger and stands with them.
He
urged organisers to bring people associated with the manufacturing sector from across
the country to the Bharatiya Vyapar Mahotsav. Referring
to the participation of 1,000 businesses in the programme, he suggested inviting
25 women entrepreneurs from every state, which alone could bring around 700–750
participants.
He
said India’s growing middle class and rising consumption present immense opportunities
for traders, industries and MSMEs both domestically and internationally. He cautioned
that if domestic industries fail to meet the country’s requirements, imports would
fill the gap.
He
stressed the need to involve the next generation, including young entrepreneurs,
startups and youth from across the country, in the initiative. He said opportunities
relating to import substitution and products currently being imported should be
showcased so that people understand the scope for domestic manufacturing.
Mr.
Goyal also proposed involving NPCI, which operates RuPay
cards and UPI, in the Bharatiya Swadeshi Mela. He noted that while UPI is widely
used, RuPay cards are not being utilised adequately. He
suggested setting up 50 to 100 kiosks across the venue where visitors could obtain
RuPay debit cards using Aadhaar and other identification
documents and conduct all transactions digitally through UPI or RuPay cards.
He
said bringing banks together for this initiative could encourage wider adoption
of India’s payment systems. He added that Bharat Mandapam regularly hosts exhibitions
and international programmes, and such initiatives could inspire more people to
adopt RuPay and UPI nationwide.
The
Union Minister said small initiatives of this nature would provide new energy and
direction to India’s Amrit Kaal journey and strengthen the path towards a prosperous
and developed India through public participation. He said when every individual
takes one step forward, the country moves ahead by 140 crore steps.
Mr.
Goyal urged 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 commence from 12th August
– 15th August 2026.