New Delhi: Union Commerce and Industry Minister Piyush Goyal on Monday said India is aiming to achieve exports worth USD 1 trillion this year and USD 2 trillion over the next five years, stressing that stronger exports and domestic manufacturing would define the country’s journey towards an Atmanirbhar Bharat.
Speaking at the website launch event of the Bharatiya Vyapar Mahotsav in New Delhi, Goyal said India’s exports had already reached USD 863 billion this year despite difficult global conditions. He noted that both goods and services exports recorded growth compared to the previous year.
The minister described the export target as a national mission rather than only a government objective, according to an official statement. He said the Centre was prepared to provide all necessary support to industries and businesses to help achieve the goal.
Highlighting India’s trade strategy, Goyal said the government had worked on Free Trade Agreements with nearly 38 developed countries over the past three-and-a-half years. He said these agreements would help Indian products access global markets at lower import duties and improve competitiveness.
He added that the proposed Free Trade Agreement with Oman could come into effect from June 1, while other agreements awaiting procedural clearances would also become operational gradually.
Goyal also pushed for greater focus on import substitution. He urged businesses to closely study import trends and identify products that can be manufactured within India. According to him, reducing dependence on imported goods is equally important for economic growth.
The minister called on industrial clusters in cities such as Rajkot, Jalandhar, Ludhiana, Batala, and Pune to increase domestic production in sectors where India still depends heavily on foreign suppliers, especially capital goods.
He stressed the need to strengthen the spirit of Swadeshi and encourage wider use of Indian-made products. He warned that rising domestic consumption could lead to higher imports if local industries fail to meet demand.
Goyal also highlighted India’s growing capabilities in medical device manufacturing. Referring to a CT scan machine being produced in Visakhapatnam, he said greater public acceptance of Indian products would help industries scale operations further.
The minister said India should not become complacent despite being among the world’s fastest-growing economies. He stressed the importance of improving product quality, packaging standards, and productivity to compete effectively in international markets.
He also pointed to the huge potential in agriculture and fisheries exports, which have crossed nearly Rs 5 lakh crore. However, he noted that value addition in these sectors remains low and called on young entrepreneurs to enter food processing and manufacturing.
Goyal said the government had expanded the definition of MSMEs to include enterprises with turnover up to Rs 500 crore. He said the move was aimed at helping businesses grow larger and become globally competitive.
