India has set a target of achieving $1 trillion in exports this year and $2 trillion over the next 5 years, Union Commerce and Industry Minister Piyush Goyal said on Monday, 18 May.
Speaking at the website launch ceremony of the Bharatiya Vyapar Mahotsav in New Delhi, Goyal said the export target was not just a government goal but a national mission.
He said India’s exports this year have reached $863 billion, nearly 5 per cent higher than the previous year, despite global challenges.
Both goods and services exports have increased, which he described as a significant achievement in the current global environment.
Goyal said the target of $1 trillion exports this year and $2 trillion exports in the next 5 years would be the true hallmark of an Atmanirbhar Bharat.
The minister said the Central Government stands ready to provide whatever support is required to achieve the target.
He said India has worked over the last three-and-a-half years on Free Trade Agreements with nearly 38 developed countries.
These agreements, he said, would provide preferential access to large markets where Indian goods can be sold at lower import duties compared to competitors.
Goyal said the agreements would gradually come into effect.
He added that the Oman FTA may come into force from 1 June, while other finalised FTAs awaiting paperwork would also become operational subsequently.
The minister urged stakeholders to study import trends through the Commerce Ministry’s trade portal and identify opportunities for domestic manufacturing and import substitution.
He said businesses should continuously monitor the goods being imported into the country, as these trends present significant opportunities for Indian industry.
Goyal said the Commerce Ministry should make such opportunities visible in a more systematic manner by highlighting products entering India from abroad.
He added that import substitution and exports are two key sides of growth.
The minister also called for stronger promotion of domestic products and the spirit of Swadeshi.
He said even small preferences for foreign goods can weaken domestic industry.
Goyal said India’s growing middle class and rising consumption offer major opportunities, but domestic industry must step up to meet demand.
If Indian industry does not meet the country’s requirements, imports would fill the gap, he said.
He urged businesses and consumers to support one another by becoming suppliers and customers within the country.
He said initiatives such as the Bharatiya Swadeshi Mela could help turn this sentiment into a nationwide movement for made-in-India products.
The minister said India still depends heavily on foreign countries in sectors such as capital goods.
He called on industrial clusters, including Rajkot, Jalandhar, Ludhiana, Batala and Pune, to increase domestic production instead of relying on imports.
Goyal also referred to growing domestic manufacturing in the medical devices sector and cited a CT scan machine manufactured in Visakhapatnam.
He said greater adoption of Indian-made products would increase demand and expand the scale of operations.
He said India should not become complacent merely because it is the world’s fastest-growing economy.
Read also : India pushes deeper BRICS trade integration as intra-bloc trade reaches $1.17 trillion
The country, he said, must keep striving for larger achievements, new ideas and the goal of Viksit Bharat 2047 during Amrit Kaal.
Highlighting the importance of quality and productivity, Goyal said Prime Minister Narendra Modi wants quality standards in the country to improve and productivity to increase.
He said India would not be able to capture global markets without better quality and packaging.
Despite global challenges, he said, India continues to progress rapidly and its exports are growing steadily.
Goyal also highlighted the potential of agriculture and fisheries exports.
He said India’s agricultural exports, including products of farmers and fishermen, have crossed nearly Rs 5 lakh crore.
However, he said value addition in these sectors remains low.
He called on young entrepreneurs to enter value-added sectors and set up processing and manufacturing units at small, medium and large scales.
The minister said an export-oriented approach naturally improves quality standards.
If indigenous products become export-quality products, people will not turn towards foreign goods, he said.
He stressed the need to improve product quality, enhance competitiveness and expand scale of operations to compete effectively in international markets.
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.
Referring to the participation of 1,000 businesses in the Bharatiya Vyapar Mahotsav, he suggested inviting 25 women entrepreneurs from every state, which alone could bring around 700 to 750 participants.
The minister also urged organisers to involve people linked to the manufacturing sector from across the country, along with young entrepreneurs, startups and youth.
He said opportunities related to import substitution and products currently being imported should be showcased so that people understand the scope for domestic manufacturing.
Goyal proposed involving NPCI, which operates RuPay cards and UPI, in the Bharatiya Swadeshi Mela.
He said that while UPI is widely used, RuPay cards are not being used adequately.
He suggested setting up 50 to 100 kiosks at 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.
The minister said small initiatives of this nature would give 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 that when every individual takes one step forward, the country moves ahead by 140 crore steps.
The Bharatiya Vyapar Mahotsav will be held from 12 August to 15 August 2026.
Read also : India’s total exports rise 13.59% to $80.80 billion in April 2026 as trade deficit narrows to $7.81 billion
