India targets $1 trillion exports this year, says Piyush Goyal

Addressing the website launch ceremony of the Bharatiya Vyapar Mahotsav in New Delhi, Goyal said India’s exports have already touched $863 billion this year, marking nearly 5 percent growth over the previous year despite global economic challenges.

He said both goods and services exports have registered growth, describing it as a significant achievement in the current global environment.

“This is not merely the government’s target, but the nation’s target,” Goyal said, adding that the Centre is committed to extending all necessary support to achieve it.

The minister said India has actively pursued Free Trade Agreements (FTAs) with nearly 38 developed countries over the past three-and-a-half years, which would provide Indian exporters preferential access to major global markets through lower import duties.

He said the proposed Oman FTA is likely to come into force from June 1, while several other finalised agreements are expected to become operational once documentation is completed.

Goyal urged businesses to closely track import trends through the Commerce Ministry’s trade portal to identify opportunities for domestic manufacturing and import substitution.

He stressed that import substitution and exports are two critical drivers of India’s economic growth and called for a more systematic approach to showcasing products currently being imported into the country, enabling Indian businesses to tap those opportunities.

Highlighting the importance of Swadeshi, Goyal said even small consumer preferences for foreign goods can weaken domestic industry.

“As India’s middle class expands and consumption rises, it is essential that domestic industries meet this demand. Otherwise, imports will fill the gap,” he said, urging businesses and consumers to support one another through stronger domestic supply chains.

The minister noted that India continues to depend significantly on imports in sectors such as capital goods and called upon industrial clusters in Rajkot, Jalandhar, Ludhiana, Batala and Pune to scale up domestic production.

He also highlighted India’s progress in manufacturing medical devices, citing the example of a CT scan machine produced in Visakhapatnam, and said wider adoption of Indian-made products would help scale up operations further.

Goyal cautioned against complacency despite India being the world’s fastest-growing major economy.

“The collective energy of 140 crore Indians gives us confidence that no force in the world can stop India’s progress,” he said.

Referring to the Bharatiya Swadeshi Mela at Bharat Mandapam, he said the venue reflects India’s diversity, with materials and products sourced from across the country.

Emphasising quality and productivity, Goyal said Prime Minister Narendra Modi wants India to significantly improve manufacturing standards.

“Without better quality and packaging, India cannot capture global markets,” he said.

Highlighting opportunities in agriculture and fisheries, Goyal said India’s agricultural exports have crossed Rs 5 lakh crore, but noted that value addition remains low.

He encouraged young entrepreneurs to establish processing and manufacturing units across small, medium and large scales to unlock growth potential.

He also highlighted the expanded definition of MSMEs, which now includes enterprises with turnover of up to Rs 500 crore, saying the government wants businesses to scale up further.

Goyal proposed involving National Payments Corporation of India (NPCI) in the Bharatiya Swadeshi Mela to promote wider adoption of RuPay cards and UPI, suggesting dedicated kiosks where visitors could instantly obtain RuPay debit cards and transact digitally.

He said such initiatives would strengthen India’s digital payment ecosystem and contribute to the country’s journey towards a prosperous and developed India during Amrit Kaal.

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