Piyush Goyal Sets $2 Trillion Export Vision, Calls for Swadeshi Manufacturing Push

Union Minister of Commerce and Industry Shri Piyush Goyal has announced that India aims to achieve exports worth $1 trillion this year and expand that figure to $2 trillion over the next five years, describing the target as a defining milestone for building an Atmanirbhar Bharat (self-reliant India).

Speaking at the website launch ceremony of the Bharatiya Vyapar Mahotsav in New Delhi, the Minister said India’s exports have already reached $863 billion this year despite global economic uncertainty and geopolitical challenges.

According to Goyal, this represents nearly 5 percent growth over the previous year, with both goods and services exports recording significant increases. He described the performance as a major achievement given the difficult global trade environment.

Export Growth Central to Atmanirbhar Bharat Vision

Piyush Goyal said the export target is not merely a government objective but a national mission requiring participation from industries, businesses, MSMEs, entrepreneurs, and consumers across the country.

He assured stakeholders that the Central Government would provide full support to help India achieve its export ambitions and strengthen domestic manufacturing capabilities.

“This is not just the government’s target; it is the nation’s target,” the Minister stated.

The Minister linked export expansion directly to Prime Minister Narendra Modi’s broader vision of Viksit Bharat 2047, under which India aims to become a developed nation during the Amrit Kaal period.

India Expanding Global Trade Partnerships

Highlighting India’s trade diplomacy efforts, Shri Goyal said the government has worked over the last three-and-a-half years to negotiate Free Trade Agreements (FTAs) with nearly 38 developed countries.

He explained that these agreements would provide Indian exporters with preferential market access and lower import duties compared to international competitors.

The Minister revealed that the India-Oman Free Trade Agreement may come into force from 1 June 2026, while other completed agreements are expected to become operational after pending procedural formalities are completed.

Officials believe these FTAs could significantly strengthen India’s position in global trade by improving access to large international markets.

Focus on Import Substitution and Domestic Manufacturing

Piyush Goyal strongly emphasised the importance of import substitution as a key pillar of India’s industrial and economic strategy.

He urged businesses to closely study import trends through the Commerce Ministry’s trade portal to identify opportunities where Indian industries can replace imported goods with domestic manufacturing.

The Minister said the government intends to systematically showcase products currently being imported into India so that entrepreneurs and manufacturers can identify gaps and establish local production capabilities.

“Import substitution and exports are two key sides of growth,” he said.

He also stressed that India must leverage its strengths in sectors where the country already possesses competitive capabilities.

Call to Strengthen Swadeshi Spirit

The Commerce Minister urged industries and consumers to actively support domestic products and revive the spirit of Swadeshi.

He warned that even small preferences for foreign products could weaken Indian industries and reduce opportunities for domestic businesses.

“As consumption grows with the expansion of the middle class, India must meet its own requirements, otherwise imports will fill the gap,” Goyal stated.

He called upon Indian businesses and consumers to become both suppliers and customers within the domestic economy and said initiatives such as the Bharatiya Swadeshi Mela could evolve into a nationwide movement promoting “Made in India” products.

Industrial Clusters Asked to Reduce Dependence on Imports

Shri Goyal specifically identified sectors where India remains heavily dependent on foreign imports, particularly capital goods and industrial machinery.

He called upon major industrial clusters including:

• Rajkot

• Jalandhar

• Ludhiana

• Batala

• Pune

to strengthen domestic manufacturing instead of relying on imported products.

The Minister said expanding indigenous manufacturing capacity is essential for building long-term economic resilience and self-sufficiency.

Medical Device Manufacturing Highlighted

The Minister also pointed to India’s growing domestic manufacturing capabilities in the medical device sector.

He referenced a CT scan machine manufactured in Visakhapatnam as an example of India’s increasing technological and industrial capabilities.

According to Goyal, greater adoption of Indian-made products would increase demand, improve economies of scale, and support industrial growth.

Quality and Productivity Crucial for Global Competitiveness

Piyush Goyal stressed that India must continuously improve quality standards, packaging, and productivity if it wants to compete effectively in global markets.

He said Prime Minister Narendra Modi has consistently emphasised the importance of raising quality benchmarks across industries.

“Without better quality and packaging, India will not be able to capture global markets,” the Minister said.

He argued that export-oriented manufacturing naturally improves quality because products intended for international markets must meet stricter standards and higher competitiveness requirements.

Agriculture and Fisheries Exports Offer Huge Potential

Highlighting opportunities in agriculture and fisheries, Shri Goyal noted that India’s agricultural exports, including products from farmers and fishermen, have crossed nearly ₹5 lakh crore.

However, he pointed out that value addition in these sectors remains relatively low.

The Minister encouraged young entrepreneurs to enter value-added processing and manufacturing sectors connected to agriculture and fisheries, saying there is enormous untapped potential for growth.

He said small, medium, and large-scale processing units could significantly increase export earnings while generating employment opportunities.

Expanded MSME Definition to Support Growth

Goyal highlighted the government’s recent decision to expand the definition of Micro, Small and Medium Enterprises (MSMEs).

Under the revised criteria, enterprises with turnover up to ₹500 crore now fall within the MSME category.

The Minister said the government wants businesses to scale up and grow larger rather than remain small.

He assured industries that the government stands firmly behind entrepreneurs and MSMEs seeking expansion opportunities.

Bharatiya Vyapar Mahotsav to Promote Indian Industry

The Minister urged organisers to make the upcoming Bharatiya Vyapar Mahotsav a truly nationwide initiative involving manufacturers, entrepreneurs, startups, and youth from across India.

He suggested inviting:

• Women entrepreneurs from every state

• Manufacturing sector representatives nationwide

• Young innovators and startups

to broaden participation and encourage new business opportunities.

The Bharatiya Vyapar Mahotsav is scheduled to take place from 12 August to 15 August 2026 at Bharat Mandapam.

Push for Wider Adoption of RuPay and UPI

Shri Goyal also proposed involving the National Payments Corporation of India (NPCI) in the event to encourage greater adoption of India’s indigenous digital payment systems.

He suggested setting up 50–100 kiosks where visitors could obtain RuPay debit cards using Aadhaar and conduct transactions digitally via UPI and RuPay platforms.

The Minister noted that while UPI has achieved widespread success, RuPay cards still require greater public adoption.

He said such initiatives could strengthen India’s digital payment ecosystem while promoting financial inclusion and domestic fintech platforms.

Confidence in India’s Economic Future

Concluding his address, Piyush Goyal expressed confidence that India’s industries, entrepreneurs, businesses, and citizens collectively possess the energy and determination needed to transform the country into a developed economy.

He said the enthusiasm of 140 crore Indians ensures that “no force in the world can stop India’s progress.”

The Minister called on all stakeholders to work together to make the Bharatiya Vyapar Mahotsav successful and to strengthen India’s path toward economic self-reliance, industrial growth, and global competitiveness.