India Targets $1 Trillion Exports This Year, $2 Trillion in Five Years: Piyush Goyal
New Delhi, May 18 (TNT): Union Commerce and Industry Minister Piyush Goyal on Monday said India has set a target of achieving exports worth one trillion dollars this year and two 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 the Bharatiya Vyapar Mahotsav here, Goyal said India’s exports this year have reached 863 billion dollars, nearly five per cent higher than the previous year despite global challenges. He said both goods and services exports have registered growth, describing it as a significant achievement in the current global environment.
Goyal said the export target is not merely the government’s target but the nation’s target, and assured that the Centre would provide all necessary support to achieve it.
He said India has pursued Free Trade Agreements with nearly 38 developed countries over the last three-and-a-half years, which would provide preferential access for Indian products in global markets.
He added that the Oman FTA may come into force from June 1, while other finalised agreements awaiting procedural formalities would also become operational subsequently.
He urged stakeholders to study import trends through the Commerce Ministry’s trade portal and identify opportunities for domestic manufacturing and import substitution.
He stressed the need to continuously monitor products being imported into the country and said such trends offer major opportunities for Indian businesses.
Emphasising the importance of promoting domestic products and strengthening the spirit of Swadeshi, Goyal said even small preferences for foreign goods can weaken domestic industry. He stated that as consumption rises with the expansion of the middle class, India must meet its own requirements or imports would fill the gap.
He called upon industrial clusters such as Rajkot, Jalandhar, Ludhiana, Batala and Pune to increase domestic production, particularly in sectors like capital goods where India continues to depend heavily on imports.
He also highlighted the growing domestic manufacturing of medical devices and referred to a CT scan machine manufactured in Visakhapatnam.
Goyal said India should not become complacent merely because it is the world’s fastest-growing economy and stressed the need for continuous innovation and larger achievements towards the vision of Viksit Bharat 2047 envisioned by Prime Minister Narendra Modi.
Highlighting the importance of quality and productivity, he said India would not be able to capture global markets without improved quality standards and better packaging.
He noted that despite global economic challenges, India continues to progress rapidly and exports are growing steadily.
Referring to agriculture and fisheries, Goyal said India’s agricultural exports, including products of farmers and fishermen, have crossed nearly ₹5 lakh crore.
However, he observed that value addition in these sectors remains low and said there is immense potential if young entrepreneurs enter value-added processing and manufacturing activities.
The Minister also said the definition of MSMEs has been expanded and enterprises with turnover up to ₹500 crore now fall within the MSME ambit. He added that the government wants enterprises to scale up further and stands with them.
Goyal urged organisers to involve young entrepreneurs, startups and women entrepreneurs from across the country in the Bharatiya Vyapar Mahotsav, which will be held at Bharat Mandapam from August 12 to 15, 2026.
TNT KS
