Union Commerce Minister Piyush Goyal said India aims to achieve $1 trillion exports in 2026 and raise it to $2 trillion within the next five years. He called it a major step toward Atmanirbhar Bharat.
Speaking at the Bharatiya Vyapar Mahotsav website launch in New Delhi, Goyal said India’s exports have already reached $863 billion this year, up nearly 5% despite global economic challenges.
He said both goods and services exports have increased steadily. According to him, export growth in the current global environment reflects India’s strong economic position and growing competitiveness.
Goyal said the government has worked on FTAs with nearly 38 developed countries over the last 3.5 years. These agreements will help Indian products enter foreign markets with lower import duties.
He added that the Oman FTA could become operational from June 1, while other finalized trade agreements are expected to come into effect after pending paperwork is completed.
The minister asked businesses to track import trends through the Commerce Ministry trade portal and identify opportunities for domestic manufacturing and import substitution to reduce dependence on foreign goods.
Goyal urged consumers and industries to support Swadeshi products, warning that rising middle-class consumption could increase imports if Indian companies fail to meet domestic demand.
He highlighted that India still depends heavily on imports in sectors like capital goods and asked industrial hubs such as Rajkot, Jalandhar, Ludhiana, Batala and Pune to expand domestic production capacity.
The minister said India’s agricultural and fisheries exports have crossed nearly Rs 5 lakh crore, but value addition remains low. He encouraged startups and young entrepreneurs to enter food processing and manufacturing sectors.
Goyal stressed the need to improve quality, packaging and productivity so Indian products can compete globally. He also noted that the MSME definition now includes businesses with turnover up to Rs 500 crore.
He announced that the Bharatiya Vyapar Mahotsav will be held at Bharat Mandapam from August 12 to August 15, 2026, with participation from around 1,000 businesses across India.
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