India has set a target of achieving exports worth $1 trillion this year and scaling it up to $2 trillion over the next five years, which would be the true hallmark of an Atmanirbhar Bharat, said Union Commerce and Industry Minister Piyush Goyal.
Addressing the website launch ceremony of Bharatiya Vyapar Mahotsav, Goyal said India’s exports this year have touched $863 billion, nearly 5% higher than the previous year despite global challenges, with both goods and services exports recording growth.
FTAs to provide preferential market access
“This is not merely the government’s target but the nation’s target, and the Central Government stands ready to provide whatever support is needed to achieve it,” Goyal said.
He said India has pursued Free Trade Agreements with nearly 38 developed countries over the past three-and-a-half years to secure preferential access for Indian products in major global markets through lower import duties.
Oman FTA likely from June 1
According to the Minister, the Oman FTA may come into force from June 1, while other finalised agreements awaiting procedural formalities are also expected to become operational subsequently.
Goyal urged industry stakeholders to study import trends through the Commerce Ministry’s trade portal and identify opportunities for domestic manufacturing and import substitution.
Push for import substitution and Swadeshi
He said businesses should continuously monitor products being imported into the country, as such trends offer significant opportunities for Indian manufacturers.
“Import substitution and exports represent two key sides of growth,” Goyal said, adding that the Ministry would also highlight sectors where India has strong capabilities so that businesses can leverage emerging opportunities.
Call for larger growth ambitions
The Minister stressed the need to promote domestic products and strengthen the spirit of Swadeshi, cautioning that even small preferences for foreign goods could weaken domestic industry.
India should not become complacent merely because it is the world’s fastest-growing economy and must continue striving for bigger achievements and work towards the goal of Viksit Bharat 2047 during Amrit Kaal, he said.
The Bharatiya Vyapar Mahotsav, described as India’s largest Make-in-India multi-sectoral trade expo, will be held in New Delhi from August 12 to 15, 2026.