With an aim of reducing import dependence, Commerce and Industry Minister Piyush Goyal has asked the industry to identify imported goods and explore opportunities to manufacture them domestically. He also emphasised the importance of boosting exports and prioritizing the purchase of goods made in India over imports. He encouraged stakeholders to study import trends using the Commerce Ministry’s trade portal and identify opportunities for domestic manufacturing and import substitution.
He said despite global economic uncertainties, triggered by Russia-Ukraine and West Asia crisis, India's exports rose about 5 per cent to $863.11 billion in 2025-26. He noted that this year's target is $1 trillion. This is a big target, and there is need to work together for this. He also said the industry should focus on quality, improving competitiveness and enhancing scale of operations. In the next five years, the government is looking at increasing the goods and services exports to $2 trillion. He added that the free trade agreements (FTAs) finalised by India will give preferential market access to Indian goods and help boost exports. The FTA with Oman may be operationalised from June 1 this year.
Further, he asked to increase value addition in agri exports as it has crossed Rs 5 lakh crore. He launched a portal on Bhartiya Vyapar Mahotsav, which will be held from August 12 to 15, 2026 at Bharat Mandapam. He asked the traders to showcase made in India goods only. He emphasised the need to promote domestic products and strengthen the spirit of Swadeshi, noting that even small preferences for foreign goods can weaken domestic industry. He said India still depends heavily on foreign countries in sectors such as capital goods and called upon industrial clusters, including Rajkot, Jalandhar, Ludhiana, Batala, and Pune to increase domestic production instead of relying on imports.
