Commerce and Industry Minister Piyush Goyal on Monday urged industry stakeholders to identify products that can be manufactured domestically to reduce India's dependence on imports and strengthen local production capabilities, as per a PTI report.
Focus on Import Substitution and Export Growth
Addressing domestic traders, the minister also asked industry to focus on boosting exports and prioritizing products made in India over imported goods. "You should keep an eye on what goods are being imported, you will see opportunities in that too, what things can be manufactured in India," Goyal said.
He asked stakeholders to study import trends through the commerce ministry's trade portal and identify opportunities for domestic manufacturing and import substitution.
Exports and Economic Targets
The minister said India's exports rose around 5 per cent to $863.11 billion in 2025-26 despite global economic challenges arising from the Russia-Ukraine conflict and the West Asia crisis. "This year's target is USD 1 trillion. This is a big target. We have to work together for this," Goyal said.
He added that industry should focus on improving quality standards, increasing competitiveness, and expanding operational scale. The government is targeting goods and services exports of $2 trillion over the next five years, he said.
Free Trade Agreements and Agricultural Exports
Goyal also said free trade agreements signed by India would provide preferential market access to Indian products and support export growth. He added that the trade agreement with Oman could become operational from June 1 this year. The minister also called for greater value addition in agricultural exports, noting that agri exports have crossed Rs 5 lakh crore.
Bhartiya Vyapar Mahotsav and Swadeshi Spirit
During the event, Goyal launched a portal for the Bhartiya Vyapar Mahotsav, which is scheduled to be held at Bharat Mandapam from August 12 to August 15. He also urged traders to showcase only products manufactured in India and stressed the need to strengthen the spirit of Swadeshi.
Goyal said India remains significantly dependent on imports in sectors such as capital goods and called upon industrial clusters including Rajkot, Jalandhar, Ludhiana, Batala, and Pune to increase domestic production. He said even small preferences for foreign goods could weaken domestic industry.
