Goyal asks industry to boost manufacturing to reduce imports
Piyush Goyal also suggested increasing exports and buy goods manufactured in India, rather than importing them.
Commerce and Industry Minister Piyush Goyal asked the industry to identify goods that can be manufactured in India to help reduce import dependence of those products.
He also suggested increasing exports and buy goods manufactured in India, rather than importing them.
Addressing domestic traders, he said, "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 urged stakeholders to study import trends through the commerce ministry's trade portal and identify opportunities for domestic manufacturing and import substitution.
The minister said despite global economic uncertainties, triggered by Russia-Ukraine and West Asia crisis, India's exports rose about 5% to $863.11 billion in 2025-26.
"This year's target is $1 trillion. This is a big target. We have to work together for this," Goyal said, adding that 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.
The minister launched a portal on Bhartiya Vyapar Mahotsav, which will be held from August 12 to 15 here at Bharat Mandapam.
He asked the traders to showcase made in India goods only.
Goyal 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.