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| India targets $1 trillion exports this year, $2 trillion in five years: Piyush Goyal | | | Early Times Report
NEW DELHI, May 18: Union Minister of Commerce and Industry Piyush Goyal today said that India has set a target of achieving exports worth 1 trillion dollars this year and 2 trillion dollars over the next five years, asserting that this would be the true hallmark of an Atmanirbhar Bharat.
Addressing the website launch ceremony of Bharatiya Vyapar Mahotsav in New Delhi, he said exports this year have reached 863 billion dollars, nearly 5 per cent higher than the previous year, despite global challenges.
He said both goods and services exports have increased, calling it a significant achievement in the present global environment. Goyal said 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.
He said that over the last three-and-a-half years, efforts have been made towards Free Trade Agreements with nearly 38 developed countries, which will provide preferential access to large markets where Indian goods can be sold at lower import duties compared to competitors. He said these agreements will gradually come into effect, adding that the Oman FTA may come into force from 1 June, while other finalised FTAs awaiting paperwork will also become operational subsequently.
Piyush Goyal urged stakeholders to study import trends through the Commerce Ministry's trade portal and identify opportunities for domestic manufacturing and import substitution. He emphasised the need to continuously observe what goods are being imported into the country, noting that such trends present significant opportunities for Indian businesses.
The Minister stated that the Commerce Ministry should make these opportunities visible in a more systematic manner, highlighting products entering India from abroad. He further noted that import substitution and exports represent two key sides of growth, and added that the Ministry will also showcase areas where India has strength and capability so that businesses can leverage these opportunities.
Piyush 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 stated that as consumption grows with the expansion of the middle class, it is essential for India to meet its own requirements, otherwise imports will fill the gap. The Minister urged businesses and consumers to support one another by becoming suppliers and customers within the country, adding that if this sentiment is strengthened through initiatives like the Bharatiya Swadeshi Mela, it can expand into a nationwide movement promoting made in India products.
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.
The Union Minister also highlighted the growing domestic manufacturing of medical devices and referred to a CT scan machine manufactured in Visakhapatnam. He said greater adoption of Indian-made products would increase demand and expand the scale of operations.
Goyal said India should never become complacent merely because it is the world's fastest-growing economy. He said the country must continuously strive for bigger achievements, generate new ideas, and work constantly towards the goal of Viksit Bharat 2047 during Amrit Kaal, as envisioned by Prime Minister Narendra Modi. |
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