Commerce Minister asks businesses to identify domestic manufacturing opportunities as India targets higher exports

New Delhi, May 18, 2026: Commerce and Industry Minister Piyush Goyal has urged Indian industry stakeholders to focus on import substitution opportunities and strengthen domestic manufacturing capabilities to support India’s export growth ambitions.

Speaking during the launch of the official website of Bharat Vyapar Mahotsav in New Delhi, Goyal asked businesses to identify products currently being imported that could potentially be manufactured within India.

Government pushes domestic manufacturing to support export growth

Commerce and Industry Minister Piyush Goyal on Monday called on industry players to identify import substitution opportunities for both domestic markets and exports.

Addressing domestic traders, Goyal said stakeholders should closely monitor imported goods and identify products that could be produced locally. He encouraged businesses to use the Commerce Ministry’s trade portal to explore manufacturing opportunities within India.

The minister said India’s overall exports of goods and services are projected to reach $863.11 billion in 2025-26 despite global economic uncertainties linked to the Russia-Ukraine conflict and West Asia tensions.

“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 improvement, operational competitiveness, and scale expansion.

He further stated that the government aims to increase goods and services exports to $2 trillion over the next five years.

According to Goyal, free trade agreements finalised by India are expected to improve preferential market access for Indian products and support export growth. He reiterated that the Free Trade Agreement with Oman may become operational from June 1 this year.

The minister also noted that agricultural exports have crossed ₹5 lakh crore and said future efforts should focus on increasing value addition within the sector.

During the event, Goyal launched the portal for the Bharat Vyapar Mahotsav, scheduled to be held from August 12 to 15 at Bharat Mandapam.

He urged traders to promote “Made in India” products and highlighted the importance of strengthening the spirit of swadeshi by increasing consumer preference for domestic goods.

Goyal also pointed to India’s dependence on imports in sectors such as capital goods and said industrial clusters including Rajkot, Jalandhar, Ludhiana, Batala, and Pune could help increase domestic manufacturing capacity.

Highlighting opportunities in agriculture and fisheries, he said India’s agricultural and fisheries exports have crossed nearly ₹5 lakh crore, though value addition remains limited. He added that greater participation from young entrepreneurs in value-added sectors and processing industries could improve export potential.

The minister stressed the need to enhance product quality, improve competitiveness, and scale up operations to help Indian products compete more effectively in international markets.