Reduce imports, manufacture more in India to boost exports: Piyush Goyal to industry

Commerce and Industry Minister Piyush Goyal on Monday urged Indian industry and traders to identify products that are heavily imported and explore opportunities to manufacture them domestically to reduce import dependence and strengthen India’s export competitiveness. 

Addressing domestic traders, the minister said businesses should closely monitor import trends through the commerce ministry’s trade portal and identify sectors where India can expand local manufacturing. 

“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. 

The minister also called on businesses and consumers to prioritise buying goods made in India instead of relying on imported products, stressing the need to strengthen the spirit of Swadeshi and support domestic industry. 

Goyal said India continues to remain dependent on foreign countries in sectors such as capital goods and urged industrial clusters, including Rajkot, Jalandhar, Ludhiana, Batala, and Pune to enhance domestic production capabilities. 

The minister’s remarks come amid growing global economic uncertainty triggered by geopolitical tensions, including the Russia-Ukraine conflict and the ongoing West Asia crisis. 

India’s exports rose 5% to $863.11 billion

Despite these challenges, Goyal said India’s exports rose around 5% to $863.11 billion during 2025-26. He said the government is now targeting exports worth $1 trillion this year and aims to double goods and services exports to $2 trillion over the next five years. 

“This year’s target is $1 trillion. This is a big target. We have to work together for this,” he said. 

Goyal asked industry stakeholders to focus on quality, competitiveness and scaling up operations to achieve the ambitious export goals. He also highlighted the role of India’s free trade agreements (FTAs) in expanding overseas market access for Indian goods. According to the minister, recently concluded FTAs will help Indian exporters gain preferential access in key global markets. 

He added that the proposed FTA with Oman may become operational from June 1 this year. The minister further stressed the need to increase value addition in agricultural exports, noting that agri exports have already crossed ₹5 lakh crore. 

During the event, Goyal launched the portal for the Bhartiya Vyapar Mahotsav, which will be held at Bharat Mandapam from August 12 to 15. He urged traders participating in the event to showcase only Made-in-India products.