Union Minister for Commerce and Industry Piyush Goyal said on Monday that India has set a target of achieving exports worth 1 trillion dollars this year and 2 trillion dollars over the next five years. He asserted that this would be the true hallmark of an Atmanirbhar Bharat.
The minister said exports this year have reached 863 billion dollars, nearly 5 per cent higher than the previous year, despite global challenges. Both goods and services exports have increased, which is a significant achievement in the present global environment. “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, allowing Indian goods can be sold at lower import duties compared to competitors. 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,” he added.
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. “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.”
He 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.
“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,” he added.
Highlighting the potential of the agriculture and fisheries sectors, Minister Goyal said India’s agricultural exports, including the products of farmers and fishermen, have crossed nearly Rs 5 lakh crore.
However, he noted that value addition in these sectors remains low. He said there is immense potential if young entrepreneurs enter value-added sectors and establish processing and manufacturing units at small, medium and large scales.