Speaking at a national conclave of trade leaders organised by the Confederation of All India Traders at Bharat Mandapam, Goyal said India still remains dependent on imports in several sectors, including capital goods, and urged industrial clusters across the country to step in.
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“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, asking traders and manufacturers to use the Commerce Ministry’s trade portal to study import patterns and identify areas for import substitution.
The minister also pushed for stronger adoption of “Made in India” products, warning that even small preferences for foreign goods weaken domestic industry over time.
India’s exports, meanwhile, have continued to grow despite global uncertainties triggered by the Russia-Ukraine war and the ongoing West Asia crisis, Goyal said. According to the minister, the country’s overall exports rose around 5% to $863 billion in FY26.
“This year’s target is $1 trillion. This is a big target. We have to work together for this,” he said, adding that India is aiming to scale overall goods and services exports to $2 trillion over the next five years.A key part of that strategy, Goyal said, will be India’s expanding network of free trade agreements. The government is currently working on FTAs with 38 countries, largely developed economies, to give Indian goods preferential access through lower tariffs. The India-Oman trade deal, he added, is expected to come into force from June 1.
Goyal also stressed the need for higher value addition in agriculture exports, which he said have crossed Rs 5 lakh crore, and highlighted sectors such as medical devices, fisheries and capital goods where Indian MSMEs are beginning to build scale.
During the event, the minister launched the portal for Bharat Vyapar Mahotsav, a Swadeshi-focused trade fair scheduled to be held from August 12 to 15 at Bharat Mandapam. The event, being organised by the India Trade Promotion Organisation in partnership with CAIT, will showcase India-made products and services across sectors.
Goyal said the fair would bring together nearly 1,000 businesses and focus on improving packaging, branding, quality and marketing to help Indian products compete globally.
He also called for greater participation of women entrepreneurs and younger traders, while pitching RuPay and UPI kiosks at the event as part of what he described as a “cashless Swadeshi economy”.
The minister said the government could help “kick-start” manufacturing growth through schemes such as the Production Linked Incentive (PLI) programme, but added that long-term success would depend on industry and trade taking ownership of the broader self-reliance push.
(With inputs from agencies)