Union Minister of Commerce and Industry Piyush Goyal on Monday said India has set a target of achieving exports worth USD 1 trillion this year and USD 2 trillion over the next five years.
Addressing the website launch ceremony of Bharatiya Vyapar Mahotsav in New Delhi, he said exports this year have reached USD 863 billion, 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 urged stakeholders to study import trends on 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.
Furthermore, 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 also added 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.
Meanwhile, India’s agricultural exports, including the products of farmers and fishermen, have crossed nearly Rs 5 lakh crore, said Goyal, adding 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.
The minister also said when India moves towards an export-oriented approach, quality standards naturally improve. He said if indigenous products become export-quality products, people will not turn towards foreign goods.
He stressed the need to improve product quality, enhance competitiveness and expand scale of operations in order to compete effectively in international markets.
He added that the definition of MSMEs has been expanded and enterprises with turnover up to Rs 500 crore now come within the MSME ambit. He said the government wants enterprises to grow bigger and stands with them.
He urged organisers to bring people associated with the manufacturing sector from across the country to the Bharatiya Vyapar Mahotsav.
Referring to the participation of 1,000 businesses in the programme, he suggested inviting 25 women entrepreneurs from every state, which alone could bring around 700-750 participants.
