New Delhi: Union Minister of Commerce and Industry, Piyush Goyal on Monday urged Indian companies to study import trends through 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.
The Minister stated that the Commerce Ministry should make these opportunities visible in a more systematic manner, highlighting products entering India from abroad.
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He further noted that import substitution and exports represent two key sides of growth, and added that the Ministry will also showcase areas where India has strength and capability so that businesses can leverage these opportunities.
Goyal today said that India has set a target of achieving exports worth 1 trillion dollars this year and 2 trillion dollars over the next five years, asserting that this would be the true hallmark of an Atmanirbhar Bharat.
Addressing the website launch ceremony of Bharatiya Vyapar Mahotsav in New Delhi, he said exports this year have reached 863 billion dollars, 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.
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He said that 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 where Indian goods can be sold at lower import duties compared to competitors.
He said 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 said 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.
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The Union Minister also highlighted the growing domestic manufacturing of medical devices and referred to a CT scan machine manufactured in Visakhapatnam. He said greater adoption of Indian-made products would increase demand and expand the scale of operations.
The Bharatiya Vyapar Mahotsav will commence from 12th August – 15th August 2026.
Ends.
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