Commerce Minister Piyush Goyal urges Industry to fast track import substitution

Piyush Goyal on Monday urged Indian industry to fast-track import substitution and identify opportunities in products currently being imported into the country. He asked businesses to increase local sourcing and leverage the commerce ministry’s trade portal to study import trends and expand domestic manufacturing.

Written by FE Bureau

May 18, 2026 20:25 IST

Commerce Minister Piyush Goyal said India is targeting $1 trillion in goods and services exports in 2026-27 despite global economic uncertainty caused by the Russia-Ukraine conflict and West Asia tensions. He added that upcoming free trade agreements and greater focus on quality, competitiveness and scale would help India achieve its long-term $2 trillion export goal.

Minister of Commerce and Industry, Piyush Goyal on Monday asked the industry to seek opportunities in import substitution for both domestic market and exports. He also asked companies to source inputs from local players to the extent possible.

Addressing domestic traders, he said: “You should keep an eye on what goods are being imported, because opportunities lie there, as these goods could potentially be manufactured in India.” He asked stakeholders to study import trends through the commerce ministry’s trade portal and identify opportunities.

The minister said despite global economic uncertainties, triggered by the Russia-Ukraine and West Asia war, India’s overall exports–goods and services combined–rose about 5% to $863.11 billion in 2025-26.

“This year’s target is $ 1 trillion. This is a big target. We have to work together for this,” Goyal said, adding that the industry should focus on quality, improving competitiveness and enhancing the scale of operations.

In the next five years, the government is looking at increasing goods and services exports to $ 2 trillion. He added that the free trade agreements (FTAs) finalised by India will give preferential market access to Indian goods and help reach that target. He reiterated that the FTA with Oman may be operationalised from June 1 this year.

The minister also said that agriculture exports have crossed Rs 5 lakh crore and efforts should focus on increasing value addition in the sector.

The minister launched a portal for the Bhartiya Vyapar Mahotsav, which will be held from August 12 to 15 here at Bharat Mandapam. He asked the traders to showcase only ‘Made in India’ goods. 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.

India still depends heavily on foreign countries in sectors such as capital goods. Industrial clusters, including Rajkot, Jalandhar, Ludhiana, Batala, and Pune could increase domestic production instead of relying on imports, he said.

This article was first uploaded on May eighteen, twenty twenty-six, at twenty-five minutes past eight in the night.