Target to take country's exports to $2000 billion in next five years: Piyush Goyal

Union Minister for Commerce and Industry Piyush Goyal said on Monday that the target has been set to take the country's exports to $2 trillion in the next five years, while total exports will exceed $1 trillion in the current financial year. Mr. Goyal, while terming the expansion of export business as the real identity of 'Aatmanirbhar Bharat' (self-reliant India), said that India has made progress in both goods and services sectors, which is a big achievement in the context of current global situation. He was addressing the launch of the website of 'Bharatiya Vyapar Mahotsav' (Indian Trade Festival) at 'Bharat Mandapam' here. Despite US import duty (outbound tariff) and geopolitical challenges at the global level, India's exports reached $863 billion in the financial year 2025-26, which is about 5 percent more than the previous financial year. The Union Minister appealed to all stakeholders to work together to make 'Bharatiya Vyapar Mahotsav' a success and expressed his good wishes for the event, which will be held from August 12 to August 15, 2026. Assuring full cooperation to the export sector from the government, he said that this export target is not just of the government but of everyone. He further stated that in the last three and a half years, the trade agreements made have made significant progress towards 'Free Trade Agreements' (FTAs) with about 38 developed countries. Due to these agreements, Indian products will get preferential access to large global markets, where Indian goods can be sold at lower import duties compared to other competing countries. He clarified that these agreements will be implemented in phases. He informed that the Free Trade Agreement (FTA) with Oman can come into effect from June, while other agreements will be implemented after completing the formalities of paperwork. Mr. Piyush Goyal emphasized on all business and related circles to study the import trends through the Ministry of Commerce's 'Trade Portal' in detail so that opportunities for increasing manufacturing at the local level and finding alternatives to imports can be identified.