Commerce and Industry Minister Piyush Goyal has intensified his call for reducing import dependence, particularly in the capital goods segment, as the rupee hit a fresh low of ₹96.35 against the dollar. Speaking at the launch of the Bhartiya Vyapar Mohotsav website, Goyal urged stakeholders to study import trends through the commerce ministry's trade portal and identify opportunities for domestic manufacturing and import substitution. The minister stressed the need for continuous monitoring of goods being imported into the country, saying such trends offered significant opportunities for Indian businesses. "Even small preferences for foreign goods can weaken domestic industry," Goyal emphasized, warning that even minimal foreign preferences weaken domestic industry over time.
Despite global economic uncertainties triggered by the Russia-Ukraine and West Asia crisis, India's exports rose about 5 per cent to USD 863.11 billion in 2025-26. As reported by Business Standard, Goyal stated that this year's target is USD 1 trillion, describing it as a big target that requires collective effort. The government is looking at increasing goods and services exports to USD 2 trillion in the next five years. The Centre stands ready to provide whatever support Indian exporters may require to achieve the ambitious $1 trillion exports target for FY27. The government has announced multiple measures to curb imports and save India's foreign exchange reserves, with the rupee depreciating by over 5 per cent since the onset of the conflict in West Asia following the joint US-Israel attack on Iran on February 28.
Goyal emphasized that the industry should focus on quality, improving competitiveness and enhancing scale of operations to achieve the export targets. According to Business Standard, he called upon industrial clusters including Rajkot, Jalandhar, Ludhiana, Batala, and Pune to increase domestic production instead of relying on imports. The minister noted that India's total exports in FY26 were $863.10 billion, which included $441.80 billion in goods exports. The share of capital goods in India's total imports has steadily increased over the past five years, making it a critical area for import substitution. 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.
The minister launched a portal on Bhartiya Vyapar Mahotsav, which will be held from August 12 to 15 at Bharat Mandapam. As reported by Business Standard, he asked traders to showcase made in India goods only. Goyal also emphasized the need to increase value addition in agri exports as it has crossed ₹5 lakh crore. The minister highlighted that the industry should focus on quality, improving competitiveness and enhancing scale of operations to achieve the export targets. 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 and bring together nearly 1,000 businesses.
