Commerce Minister Shri Piyush Goyal addresses the Bharatiya Vyapar Mahotsav website launch in New Delhi, calling exports a national mission and urging businesses to focus on import substitution and Swadeshi.
Union Minister for Commerce and Industry, Shri Piyush Goyal addressed the website launch ceremony of the Bharatiya Vyapar Mahotsav in New Delhi on May 18, 2026, stating that India has set a target of achieving exports worth USD 1 trillion in the current financial year and USD 2 trillion over the next five years. He noted that exports have already reached USD 863 billion in the current year, nearly 5% higher than the previous year, despite global challenges. He said that over the last three-and-a-half years, India has worked towards Free Trade Agreements with nearly 38 countries, which will provide preferential access to large markets at lower import duties.
He also noted that the Oman FTA may come into force from June 1, 2026, with other finalised FTAs expected to become operational subsequently. Shri Piyush Goyal also highlighted that India’s agricultural exports, including produce from farmers and fishermen, have crossed nearly Rs 5 lakh crore, though value addition in these sectors remains low. The MSME definition has been expanded so that enterprises with turnover up to Rs 500 crore now fall within its ambit.
He urged businesses to monitor import trends through the Commerce Ministry’s trade portal to identify opportunities for domestic manufacturing and import substitution, describing these as two key sides of growth. He called for promoting domestic products and strengthening the spirit of Swadeshi, warning that preferences for foreign goods can weaken domestic industry, and specifically called upon industrial clusters in Rajkot, Jalandhar, Ludhiana, Batala and Pune to increase domestic production.
Goyal proposed involving NPCI, which operates RuPay cards and UPI, in the Bharatiya Swadeshi Mela, suggesting the setup of 50 to 100 kiosks at Bharat Mandapam where visitors could obtain RuPay debit cards using Aadhaar and conduct transactions digitally. The Bharatiya Vyapar Mahotsav is scheduled to be held from August 12 to August 15, 2026 at Bharat Mandapam.
Source: Press Information Bureau (PIB)
