Piyush Goyal Says India Targeting USD 2 Trillion Exports Over Next Five Years

New Delhi, May 18 (KNN)  Union Minister of Commerce and Industry Piyush Goyal said India has set a target of achieving exports worth USD 1 trillion in 2026 and USD 2 trillion over the next five years.

Speaking at the website launch ceremony of the Bharatiya Vyapar Mahotsav in New Delhi, Piyush Goyal said India’s exports reached USD 863 billion this year, recording nearly 5 per cent growth over the previous year despite global challenges.

He said India has been negotiating Free Trade Agreements (FTAs) with nearly 38 developed countries over the past three-and-a-half years to improve market access for Indian products. 

He added that the proposed Oman FTA may come into force from June 1, while other finalised FTAs are expected to become operational after completion of formalities.

The Minister asked businesses to monitor import trends through the Commerce Ministry’s trade portal to identify opportunities for domestic manufacturing and import substitution.

Goyal said India continues to depend on imports in sectors such as capital goods and called for increasing domestic manufacturing in industrial clusters including Rajkot, Jalandhar, Ludhiana, Batala and Pune.

He highlighted that India’s agricultural exports, including products from farmers and fishermen, have crossed nearly Rs 5 lakh crore, while noting that value addition in the sector remains low.

The Minister said the definition of MSMEs has been expanded and enterprises with turnover up to Rs 500 crore are now covered under the MSME category.

He also proposed promoting RuPay cards and UPI through kiosks at the Bharatiya Swadeshi Mela to encourage digital payments.

The Bharatiya Vyapar Mahotsav will be held from August 12 to August 15, 2026, at Bharat Mandapam in New Delhi.

(KNN Bureau)