Union Commerce and Industry Minister Piyush Goyal held discussions with industry associations and senior ministry officials in New Delhi on May 22nd. Discussions were held on determining measures aimed at strengthening India’s manufacturing sector and expanding export growth.
During the interaction, the minister said India is targeting exports worth 1 trillion USD this year and 2 trillion USD over the next five years. Shri Piyush Goyal said earlier that “Exports this year have reached $863 billion, nearly 5% higher than the previous year, despite global challenges.”
Key discussion areas included:
- Expanding domestic manufacturing capacity
- Improving product quality and packaging standards
- Identifying import substitution opportunities
- Increasing MSME participation in manufacturing
- Expanding export competitiveness across sectors
The discussions also focused on identifying nearly a hundred products across sectors such as:
- Chemicals
- Automobiles
- Plastics
- Capital goods
- Petrochemicals
According to the minister, these segments present opportunities for additional domestic manufacturing and reduced dependence on imports. Shri Piyush Goyal also encouraged businesses to monitor import trends through the Commerce Ministry’s trade portal.
“Import substitution and exports represent two key sides of growth,” he stated during the interaction. The minister added that Free Trade Agreements being pursued with nearly 38 developed countries are expected to improve market access for Indian products through preferential tariff access.
He further highlighted opportunities linked to India’s growing middle class, manufacturing expansion, and value-added sectors, including medical devices, agriculture processing and fisheries.
Additional focus areas highlighted during the session:
- Improving manufacturing productivity
- Expanding value-added manufacturing
- Increasing adoption of export quality standards
- Supporting domestic products and suppliers
- Encouraging youth and startup participation
Referring to MSMEs, Shri Piyush Goyal said the revised MSME definition now covers enterprises with a turnover of up to ₹500 crores. Separately, the Minister also co-chaired a meeting with the Union Minister of Ports, Shipping and Waterways, Sarbananda Sonowal, to discuss matters concerning exporters, importers and port authorities.
“We are committed to ensuring coordinated, time-bound measures to address concerns and create opportunities to make Indian trade more competitive,” Shri Piyush Goyal said on social media.
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