Minister Piyush Goyal, Mr. Jitin Prasada, Indian Commerce Secretary Rajesh Agrawal and others in the course of the Commerce Committee assembly. |Photograph courtesy of PTI
Union Commerce Minister Piyush Goyal on Friday (July 3, 2026) reiterated the nation’s goal of $1 trillion in exports this yr, whereas additionally saying Indian corporations have to push themselves out of the “cozy and cozy” home market and be proactive in constructing their manufacturers overseas.
Addressing a gathering of the Commerce Division’s Commerce Committee, Goyal admitted that attaining the $1 trillion export goal could be tough, however added that it was doable as different international locations have been eager to commerce with India.
“The world needs to work with us,” he mentioned. “We’ve to exit and seize these world markets. Wherever I am going on this planet, they’re very eager to work with us. It’s our business that’s displaying weak point. We’re cozy and cozy within the home market, however to enter the export market we want scale, high quality and attain. That does not occur by simply sitting at residence.”
He instructed the assembled Export Promotion Council that the federal government’s export promotion mission would help in branding, warehousing and establishing exhibitions overseas as required.
“Demand for what you want in order that your merchandise attain developed international locations and international locations with free commerce agreements,” Goyal mentioned.
A number of business organizations gave shows on the convention. A standard demand was for extra export-related credit, based on individuals who attended the assembly.
“We urge the federal government to revive export credit score as a strategic precedence and work with the Reserve Financial institution of India and the banking sector to make sure enough and well timed availability of export finance at internationally aggressive rates of interest and to encourage banks to undertake a extra facilitative strategy to exporters,” the Federation of Indian Export Organizations (FIEO) mentioned in a consultant word.
FIEO additional identified that exports face various cargo-related issues, together with excessive sea freight prices, inadequate utilization of container and ship house, and a number of “opaque and arbitrary” assortment of charges by delivery traces and their brokers.
These components will considerably improve logistics prices and scale back India’s export competitiveness, it added.
“We urge the federal government, in collaboration with the Ministry of Ports, Transport and Waterways, the Directorate Normal of Transport and different stakeholders, to offer excessive precedence to this challenge by evolving a framework that will increase transparency and rationality in cargo-related expenses, improves the supply of containers and vessels for India’s export cargo, and facilitates common dialogue with exporters and delivery traces,” FIEO mentioned.
