Piyush Goyal pushes for 'swadeshi' and 'Atmanirbhar Bharat' at Vyapar Mela portal launch

Emphasising the need to promote 'swadeshi' (countrymade) products, Commerce and Industry Minister Piyush Goyal said on Monday that even moderate preference for foreign goods can weaken domestic industry. It is essential for the country to meet its own requirements with growing consumption, particularly by the middle class. He also urged businesses and consumers to support one another within the country.

Addressing the website launch ceremony of Bharatiya Vyapar Mahotsav, he said exports this year have grown nearly 5 per cent year-on-year to reach $863 billion despite global challenges. The Bharatiya Vyapar festival -- a national trade exposition organised by industry body CAIT in collaboration with the India Trade Promotion Organisation (ITPO) -- will be organised at the Bharat Mandapam convention centre in the national capital from August 12 to August 15.

Both goods and services exports have increased, he said, describing it as a "significant achievement in the present global environment".

India eyes $1 trillion exports this year, $2 trillion in 5 years

Goyal announced the government's target to take the country's exports to $1 trillion this year and to $2 trillion over the next five years. "This would be the true hallmark of an Atmanirbhar Bharat (self-reliant India)," he said.

This is not only the Centre’s but also the nation’s target, and the government stands ready to provide whatever support is needed to achieve it, he said.

Efforts made towards free trade agreements (FTAs) with nearly 38 developed countries over the last three-and-a-half years will provide preferential access to large markets where Indian goods can be sold at lower import duties compared to competitors, he said, pushing for the promotion of swadeshi products. These agreements, he said, will gradually take effect.

Goyal also stated that India's FTA with Oman may come into force from June 1 while its other finalised deals awaiting paperwork will become operational subsequently.

Bhartiya Swadeshi Mela to be organised at Delhi's Bharat Mandappam

Goyal emphasised the variety and diversity of products that capture the global market, and along with the spirit of 140 crore indians, no force can challenge the nation’s growth.

Highlighting the scope of the agro economy and the fisheries sectors, he said these sectors contribute to the national wealth, but their rate of value addition is still low. He noted that the country's agricultural exports, including products of farmers and fishermen, have reached Rs 5 lakh crore.

There is immense potential if young entrepreneurs enter value-added sectors and establish processing and manufacturing units at small, medium and large scales, he said.

Gladly, he said, the MSME space has expanded to Rs 500 crore with increasing expectations of the government.

What for youth, local businesses, and startups?

Emphasised the need to involve the next generation, including young entrepreneurs and youth; also stressed showcasing the imported products for understanding the domestic market and import substitution.

India’s growing middle class draws various opportunities related to consumption, which may be helpful for MSMEs and local startups.

Goyal stressed the need to involve the next generation, including young entrepreneurs, startups and youth from across the country, in the initiative.

He also said that opportunities relating to import substitution and products currently being imported should be showcased so that people understand the scope for domestic manufacturing.

Key takeaways from the speech

• 38 FTAs over the last three and a half years, probable access to large markets where indian products can be sold at low prices fro eg: Oman FTA taking effect from June 1.
• Initiating ventures like Bhartiya Swadeshi Mela, which will uplift the domestic market if get strengthened by consumers and businesses.
• Highlighted the growth of CT Scan machine manufacturing in Vishakhapatnam
• MSMEs is creating 500 crore revenue, and agricultural exports crossing nearly 5 Lakh
• Proposed setting up of 50-100 kiosks across the venue where visitors would be encouraged to use Rupay debit cards. Requested NPCI for the cause, also promoting them at exhibitions at Bharat Mandappam.