Oman FTA to come into force from 1 June
Minister of Commerce and Industry Piyush Goyal has set a target of achieving exports worth US$1 trillion this year and US$2 trillion over the next five years, asserting that this would be the true hallmark of an Atmanirbhar Bharat.
Addressing the website launch ceremony of Bharatiya Vyapar Mahotsav in New Delhi, he said exports this year have reached US$863 billion, nearly 5 per cent higher than the previous year, despite global challenges.
He said both goods and services exports have increased, calling it a significant achievement in the present global environment.
Goyal said this is not merely the government’s target but the nation’s target, and the Central Government stands ready to provide whatever support is needed to achieve it.
“The Oman Free Trade Agreement (FTA) may come into force from 1 June, while paperwork is being finalised for other FTAs which will become operational subsequently,” said the Minister.
The export target will be supported by nearly 38 FTAs signed with developed countries over the last three-and-a-half years, which will provide preferential access to large markets where Indian goods can be sold at lower import duties compared to competitors. These agreements will gradually come into effect, he added.
Goyal also urged stakeholders to study import trends through the Commerce Ministry’s trade portal and identify opportunities for domestic manufacturing and import substitution. He emphasised the need to continuously observe what goods are being imported into the country, noting that such trends present significant opportunities for Indian businesses.
The Minister stated that the Commerce Ministry should make these opportunities visible in a more systematic manner, highlighting products entering India from abroad. He further noted that import substitution and exports represent two key sides of growth, and added that the Ministry will also showcase areas where India has strength and capability so that businesses can leverage these opportunities.
Goyal emphasised the need to promote domestic products and strengthen the spirit of Swadeshi, noting that even small preferences for foreign goods can weaken domestic industry. He stated that as consumption grows with the expansion of the middle class, it is essential for India to meet its own requirements, otherwise imports will fill the gap.
The Minister urged businesses and consumers to support one another by becoming suppliers and customers within the country, adding that if this sentiment is strengthened through initiatives like the Bharatiya Swadeshi Mela, it can expand into a nationwide movement promoting made in India products.
He said India still depends heavily on foreign countries in sectors such as capital goods and called upon industrial clusters including Rajkot, Jalandhar, Ludhiana, Batala and Pune to increase domestic production instead of relying on imports.
He said the enthusiasm among industries, businesses and citizens, along with the collective spirit of 140 crore Indians, gives confidence that no force in the world can stop India’s progress. Referring to the Bharatiya Swadeshi Mela being organised at Bharat Mandapam, he said the venue itself reflects India’s diversity as materials and products used there have come from different corners of the country.
Highlighting the potential of the agriculture and fisheries sectors, Goyal said India’s agricultural exports, including the products of farmers and fishermen, have crossed nearly Rs.5 lakh crore. However, he noted that value addition in these sectors remains low. He said there is immense potential if young entrepreneurs enter value-added sectors and establish processing and manufacturing units at small, medium and large scales.
The Minister said that when India moves towards an export-oriented approach, quality standards naturally improve. He said if indigenous products become export-quality products, people will not turn towards foreign goods. He stressed the need to improve product quality, enhance competitiveness and expand scale of operations in order to compete effectively in international markets.
Goyal said the definition of MSMEs has been expanded and enterprises with turnover up to Rs.500 crore now come within the MSME ambit. He said the government wants enterprises to grow bigger and stands with them.
He urged organisers to bring people associated with the manufacturing sector from across the country to the Bharatiya Vyapar Mahotsav. Referring to the participation of 1,000 businesses in the programme, he suggested inviting 25 women entrepreneurs from every state, which alone could bring around 700–750 participants.
He said India’s growing middle class and rising consumption present immense opportunities for traders, industries and MSMEs both domestically and internationally. He cautioned that if domestic industries fail to meet the country’s requirements, imports would fill the gap.
He stressed the need to involve the next generation, including young entrepreneurs, startups and youth from across the country, in the initiative. He said opportunities relating to import substitution and products currently being imported should be showcased so that people understand the scope for domestic manufacturing.
Goyal also proposed involving NPCI, which operates RuPay cards and UPI, in the Bharatiya Swadeshi Mela. He noted that while UPI is widely used, RuPay cards are not being utilised adequately. He suggested setting up 50 to 100 kiosks across the venue where visitors could obtain RuPay debit cards using Aadhaar and other identification documents and conduct all transactions digitally through UPI or RuPay cards.
He said bringing banks together for this initiative could encourage wider adoption of India’s payment systems. He added that Bharat Mandapam regularly hosts exhibitions and international programmes, and such initiatives could inspire more people to adopt RuPay and UPI nationwide.
Goyal urged all stakeholders to work together to make the Bharatiya Vyapar Mahotsav successful and extended his best wishes for the programme.
The Bharatiya Vyapar Mahotsav will commence from 12 to 15 August 2026. Fiinews.com
