Piyush Goyal calls on Indian firms to expand globally to meet $1 trillion export target
Union Commerce Minister Piyush Goyal on Friday reiterated the government's target of $1 trillion in exports this year, but stressed that Indian companies must move beyond their comfortable domestic market and actively build their brands abroad.
Speaking at the Board of Trade meeting at the Ministry of Commerce, Goyal acknowledged the target would be challenging but said it was achievable because other countries are keen to trade with India.
“The world wants to work with us,” he said. “We have to go out and capture those world markets. Wherever I go in the world, they are very keen to work with us. It’s our industry that shows weakness. We are cosy and comfortable in our domestic market, but to get into the export market, we need scale, quality, and outreach. It will not happen by just sitting at home.”
Goyal told export promotion councils that the government's Export Promotion Mission would assist with overseas branding, warehousing, and exhibitions if needed.
“Please demand what you need, so your products can go to developed countries and countries with whom we have Free Trade Agreements,” he said.
During the meeting, several trade bodies made presentations. According to sources, a common demand was for greater export-related credit. The Federation of Indian Export Organisations (FIEO) requested the government to engage with the Reserve Bank of India and the banking sector to restore export credit as a strategic priority, ensure timely availability of export finance at competitive rates, and encourage a more facilitative approach from banks.
FIEO also highlighted freight-related issues, including high ocean freight rates, inadequate container and vessel space, and multiple “non-transparent and arbitrary” charges by shipping lines. These factors, FIEO said, increase logistics costs and reduce the competitiveness of Indian exports. The body urged the government to work with the Ministry of Ports, Shipping & Waterways and other stakeholders to improve transparency and container availability, and facilitate dialogue between exporters and shipping lines.
