Commerce and Industry Minister Piyush Goyal on Monday called on businesses and exporters to step up domestic production, diversify sourcing strategies, and lessen dependence on imported goods. Speaking at a meeting attended by government officials, export promotion councils, and industry bodies, Mr Goyal reiterated the Centre’s focus on improving the trade ecosystem and expanding global market access for Indian products.
“He stressed the need for industries to scale up manufacturing, build alternative supply networks, and cut reliance on imports to help realise the goal of a self-reliant India,” the Ministry of Commerce and Industry said in a statement. Free trade agreements (FTAs)—both those already in effect and others under negotiation—featured prominently in the talks.
The discussion covered past FTAs, current utilisation challenges, benefits from recently signed deals, and industry feedback on ongoing negotiations. Participants were also briefed on upcoming reforms for special economic zones (SEZs), including measures aimed at streamlining procedures, leveraging unused capacities, and promoting economies of scale.
Exporters present at the meeting were asked to highlight difficulties in taking full advantage of existing FTAs. Regarding China’s export restrictions on rare earth magnets—a key component in sectors such as automotive and medical devices—Goyal advised the industry to explore alternative suppliers.
Exporters noted that approvals from Chinese authorities remain a bottleneck for importing rare earth magnets. One participant said the minister suggested considering markets like Russia and South Africa as potential sources. India’s merchandise exports fell by 2.17% year-on-year in May, totalling $38.73 billion. The decline was attributed mainly to a drop in petroleum
