Govt to announce new measures soon to boost industry, exports: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Friday said the government will soon announce measures to support domestic industry and expand India’s global trade footprint, with the objective of pushing exports beyond last year’s levels despite mounting tariff barriers.

“I can assure each one of you that in the days ahead, the government will be coming out with a variety of measures to support every sector, both to expand the domestic outreach and look for complementarities in other markets around the world to expand our global foray so that this year, our exports will exceed last year's exports,” Goyal said at the curtain raiser of Bharat Buildcon 2026 in New Delhi.

“This year will define our self-confidence.”

The minister said the Centre is committed to ensuring that Indian exporters do not face undue stress from “unilateral actions by some countries”.

He urged industry leaders to identify sectors where alternative markets are required, adding that the commerce ministry is engaging with global partners to open up new opportunities.

Goyal also emphasised that boosting domestic consumption remains a priority.

The upcoming GST Council meeting, he noted, is expected to provide measures that will quickly stimulate demand and give a strong boost to domestic manufacturing.

The statement comes at a time when the US has imposed 50% tariffs on several Indian goods, including shrimp, leather, footwear and textiles, raising concerns for labour-intensive sectors.

The government is reportedly expediting the rollout of the Export Promotion Mission, announced in the Union Budget 2025-26 with an outlay of ₹2,250 crore, to provide relief.

The mission will seek to improve access to export credit, assist MSMEs in meeting non-tariff measures and facilitate cross-border factoring. The plan is expected to focus on trade finance, regulatory and standards support, strengthening “Brand India,” and building e-commerce hubs and warehousing.

Exporters have also raised liquidity concerns, which are under active consideration, an official said.

India currently faces a 25% country-specific tariff on shipments to the US, along with an additional 25% penalty on crude imports from Russia, making it one of the hardest-hit Asian exporters.