India eyes trillion-dollar exports with aggressive growth targets

TRADE AMBITION SOARS | Goyal sets bold FY27 roadmap for stronger intl trade

PTI

New Delhi

India is targeting an ambitious 16–17% growth in merchandise exports to about $530 billion in the current fiscal year, Commerce and Industry Minister Piyush Goyal said on Friday, July 3.

Speaking at the Board of Trade meeting in New Delhi, Goyal said the target for the services sector is 11% growth to about $470 billion in 2026–27.

"We want to grow to $1 trillion export this year. To reach $1 trillion, our goods export will have to increase from $442 billion to about $530 billion, a $90 billion increase," Goyal said.

In 2025–26, the country's total exports were $863 billion, comprising $442 billion in goods and $421 billion in services. During the April–June quarter, the country registered 15% growth in merchandise shipments and 11% in services exports.

"We are on track. But when you fly a kite, you have to hold it tight. We have to achieve this with collective effort," the minister said.

The Board of Trade is a platform where the Centre, states, exporters, and industry representatives discuss ways to boost the country's trade. Goyal suggested that the industry focus on manufacturing high-quality goods and tap into export opportunities by leveraging free trade agreements (FTAs) finalized by India. He said the industry should not depend only on the vast domestic market.

The minister added that the FTA with the UK will be operational from July 15. Under the trade pact, 99% of Indian goods will get zero-duty access. He also noted that India is exporting defence goods to 100 countries, recording a historic ₹38,400 crore export of defence material last year.

Goyal suggested seven action points to boost trade, including participation in the Centre's ₹33,660 crore Bharat Audyogik Vikas Yojna (BHAVYA) scheme and utilizing the Directorate General of Trade Remedies (DGTR) in cases of dumping. The ministry will provide funds for testing facilities to help industry meet international regulations.

"... for any approvals you require internationally, like pharma requires approvals, agri-products require approvals, any testing cost that you have to bear or to meet the EU regulations, or to meet regulations of these developed countries, export promotion mission will finance most of your expenditure," he said.

He urged states to align their incentives and industrial policies with those of the Centre.

 "So that together we can bring economies of scale and high quality, high productivity units, which will help us capture foreign markets," he said, adding that goods that can be manufactured here need to be identified to cut import dependence.