India Aims For $1 Trillion Exports In Current Fiscal Year: Piyush Goyal
Goyal said that the target for the services sector is 11 per cent growth to about $470 billion in 2026-27. “We want to grow to $1 trillion export this year. And to reach $1 trillion, our goods exports will have to increase from $ 442 billion to about $530 billion,” he told the reporters
New Delhi: Commerce and industry minister Piyush Goyal on Friday said that India is targeting an ambitious 16-17 per cent growth in merchandise exports to about $530 billion in the current fiscal year.
The minister’s statement came after the board of trade meeting here. Goyal said that the target for the services sector is 11 per cent growth to about $470 billion in 2026-27. “We want to grow to $1 trillion export this year. And to reach $1 trillion, our goods exports will have to increase from $ 442 billion to about $530 billion,” he told the reporters.
In 2025-26, the country's total exports were $863 billion ($442 billion in goods and $421 billion in services). “During the April-June quarter, the country registered a 15 per cent growth in merchandise shipments and 11 per cent in services exports. So we are getting to achieve the target. We are on track. But when you fly a kite, you have to hold it tight. So we have to achieve this with everyone's collective effort,” the minister said.
The minister further said that though it's an ambitious target, India has to achieve this. He suggested that the industry focus on manufacturing high-quality goods and tap into export opportunities by leveraging free trade agreements (FTAs) finalised by India. “The industry should not depend only on the vast domestic market,” he said.
Industry should get out of the ‘cosy comfort’ and reach out to the world market, he said, adding that the commerce ministry's export promotion mission will help set up branding overseas, warehouses, and participate in global exhibitions. “The FTA with the UK will be operational from July 15 and it is a big market,” he said.
“UK imports even more than what India imports. UK imports twice India’s exports. Their import is almost $900 billion. The UK offers that much. Under the trade pact, 99 per cent of Indian goods will get zero-duty access. And if freight is expensive, it's expensive for the whole world. It's not just expensive for India,” he said, adding that the industry should not complain.
