India targeting $1 trillion exports in 2026-27: Piyush Goyal
New Delhi, July 3
Commerce and Industry Minister Piyush Goyal said on Friday that India is aiming to achieve an ambitious target of $1 trillion in exports during the current financial year, with a robust double-digit growth from $863 billion in 2025-26.
Addressing the Board of Trade Meeting here, Goyal said the country is targeting a 17 per cent surge in merchandise exports to about $530 billion, while services exports are projected to increase by around 11 per cent to nearly $470 billion in the current financial year. At the same time, services exports are expected to increase from $421 billion to nearly $470 billion, requiring growth of around 11 per cent.
"If we look at the figures up to June, we are well on track," he observed.
He said the Prime Minister Narendra Modi-led government was looking for an ambitious push and urged exporters and industry leaders to work collectively to ensure India does not fall short of the trillion-dollar mark.
The minister also highlighted that India's rising strategic and economic importance has opened doors in international markets, making this an opportune time for domestic businesses to scale up their exports. The challenge now for Indian companies is to seize these opportunities rather than remain dependent on the domestic market, he added.
"I am looking for an ambitious target. So let's work together. Currently, India is becoming more and more secure. The world wants to work with us. We have to go out and capture those world markets," he remarked.
Goyal underscored that succeeding in overseas markets requires much more than competitive pricing. Exporters must invest in product quality, develop specialised skills, build strong international brands and actively pursue customers abroad instead of waiting for opportunities to come their way.
To support this effort, the government is strengthening its export promotion initiatives, including helping Indian companies establish stronger branding and market presence overseas.
"We sell our goods in cosy comfort in the domestic market. But to get into the export market, we need skill, we need quality, we need outreach. You will have to work hard; this will not happen sitting at home. And therefore our export promotion mission will help you set up branding overseas," the minister said.
Goyal also highlighted India's growing number of new free trade agreements that would facilitate exports. The Oman FTA became operational on June 1, while the India-UK free trade agreement is expected to come into force by July 15, opening up another major market for Indian exporters, the minister added.
— IANS
Reader Comments
This is the kind of vision India needs. Modi ji's government is truly focusing on making India a global manufacturing hub. With the UK FTA soon coming into force, our engineering goods and textiles will get amazing access. Proud moment for the country! 🚀
The minister's point about quality and branding is spot on. We can't just compete on price forever. Indian companies need to work on packaging, standards, and after-sales service. The export promotion mission should focus on helping SMEs, not just big players. Let's hope this is not just another target on paper.
Interesting approach. The 17% target for merchandise is achievable if global demand remains strong. But I wonder about the logistics – given the ongoing Red Sea issues and container shortages, Indian exporters might struggle. Also, services exports at 11% growth seems conservative compared to IT sector potential. Still, a bold goal.
I run a small textile export unit in Tirupur. The government's PLI schemes are good, but we need cheaper credit and simpler GST procedures. Also, the cost of shipping containers from India is still higher than from Vietnam or Bangladesh. Hope the new FTAs actually reduce these costs for us.
Wonderful to see India's economic diplomacy paying off. FTAs with UAE, Oman, and now UK show the world is taking us seriously. However, we must also focus on value-added exports rather than raw materials. Let's export iPhones and electric vehicles, not just iron ore and agricultural products.
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