India on track to achieve $1 trillion export target in current fiscal: Piyush Goyal
New Delhi, Nov 14
India is well on track to achieve the $1 trillion export target in the current fiscal and exports during the first seven months had reached $570 billion, an unprecedented achievement, according to Minister of Commerce and Industry Piyush Goyal.
India recorded an all-time high in exports of nearly $90 billion in October 2026, comprising approximately $50 billion in merchandise exports and $40 billion in services exports.
Goyal expressed confidence that India's international trade would grow by 15-16 per cent during the current year, despite two ongoing wars, global volatility and uncertainty, and subdued international trade growth, which is expected to remain around 3.5 per cent.
He said India's performance reflected the strength of its economy, the confidence of its exporters and the country's ability to face global challenges with determination and self-respect.
Inaugurating the '45th India International Trade Fair (IITF) 2026' at Bharat Mandapam here, the minister called upon Indian businesses, manufacturers, exporters, artisans and entrepreneurs to leverage the opportunities created by India's Free Trade Agreements (FTAs) and expand their presence in international markets.
He emphasised that with markets across the developed world opening up for Indian goods and services, businesses must seize these opportunities and contribute to India's journey towards becoming a developed nation by 2047.
Goyal said that the 45th edition of IITF reflected five dimensions of Bharat: its economy, exports, infrastructure growth, the demand generated by 1.4 billion Indians and the country's rich diversity.
Highlighting the new initiatives introduced at this year's fair, the Minister said that more than 30 States and Union Territories were showcasing their strengths, with over 3,500 exhibitors and participation from 11 countries.
The One District, One Product Pavilion initiative, would showcase products from different parts of the country, highlighting India's strengths in arts, handicrafts, handloom and food products.
The government would soon launch the next phase of expansion of Bharat Mandapam, which would almost double the available exhibition space for exhibitors.
He said that the success of recent exhibitions, including IITF, had demonstrated that even the significantly expanded facilities available today were no longer adequate to meet growing demand.
Highlighting the strength of India's domestic economy, Goyal referred to the strong business activity witnessed during the recent festive season.
The October GST collections had already registered an all-time high for the month, and he expressed confidence that November would also witness record collections.
— IANS
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