India Targets $1 Trillion Goods and Services Exports in FY27, Says Piyush Goyal

Commerce Minister outlines export growth targets, highlights the role of FTAs, manufacturing and a seven-point strategy to strengthen India's trade ecosystem.

India aims to achieve $1 trillion in goods and services exports during FY27, with goods exports projected to reach about $530 billion and services exports expected to touch $470 billion, Union Minister of Commerce & Industry Piyush Goyal said.

Addressing the Board of Trade (BOT) meeting in New Delhi on Friday, Goyal stated that goods exports would need to increase from $442 billion to around $530 billion, representing an increase of $90 billion, to meet the overall export objective.

During the April–June quarter, goods exports recorded 15 per cent growth, while services exports increased 11 per cent, according to the Minister. Referring to the progress towards the annual objective, Goyal said:

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

He added:

"So we are getting there 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."

In 2025-26, India's combined exports stood at $863 billion, comprising goods exports valued at $442 billion and services exports at $421 billion.

The Minister described the $1 trillion export target for FY27 as ambitious and said it would require coordinated efforts from exporters and policymakers.

Goyal also highlighted the contribution of Free Trade Agreements (FTAs), stating that agreements signed by India would play a significant role in expanding export opportunities. He noted that the FTAs have opened markets across 38 developed nations, creating opportunities for Indian goods.

He further stated:

"The FTAs have opened up markets across 38 developed nations for Indian goods. To capitalise on these opportunities, official and business delegations are travelling globally to establish deeper commercial ties...There is only one voice from everywhere. India is a reliable partner."

The Minister encouraged industry to expand its international presence, improve branding overseas, establish warehouses and participate in global exhibitions. He also said businesses should continue focusing on cost competitiveness, product quality and delivery performance.

During the Board of Trade meeting, which brings together representatives from the Centre, States, exporters and industry, Goyal outlined a seven-point action agenda aimed at strengthening India's export ecosystem.

The strategy includes greater prioritisation of export-oriented businesses by State governments and industry organisations, State-level notifications on labour rules to address land and labour-related issues, and the government's commitment to provide 100 per cent funding for required testing facilities to help reduce costs for exporters.