India targets $1 trillion in exports this fiscal year, with a focus on boosting merchandise and services exports significantly, as outlined by Union Minister Piyush Goyal.
New Delhi, India Jul 3, 2026 ALN: India has set its sights on achieving $1 trillion in exports this financial year, with Union Commerce and Industry Minister Piyush Goyal outlining an ambitious roadmap that hinges on strong growth in both merchandise and services exports. This target reflects not only the government's aspirations but also India's growing role in the global economy.
Addressing the Board of Trade Meeting at Vanijya Bhawan, Goyal stated that the country closed the previous financial year with exports worth $863 billion and is now aiming to cross the trillion-dollar milestone. This ambitious goal is part of a broader strategy to enhance India's stature on the world stage.
The minister emphasized that the Centre is targeting a 16-17% increase in merchandise exports to about $530 billion in the current financial year, while services exports are projected to grow by around 11% to nearly $470 billion. This dual focus on merchandise and services is crucial, as it reflects the diverse nature of India's export capabilities.
To achieve these targets, merchandise exports will need to rise from $440 billion to around $530 billion, translating into an annual growth of about 17%. Similarly, services exports are expected to increase from $421 billion to nearly $470 billion, requiring growth of around 11%. The government's approach aims to create a balanced export portfolio that can withstand global fluctuations.
"We were $863 billion last year. We want to grow to $1 trillion in exports this year. And to reach $1 trillion, our goods export will have to increase from $440 to about $530. That is a 17% growth in goods. Services will have to grow from 421 to about 470. That is how we'll reach a trillion, which is a growth of about 11%," said Goyal.
Goyal urged exporters and industry leaders to rally behind the target, stating that the PM Modi-led Centre is looking for an ambitious push. He encouraged stakeholders to work collectively to ensure India does not fall short of the trillion-dollar mark. This call to action is critical as it seeks to mobilize the entire business community towards a common goal.
According to Goyal, India's growing strategic importance has created a favorable environment for businesses looking to expand globally, with many countries eager to deepen trade ties with New Delhi. The country's demographic dividend, technological advancements, and improved infrastructure are all contributing factors that make Indian exports more competitive.
He noted that India's rising stature has opened doors in international markets, making this an opportune time for domestic businesses to scale up their global presence. Goyal emphasized the need for Indian companies to seize these opportunities rather than remain dependent on the domestic market. He stated, "I am looking for an ambitious target, and I want all of you to support me so that we don't fail in this one trillion-dollar export. 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."
Goyal highlighted that succeeding in overseas markets requires much more than competitive pricing. Exporters must invest in product quality, develop specialized skills, build strong international brands, and actively pursue customers abroad instead of waiting for opportunities to come their way. This proactive approach is essential in a competitive global marketplace where consumer preferences are constantly evolving.
To support this effort, the government is strengthening its export promotion initiatives, including helping Indian companies establish stronger branding and market presence overseas. Goyal remarked, "Our industry becomes weak. 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 an 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." This commitment to enhancing export capabilities is indicative of a broader strategy to position India as a global manufacturing and services hub.
The minister also highlighted India's expanding network of trade agreements, stating that the free trade agreement with Oman became operational from June 1, while the pact with the UAE is already delivering benefits. These agreements are designed to reduce tariffs and facilitate smoother trade flows, thereby enhancing competitiveness for Indian exporters.
He added that the India-UK free trade agreement is expected to come into force by July 15, opening up another major market for Indian exporters and creating fresh opportunities across sectors. The UK is a significant trading partner for India, and this agreement is anticipated to bolster bilateral trade relations further.
"Oman FTA has become operational from the first of June. UAE is operational. UK will become operational by the 15th of July, and a big market is waiting for you," Goyal said.
These trade agreements not only facilitate easier access to foreign markets but also signify India's intent to play a more active role in global trade dynamics. As countries around the world seek to diversify their supply chains and reduce dependence on single markets, India's strategic initiatives could position it favorably as an alternative hub for manufacturing and services.
In conclusion, India's aspiration to achieve $1 trillion in exports this fiscal year is a reflection of its growing ambitions and strategic importance in the global market. With a robust focus on enhancing both merchandise and services exports, coupled with supportive government policies and expanding trade agreements, the country is poised to make significant strides on the international trade front. As stakeholders rally behind this ambitious target, the collective efforts of the government and industry will be crucial in realizing this vision and ensuring that India continues to emerge as a key player in the global economy.
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