India targets $1 trillion exports this fiscal: Piyush Goyal

India has set an ambitious target of achieving $1 trillion in exports during the current financial year, Union Commerce and Industry Minister Piyush Goyal said on Monday, asserting that the country’s outbound shipments have remained resilient despite global economic and geopolitical challenges.
Addressing an event organised for the launch of the Bharatiya Vyapar Mahotsav web portal, Goyal said India’s combined merchandise and services exports stood at $863 billion in the financial year ended March 2026, marking a growth of around 5% over the previous year.This year’s target is $1 trillion. This is a big target. We have to work together for this,” the minister said.
According to Commerce Ministry data, India’s merchandise exports rose 0.93% to $441.78 billion in 2025-26, while robust growth in services exports helped lift overall outbound shipments.Goyal said the government aims to further scale up exports to $2 trillion over the next five years, with merchandise and services contributing $1 trillion each.
The minister said India’s exports have continued to grow even as global trade remains under pressure due to geopolitical tensions, including the Russia-Ukraine conflict, instability in West Asia and high tariff measures imposed by the United States.“In the whole world, exports are decreasing and international trade is getting affected because of the prevailing global situation, but exports are increasing in India,” Goyal said.
FTAs to Expand Market Access 
Highlighting India’s expanding global trade partnerships, Goyal said the country has signed free trade agreements (FTAs) with 38 developed countries, which would provide Indian exporters preferential access to key international markets.India has recently concluded trade agreements with the United States, New Zealand and the 27-member European Union (EU). The minister added that the proposed FTA with Oman is expected to come into force from June 1.He said India’s external sector remains strong, supported by nearly $700 billion in foreign exchange reserves, which are sufficient to cover around 11 months of imports.“The IMF considers anything above eight months of import cover as comfortable,” Goyal noted.
Push for Domestic Manufacturing 
The minister also urged industry and traders to identify products heavily dependent on imports and explore opportunities for domestic manufacturing to strengthen India’s export competitiveness and reduce import reliance.“You should keep an eye on what goods are being imported. You will see opportunities in that too  what things can be manufactured in India,” he said.Calling for greater focus on “Made in India” products, Goyal said sectors such as capital goods still depend significantly on imports. He urged industrial clusters in cities including Rajkot, Jalandhar, Ludhiana, Batala and Pune to enhance domestic production capabilities.
Goyal further stressed the need for higher value addition in agricultural exports. He said India’s agri exports, including products from farmers and fishermen, crossed nearly Rs5 lakh crore in 2025-26, though significant potential remains untapped in food processing and manufacturing.He encouraged young entrepreneurs to enter value-added sectors and establish processing and manufacturing units at small, medium and large scales.During the event, the minister launched the portal for the Bharatiya Vyapar Mahotsav, scheduled to be held at Bharat Mandapam in New Delhi from August 12 to 15, and urged participants to showcase only Made-in-India products.

(Business Correspondent)