As per the PTI report, Union Minister Piyush Goyal on Wednesday urged Indian exporters and industry participants to work towards achieving a $1 trillion goods and services exports target in FY27.
The statement comes after India’s overall exports touched a record $863.11 billion in FY26 despite global economic and geopolitical challenges.
The minister highlighted that India’s export sector continued to show resilience amid elevated US tariffs, geopolitical tensions in West Asia, and the prolonged Russia-Ukraine conflict.
Goyal said India now requires an additional $137 billion in exports to achieve the $1 trillion target, implying annual export growth of nearly 16-17%.
India’s merchandise exports during FY26 rose marginally by 0.93% to $441.78 billion compared to $437.70 billion in the previous financial year.
Meanwhile, services exports emerged as the key growth driver, climbing to a record $421.32 billion from $387.55 billion in FY25, reflecting growth of 8.71%.
The minister noted that increasing global demand for Indian IT services, business solutions, and professional expertise continues to strengthen the country’s services export segment.
Goyal said the government is actively expanding market access opportunities for Indian companies through multiple free trade agreements.
Since 2021, India has finalised a total of 9 trade agreements with countries and regions including Mauritius, the UAE, Australia, Oman, New Zealand, the EU, the UK, and the EFTA bloc.
According to the minister, 4 agreements are already operational while five more are expected to become active over the next 12 months. India is also negotiating trade agreements with Chile, Maldives, Canada, Israel, the Gulf Cooperation Council, and the Eurasian Economic Union.
The government is additionally planning to initiate trade discussions with Mexico and strengthen the existing Mercosur preferential trade agreement into a broader trading arrangement.
Goyal added that the Commerce Ministry is also focusing on improving awareness regarding FTA benefits among small and medium enterprises to improve utilisation of trade opportunities.
Read More: Government Sets June 7 as Annual Release Date for Provisional GDP Estimates!
India’s push towards the $1 trillion exports target reflects the government’s broader focus on strengthening manufacturing competitiveness, expanding services exports, and improving global trade integration through new trade agreements.
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Published on: May 14, 2026, 10:45 AM IST
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