India targets $1 trillion exports in FY27: Goyal
New Delhi, July 4 -- India will strive to achieve an ambitious $1 trillion overall (goods and services combined) exports target in the current financial year, commerce minister Piyush Goyal said, implying about 16% growth over the record $863 billion achieved in 2025-26.
Speaking at a meeting of the Board of Trade (BoT)-the commerce ministry's consultative platform-on Friday in New Delhi, Goyal said the target is achievable. Asking exporters to aim for an ambitious number, he said: "We are getting there. 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." Quoting Goyal, HT on Friday reported that Indian exports could see a robust 15% year-on-year jump in the April-June quarter of FY27 on the back of robust overall exports in April and May at $162.69 billion.
About 16-17% growth in merchandise exports (about $530 billion) is achievable this year with another major free trade agreement coming into force on July 15. Similarly, 11% growth could be achieved in services to about $470 billion in FY27, he said.
According to the latest available government data, merchandise exports in the first two months (April-May) of FY27 saw a 16.09% y-o-y growth to $88.91 billion. Services exports are estimated at $73.79 billion, up 12.99% from a year ago. India's overall exports in 2025-26 were $863 billion-$442 billion in goods and $421 billion in services. At the meeting, Goyal outlined a seven-point action agenda for states, export promotion councils (EPCs), industry associations and exporters to accelerate India's export growth.
Goyal's first point aimed at stakeholders to make exports a high-priority agenda item. The second action point urged states to actively participate in the BHAVYA Industrial Parks Scheme, for which the first round is currently open. The third point focused on strengthening quality infrastructure.
In his fourth point, Goyal highlighted the support available under the Export Promotion Mission (EPM) for exporters, particularly micro and small enterprises. He said the mission would finance a substantial portion of the expenditure incurred in obtaining international approvals and certifications, including those related to pharmaceuticals and agricultural products in developed markets.
In his fifth action point, the minister encouraged industries affected by unfair trade practices to approach the Directorate General of Trade Remedies (DGTR) against dumping or predatory pricing by foreign producers.
The sixth point focused on import substitution. In his seventh action point, he urged states and industry associations to actively participate in international exhibitions, trade fairs and business delegations....
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