Union Minister Piyush Goyal declared that Indian exporters and policymakers have committed to reaching a USD 1 trillion export target for the current fiscal year. The resolution followed a comprehensive review of the country's trade trajectory during a Board of Trade meeting held in the national capital.
Record Export Target Set for 2026-27
Speaking to the media after the meeting, Goyal stated: "Everyone has taken an oath that this year we will do an export of USD 1 trillion." He noted that trade numbers up to June kept the country well on track to meet this goal, with the first quarter witnessing approximately 15 per cent growth in exports. Detailed numbers are scheduled for release on the 15th of the month.
"My expectation is that we will grow merchandise by about 16-17% this year and services by about 10-11%," he added. Last fiscal year, India exported USD 863 billion. To reach USD 1 trillion, goods exports must increase from USD 440 billion to about USD 530 billion (a 17% growth), and services from USD 421 billion to about USD 470 billion (an 11% growth).
Free Trade Agreements Open New Markets
The trade expansion relies on recently secured access to developed economies. Goyal noted that free trade agreements opened up markets across 38 developed nations for Indian goods. To capitalize on these opportunities, official and business delegations are traveling globally to establish deeper commercial ties.
"There is only one voice from everywhere. India is a reliable partner. We have to increase relations with India," Goyal said. He added that the Board of Trade meeting allowed discussions with industry leaders and state governments, gathering suggestions and perspectives that boosted enthusiasm.
Seven-Point Action Agenda Unveiled
During the meeting, the Minister outlined a seven-point action agenda to boost export capabilities. The strategy urges state governments and industry associations to prioritize export-oriented businesses. Key elements include:
- State-level notification of labor rules to resolve land and labor issues.
- Government commitment to provide 100 per cent funding for required testing facilities to reduce costs for exporters.
- Financial assistance through the Export Promotion Mission for micro and small enterprises seeking international regulatory approvals.
- Support from the Directorate General of Trade Remedies for domestic manufacturers against predatory pricing and dumping.
- Parallel focus on building import-substituted industries to protect local supply chains.
Defense Exports Reach Historic High
Goyal highlighted India's defense export achievements: "Today, we are exporting defence to 100 countries and achieved a historic Rs 38,400 crore export of defence material last year. We have exported more defense goods than we have imported. We have a surplus in defense exports." He emphasized that India is at a different level now but needs support to reach the next level.
The government is working to simplify business processes, ease the ease of doing business, decriminalise laws, and implement the Jan Sunwai Bills. The four labor codes have been notified, and plug-and-play infrastructure will be provided in industrial parks to make land available. "The whole world is our stage. But the actors have to come from within India," Goyal concluded.
