Commerce and Industry Minister Piyush Goyal on Wednesday called on exporters to target $1 trillion in goods and services exports for the current financial year, following India's all-time high outbound shipment value of $863.11 billion in 2025-26, as reported by PTI.
Ambitious Target for FY26
“This year, let's aspire for a $1 trillion exports target. It's possible,” Goyal stated at an event in New Delhi. According to PTI, India's overall exports grew by 4.6% in FY26 despite global uncertainties, including high US tariffs, the Russia-Ukraine conflict, and the West Asia crisis.
Merchandise and Services Exports
Merchandise exports rose 0.93% to $441.78 billion in 2025-26 from $437.70 billion in the previous fiscal. Services exports surged to a record $421.32 billion from $387.55 billion, registering an 8.71% growth. The minister emphasized that achieving the $1 trillion milestone would require an additional $137 billion in exports, translating into a growth rate of around 16-17%.
Expanding Market Access Through FTAs
Goyal highlighted that India is expanding market access for domestic goods and services through a series of free trade agreements (FTAs). India has concluded nine trade agreements since 2021, including those with Mauritius, the UAE, Australia, Oman, New Zealand, the European Union, the UK, and the European Free Trade Association (EFTA) bloc. A framework for an interim trade agreement with the US has also been finalized.
“Four of which (FTAs) are already operational and another 5 will be operational in the next 12 months,” Goyal said. Currently, trade agreements with Mauritius, the UAE, Australia, and the EFTA bloc are operational.
Ongoing Negotiations
The minister added that India is also negotiating FTAs with several other countries and regions, including Chile, Maldives, Canada, Israel, the Gulf Cooperation Council (GCC), the Eurasian Economic Union (EAEU), Mexico, and the Southern African Customs Union (SACU). “We are trying to expand the Mercosur preferential trade agreement (PTA) to a much more robust trading arrangement,” he said.
Global Interest in India
Goyal noted that the global business community is increasingly looking to engage with India due to its large domestic market and skilled workforce. The commerce ministry also held a virtual meeting with over 1,100 participants, including industry bodies, on Wednesday to improve awareness and utilization of benefits under FTAs, especially among small and micro enterprises.
