Urging industry to make exports a key priority and utilise the free trade pacts, Commerce and Industry Minister Piyush Goyal on Friday set a $1 trillion target for exports this fiscal.
Merchandise exports are expected to grow by 16-17% this fiscal to $530 billion, and services exports by 11-12% to $470 billion, he further said.
Addressing a meeting of the Board of Trade, the minister said that exports have continued to perform well so far this fiscal. In the first quarter, merchandise exports have grown by 15% year-on-year and services exports by 11%, he said.
“We must achieve $1 trillion in exports this fiscal. It is an ambitious target, but it can be done,” he underlined.
India’s total exports in FY26 were $860 billion, of which merchandise exports were worth $441.78 billion and services exports were $421 billion.
The Board of Trade is the top consultative body on foreign trade and has representatives from state governments, industry associations and export promotion councils. This was the first meeting of the Board of Trade since November 2025.
The minister also urged industry and states to utilise the free trade agreements that India has signed, such as those with the EFTA countries, Oman, and the soon-to-be-implemented pact with the UK. He noted that the UK is a significant market which imports twice as much as India exports.
Industry must work on scale, quality and outreach to boost exports, he said, adding that the Export Promotion Missions would help them expand into overseas markets. He also noted that while freight has become expensive, it has become expensive globally, and not just for Indian exporters.
He also listed seven agenda points for states and industry in order to boost exports. These include making exports a high priority and utilising the BHAVYA Scheme, which enables plug-and-play industrial parks to boost domestic manufacturing, as well as identifying import substitutes so that they can be made in India and help insulate supply chains by building domestic resilience.
He also underlined the importance of quality products and testing and promised that the government would lower testing costs. For small and micro businesses, the Export Promotion Missions would finance testing costs as well as the approvals required internationally.
The minister also urged states to align their industries and industrial policies with those of the Centre so that they can achieve economies of scale, capture export markets, and also asked industry to approach the Directorate General of Trade Remedies for complaints regarding the dumping of goods in any sector.
