Commerce and Industry Minister Piyush Goyal on Friday said India’s exports grew 15% year-on-year during the first three months of FY27 and expressed confidence that the country’s total exports would cross the $1 trillion mark in the current financial year.Addressing the Board of Trade meeting in New Delhi, Goyal said achieving the milestone would require goods exports to grow by 17% and services exports by 11%. He urged Indian businesses to expand beyond the domestic market and tap global opportunities.
Setting an 11% growth target in services exports to about $470 billion in FY27, the minister said, “To reach the $1 trillion target, our goods exports will have to increase by $90 billion from $442 billion to about $530 billion.” He added that India’s total exports stood at $863 billion in FY26, comprising $442 billion in goods exports and $421 billion in services exports.
“Come out of the cozy comfort of the domestic market,” the minister said, calling on exporters to scale up their global presence.Goyal said the states participating in the meeting had resolved to work towards achieving the export target. He added that the Centre was ready to support exporters in setting up warehouses overseas and expanding into new international markets.He also urged states to prioritise exports and participate in the BHAVYA scheme to boost manufacturing. The Centre, he said, was willing to fully fund testing facilities in states to help exporters meet global quality standards.The minister said the Directorate General of Trade Remedies (DGTR) would support industries facing unfair imports through predatory pricing and stressed the need for states to align their incentive policies with those of the Centre. He also called for greater focus on import substitution to reduce dependence on overseas supplies and strengthen supply chains.Highlighting the opportunities arising from India’s trade agreements, Goyal said the India-UK free trade agreement, which comes into effect on July 15, opens up significant export potential, noting that the UK’s annual goods imports of around $900 billion are more than twice the value of India’s total goods exports.He added that India’s free trade agreements signed in recent years now cover nearly two-thirds of the global economy. Trade pacts with Mauritius, the UAE, Australia and the European Free Trade Association (EFTA) are already operational, while agreements with the US, the European Union, the UK, Oman and New Zealand are expected to become operational over the next 12 months.
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