India targets $1 trillion exports this fiscal, says Goyal

India’s exports remain resilient, despite global challenges like the West Asia conflict and the US tariffs, and are expected to increase to $1 trillion in the current financial year, Commerce and Industry Minister Piyush Goyal said on Monday.

Goyal said India’s overall exports, merchandise and services put together, stood at $863 billion in the financial year ended March 2026, which was around 5% higher than the previous year.

“This year’s target is $1 trillion. This is a big target. We have to work together for this,” Goyal said at an event organised to launch the web portal of the Bharatiya Vyapar Mahotsav, which is scheduled to be held in the national capital from August 12-15.

As per Commerce and Industry Ministry data, India’s merchandise exports rose by 0.93% to $441.78 billion in 2025-26. Robust performance of services exports led to a nearly 5% jump in the overall numbers.

Goyal said India’s overall exports are targeted to increase to $2 trillion in the next five years. This includes $1 trillion each in merchandise and services.

The minister claimed that India’s outbound shipments have remained resilient, despite the global challenges like imposition of high tariffs by the US, the Russia-Ukraine war and the conflict in the West Asia region.

“In the whole world, exports are decreasing, international trade is badly affected because of the prevailing situation, but it is increasing in India,”
the minister said.

FTAs galore

Goyal noted that India has signed free trade agreements with 38 developed countries that would ensure preferential access for Indian exporters to large markets.

India has signed FTAs with the US, New Zealand and the 27-member European Union (EU).

He said these agreements will gradually come into effect, adding that the Oman FTA may come into force from June 1.

The minister claimed that India’s external position remains comfortable with around $700 billion of foreign exchange (forex) reserves. “We have $700 billion, which is enough to cover 11 months of imports. The IMF says anything above eight months is very good,” he said.

He said India’s agricultural exports, including the products of farmers and fishermen, reached nearly Rs 5 lakh crore in 2025-26.

However, he noted that value-addition in these sectors remains low.

There is immense potential if young entrepreneurs enter value-added sectors and establish processing and manufacturing units at small, medium and large scales, Goyal
added.