image sourced from original article at India has set an ambitious target of reaching 1 trillion dollars in goods and services exports in the current financial year, after achieving a record 863.11 billion dollars in 2025 to 2026. Commerce and Industry Minister Piyush Goyal said the goal is achievable, even as global trade faces uncertainties such as high tariffs from the United States, the Russia-Ukraine conflict and tensions in West Asia. Overall exports rose 4.6 per cent during the year.
Merchandise exports grew modestly to 441.78 billion dollars, while services exports surged to a record 421.32 billion dollars, reflecting strong growth in the services sector. To reach the 1 trillion dollar milestone, India will need an additional 137 billion dollars in exports, requiring growth of around 16 to 17 per cent.
The government is banking on expanded market access through a series of free trade agreements concluded since 2021 with countries and regional blocs including Mauritius, the United Arab Emirates, Australia, Oman, New Zealand, the European Union, the United Kingdom and the European Free Trade Association. Several more agreements are expected to become operational within the next year, while negotiations continue with partners such as Chile, Maldives, Canada, Israel, the Gulf Cooperation Council, the Eurasian Economic Union, Mexico and the Southern African Customs Union.
The commerce ministry has also stepped up outreach efforts, holding a virtual meeting with more than 1,100 participants to boost awareness and use of trade agreement benefits, particularly among small and micro enterprises. Goyal said growing global interest in India’s large domestic market and skilled workforce positions the country well to achieve its export ambitions.
