India aims for $1 trillion exports this fiscal year, says Piyush Goyal

India has set its sights on achieving $1 trillion in exports this financial year, with Union Commerce and Industry Minister Piyush Goyal outlining an ambitious roadmap that hinges on strong growth in both merchandise and services exports.

Addressing the Board of Trade Meeting at Vanijya Bhawan on Friday, Goyal said the country had closed the previous financial year with exports worth $863 billion and was now aiming to cross the trillion-dollar milestone.

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The minister said the Centre is targeting a 16-17% increase in merchandise exports to about $530 billion in the current financial year, while services exports are projected to grow by around 11% to nearly $470 billion.

To achieve that target, merchandise exports will need to rise from $440 billion to around $530 billion, translating into an annual growth of about 17%, he said.

At the same time, services exports are expected to increase from $421 billion to nearly $470 billion, requiring growth of around 11%.

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"We were $863 billion last year. We want to grow to $1 trillion in exports this year. And to reach $1 trillion, our goods export will have to increase from $440 to about $530. That is a 17% growth in goods. Services will have to grow from 421 to about 470. That is how we'll reach a trillion, which is a growth of about 11%," said the union minister

Exporters urged to seize global chances

Calling on exporters and industry leaders to rally behind the target, Goyal said the PM Modi-led Centre was looking for an ambitious push and urged stakeholders to work collectively to ensure India does not fall short of the trillion-dollar mark.

He said India's growing strategic and economic importance has created a favourable environment for businesses looking to expand globally, with many countries eager to deepen trade ties with New Delhi.

According to the minister, India's rising stature has opened doors in international markets, making this an opportune time for domestic businesses to scale up their global presence.

The challenge now, he said, is for Indian companies to seize these opportunities rather than remain dependent on the domestic market.

"I am looking for an ambitious target, and I want all of you to support me so that we don't fail in this one trillion-dollar export. So let's work together. Currently, India is becoming more and more secure. The world wants to work with us. We have to go out and capture those world markets," he said.

Goyal noted that succeeding in overseas markets requires much more than competitive pricing. Exporters, he said, must invest in product quality, develop specialised skills, build strong international brands and actively pursue customers abroad instead of waiting for opportunities to come their way.

To support this effort, the government is strengthening its export promotion initiatives, including helping Indian companies establish stronger branding and market presence overseas.

"Our industry becomes weak. We sell our goods in cosy comfort in the domestic market. But to get into the export market, we need skill, we need quality, we need an outreach. You will have to work hard; this will not happen sitting at home. And therefore our export promotion mission will help you set up branding overseas," he added.

The minister also highlighted India's expanding network of trade agreements, saying the free trade agreement with Oman became operational from June 1, while the pact with the UAE is already delivering benefits.

He added that the India-UK free trade agreement is expected to come into force by July 15, opening up another major market for Indian exporters and creating fresh opportunities across sectors.

"Oman FTA has become operational from the first of June. UAE is operational. UK will become operational by the 15th of July, and a big market is waiting for you," he said.