India well on track to achieve $1 trillion exports target for FY27: Piyush Goyal

India's goods and services exports are registering healthy growth, and the country is well on track to achieve the USD 1-trillion target for the current fiscal year, Commerce and Industry Minister Piyush Goyal said on Tuesday.

He said during April-September 2026-27, the country's exports of goods and services have already reached about USD 480 billion.

"Our USD 1 trillion export target this year is sacrosanct. We have to achieve it... We have (already) achieved 48 per cent of the target. I have the October (trade) numbers, it is very exciting... We are well on track for USD 1-trillion (target)," he said at the curtain-raiser event on Bharat Mobility Global Expo 2027.


Commerce Secretary Rajesh Agarwal will officially announce the October trade data on November 13 here.

The third edition of the expo is planned across Bharat Mandapam and Yashobhoomi, covering over 2.5 lakh sq metres of exhibition space, bringing together 11 concurrent shows, more than 1,750 exhibitors, and an expected footfall of over 10 lakh visitors.

Talking about opportunities for the automobile sector, the minister said the finalisation of free trade agreements (FTAs) will provide preferential access for Indian goods to almost 75 per cent of global GDP.

He suggested that the industry focus on global markets and boost exports.

"The world is watching you and it's always the initial period where you have to really achieve and capture markets. Every country is vying for global markets. Every country is vying for investments. So, it's up to you. It's time that we walk the talk. On our part, we have tried to meet every aspiration that industry always had in terms of markets, in terms of support," he said.

He added that the trade pact with the 27-nation European Union (EU) will provide huge opportunities for the mobility ecosystem in India.

Europe made 15.4 million cars in 2007, but by 2019, it had fallen to 14.5 million. And from 2019 to 2025, it fell to 11.5 million, the minister said.

"....at Europe's manufacturing costs and regulatory burden, they (EU companies) will not be able to compete in the global market. So when we negotiated the FTA, we of course gave them an opportunity to send their cars to India. But when I engaged with the auto industry of Europe, they recognised that (they) need market access in India only to test the market.

"Maybe five models, we (EU) will send and see which one has appetite in India. And once we (EU) are able to finalise what has appetite in India, then we (EU) will bring that car manufacturing to India and not only for India, but for the world. Because economies of scale will play out (here)," Goyal said.

EU firms will not only get the large domestic market here, but they will also be able to seel globally at affordable or competitive prices, he said.

"Now think of what it means to all of you... For every manufacturer here, you can look at collaborations or partnerships. For every person in the ecosystem, it could be our startups, it could be our steel industry, it could be our rubber manufacturers or rubber producers. The ecosystem will just keep getting expanded," he said.

Goyal asked the industry to capture that opportunity before somebody else does.

Further, he informed that Maruti Suzuki is exporting to several countries today, "which was nowhere in the electric mobility until two years ago".

In a lighter vein, the minister said that "in fact, they were (an) obstacle to the electric vehicle sector and I used to joke with them -- just because you don't make it, you are trying to justify petrol vehicles.

And today from India, he said, the company is supplying to Japan apart from 50 other countries.

He requested the industry to focus on global markets for all segments which they will be showcasing in the Bharat Mobility show.

"...if we supplement our domestic market with global markets, that scale will make us so competitive, that nobody on earth can beat us on pricing," he said, adding that there is a potential to increase jobs in the sector to 10 crore in the coming years from 3 crore at present.

Speaking at the event, Agrawal urged the domestic automobile industry to focus on innovation and development of new products to boost the growth of the sector.

Addressing the industry at the curtain raiser event of Bharat Mobility Global Expo 2027, he said the global mobility industry is transforming and "we need to be ahead in the innovation curve".

He also suggested that the industry help MSMEs of the sector to promote sustainable growth.

"We need to put in lot of energy and strength," he said.

Building on the success of previous editions, Bharat Mobility Global Expo 2027 is set to significantly expand in scale and scope.

The expansion reflects the evolution of Bharat Mobility Global Expo from a mobility exhibition into a comprehensive global platform representing the entire ecosystem.

The 2027 edition will bring together established automotive sectors as well as emerging areas such as advanced mobility technologies, air mobility, urban mass transit, agri-mobility, batteries and energy solutions, and next-generation transportation systems. PTI