Piyush Goyal Confident of $1 Trillion Exports in FY27 Amid FTA Push

India, May 14 : India has set an ambitious target of achieving $1 trillion in combined goods and services exports during the current financial year, with Commerce and Industry Minister Piyush Goyal expressing confidence that the milestone is within reach amid expanding global trade opportunities and new free trade agreements.\n\nSpeaking at an industry event in New Delhi on Wednesday, the minister urged exporters to scale up shipments and take advantage of emerging international demand despite ongoing geopolitical and economic challenges worldwide.\n\nIndia’s total exports touched a record $863.11 billion in 2025-26, reflecting resilience in external trade even as global markets faced disruptions linked to tariff pressures, the Russia-Ukraine conflict and instability in West Asia.\n\nOfficial figures showed merchandise exports rose marginally to $441.78 billion during the last financial year, while services exports registered stronger momentum, climbing to an all-time high of $421.32 billion. The sharp rise in services shipments underlined India’s growing strength in sectors such as information technology, consulting, financial services and digital operations.\n\nTo achieve the proposed $1 trillion target in FY27, India would need an additional export increase of nearly $137 billion, requiring growth of around 16 to 17 per cent over the previous year.\n\nThe government believes recently signed and upcoming free trade agreements will play a crucial role in supporting that expansion. Since 2021, India has concluded multiple trade deals aimed at improving market access for domestic industries and boosting overseas demand for Indian products and services.\n\nTrade agreements with countries and blocs including Mauritius, the UAE, Australia and the European Free Trade Association are already operational, while additional pacts with major economies are expected to become active over the next year.\n\nThe Centre is also continuing negotiations with several strategic partners, including Canada, Israel, Chile, the Gulf Cooperation Council, Mexico and the Southern African Customs Union, as part of a broader push to diversify export destinations.\n\nOfficials said efforts are also underway to strengthen India’s trade engagement with South American economies by expanding the existing Mercosur preferential trade arrangement into a more comprehensive framework.\n\nAccording to the commerce ministry, international businesses are increasingly viewing India as an attractive trade and investment destination because of its large consumer market, manufacturing potential and skilled workforce.\n\nIn a parallel outreach effort, the ministry conducted a virtual interaction with more than 1,100 participants from industry bodies and export sectors to improve awareness regarding the benefits available under various FTAs, particularly for small and medium enterprises.\n\nIndustry experts believe stronger global integration, services sector growth and supply-chain diversification could help India move closer to its ambitious export objective, although challenges linked to slowing global demand and geopolitical uncertainty may continue to affect international trade flows.