Piyush Goyal aims to take India’s exports to $1 trillion mark in FY27

14 May 2026 Evaluate

Expressing confidence over India’s export growth, Commerce and Industry Minister Piyush Goyal has aimed to take the country’s goods and services exports to the $1 trillion mark in the current fiscal year (FY27). In FY26, exports reached an all-time high of $863.11 billion, registering a 4.6% year-on-year increase despite global economic uncertainties, including high US tariffs, the ongoing Russia-Ukraine war, and the West Asia crisis. Merchandise exports grew 0.93%, rising to $441.78 billion in FY26 from $437.70 billion in FY25. Services exports also surged to an all-time high of $421.32 billion in FY26, up from $387.55 billion in FY25, recording a growth of 8.71%.

Goyal said that increasing exports from $863 billion to $1 trillion requires an additional $137 billion, which translates to a 16-17% growth. He added that India is opening doors and providing preferential market access for Indian goods and services through a number of free trade agreements (FTAs). Since 2021, India has finalized nine FTAs, with Mauritius, the UAE, Australia, Oman, New Zealand, the EU, the UK, and the European Free Trade Association (EFTA) bloc. A framework for an interim trade agreement with the US has also been finalized. He noted that of the total, four FTAs are already operational, and another five will become operational in the next 12 months. Trade pacts with Mauritius, the UAE, Australia, and the EFTA bloc have been operationalized so far.

Further, he said that India is also negotiating FTAs with several other countries, and highlighted meetings with ministers from Chile and the Maldives, as agreements with both are likely to be completed before the end of this year. Moreover, India is in active dialogue with Canada, Israel, the Gulf Cooperation Council (GCC), and the Russia-led Eurasian Economic Union (EAEU). The country is also planning to start talks with Mexico and will soon initiate discussions with the Southern African Customs Union (SACU). Additionally, he said India is working to expand the Mercosur (Argentina, Brazil, Paraguay, Uruguay) preferential trade agreement (PTA) into a more robust trading arrangement.

He said that the world is looking to work and trade with India as the country provides huge market and a talented workforce. On FTA utilisation, he said the commerce ministry on May 13, 2026 held a virtual meeting with over 1,100 participants, including industry associations, to apprise them of the benefits of these agreements. The exercise is aimed at increasing awareness among small and micro units in the remotest corners of India to improve utilisation of the benefits under free trade agreements.

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