Union Minister of Commerce & Industry Piyush Goyal during a Board of Trade Meeting with States & UTs, industry leaders, trade bodies, and senior officials, in New Delhi on Friday.
India is “on track” to touch $1 trillion of goods and services exports in FY27 with goods expected to grow at 16-17 per cent to $530 billion while services likely to grow at about 11 per cent to $470 billion, Commerce & Industry Minister Piyush Goyal has said.“We want to grow to $1 trillion export this year. And to reach $1 trillion, our goods export will have to increase from $ 442 billion to about $ 530 billion, a $90 billion increase,” Goyal said at the Board of Trade (BOT) meeting on Friday.During the April-June quarter, goods exports from India grew 15 per cent while services exports grew 11 per cent, Goyal said. “So we are getting there to achieve the target). We are on track. But when you fly a kite, you have to hold it tight. So, we have to achieve this with everyone’s collective effort,” the Minister said talking to the media on the sidelines.In 2025-26, India’s total exports were at $ 863 billion, comprising goods exports valued at $ 442 billion and services exports at $421 billion. The $1 trillion target of goods and services for FY27 is an ambitious one, but it has to be achieved, he said. “Everyone has taken an oath that this year we will do an export of $1 trillion,” Goyal said indicating that exporters and policymakers were on the same page.Meeting ambitious targetsThe Minister said that the free trade agreements (FTAs) being signed by India would play an important role in meeting the ambitious targets and the industry must focus on manufacturing high-quality goods and tap into export opportunities by leveraging the pacts. “The FTAs have opened up markets across 38 developed nations for Indian goods. To capitalise on these opportunities, official and business delegations are traveling globally to establish deeper commercial ties…There is only one voice from everywhere. India is a reliable partner,” Goyal said.The Minister encouraged the industry to get out of the “cosy comfort” and reach out to the world market. He said the government’s export promotion mission will help set up branding overseas, warehouses, and participate in global exhibitions. The industry has to focus on cost, quality and delivery control, he said.During the meeting of the Board of Trade, a platform for the Centre, States, exporters and industry representatives to discuss ways to strengthen India’s trade ecosystem, the Minister outlined a seven-point action agenda to boost exports.The strategy includes prioritisation of export-oriented businesses by States and industry organisations, state-level notification of labor rules to resolve land and labor issues and a government commitment to provide 100 per cent funding for required testing facilities to reduce costs for exporters.Published on July 3, 2026
