New Delhi, Jul 3 (PTI) India is targeting an ambitious 16-17 per cent growth in merchandise exports to about USD 530 billion in the current fiscal year, Commerce and Industry Minister Piyush Goyal said on Friday.
Speaking at the Board of Trade meeting here, Goyal said the target for the services sector is 11 per cent growth to about USD 470 billion in 2026-27.
“We want to grow to USD 1 trillion export this year. And to reach USD 1 trillion, our goods export will have to increase from (USD) 442 (billion) to about (USD) 530 billion, USD 90 billion increase,” Goyal said.
In 2025-26, the country’s total exports were USD 863 billion (USD 442 billion in goods and USD 421 billion in services).
During the April-June quarter, the country registered a 15 per cent growth in merchandise shipments and 11 per cent in services exports, 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.
He added that though it’s an “ambitious” target, “we have to achieve this”.
The Board of Trade is a platform where the Centre, states, exporters and industry representatives discuss ways to boost the country’s trade.
The minister suggested that the industry focus on manufacturing high-quality goods and tap into export opportunities by leveraging free trade agreements (FTAs) finalised by India.
He said the industry should not depend only on the vast domestic market.
Industry should get out of the “cosy comfort” and reach out to the world market, he said, adding that the commerce ministry’s export promotion mission will help set up branding overseas, warehouses, and participate in global exhibitions.
The FTA with the UK will be operational from July 15 and it is a big market, he said.
“UK imports even more than what India imports. UK imports twice India’s exports. Their import is almost USD 900 billion. The UK offers that much,” Goyal said.
Under the trade pact, 99 per cent of Indian goods will get zero-duty access.
“And if freight is expensive, it’s expensive for the whole world. It’s not just expensive for India,” he said, adding that the industry should not complain.
He added that India is exporting defence goods to 100 countries.
“A historic Rs 38,400-crore export of defence material last year… we have exported more defence goods than we have imported. We have a surplus in defence exports,” he said.
He suggested seven action points for board members to focus on to boost trade and manufacturing.
“First, please make exports a higher priority item of your agenda. Whether state governments, export promotion councils or industry associations, let’s make export the high priority agenda of our world,” he said.
The other suggestions include participation of states in the Centre’s Rs 33,660-crore BHAVYA (Bharat Audyogik Vikas Yojna) scheme; utilising services of the Directorate General of Trade Remedies (DGTR) in case of dumping of goods; and increased participation in global exhibitions.
Goyal said the ministry will provide funds to set up testing facilities.
“… for any approvals you require internationally, like pharma requires approvals, agri-products require approvals, any testing cost that you have to bear or to meet the EU regulations, or to meet regulations of these developed countries, export promotion mission will finance most of your expenditure,” he said.
He urged states to align their incentives and industrial policies with those of the Centre.
“So that together we can bring economies of scale and high quality, high productivity units, which will help us capture foreign markets,” he said, adding that goods that can be manufactured here need to be identified to cut import dependence. PTI RR RR TRB
