India has set a $1 trillion export target for FY27, with merchandise exports expected to grow 16-17% to $530 billion and services exports projected at $470 billion, Commerce and Industry Minister Piyush Goyal said. He outlined the goal while urging exporters to make greater use of free trade pacts and focus on scale, quality and outreach.
Goyal said the target is ambitious but achievable. He also noted that India’s total exports in FY26 were $860 billion, including $441.78 billion in merchandise exports and $421 billion in services exports.
The minister said industry and states should use the free trade agreements India has signed, including those with the EFTA countries and Oman, and the pact with the UK that is soon to be implemented. He also said Export Promotion Missions would help businesses expand into overseas markets and that the government would lower testing costs for exporters.
The push comes as the government looks to build on export momentum across goods and services. Goyal also urged states to align industrial policies with the Centre and encouraged businesses to identify import substitutes and improve domestic resilience.
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