Kamal Ghorui
Commerce and Industry minister Piyush Goyal on Wednesday asked exporters to target $1 trillion in goods and services exports in the current financial year, after India recorded an all-time high outbound shipment value of $863.11 billion in 2025-26, PTI reported.“This year, let’s aspire for a $1 trillion exports target. It’s possible,” Goyal said at an event in the national capital.According to PTI, India’s overall exports rose 4.6 per cent in FY26 despite global uncertainties, including high US tariffs, the Russia-Ukraine conflict and the West Asia crisis.Merchandise exports increased 0.93 per cent to $441.78 billion in 2025-26 from $437.70 billion in the previous fiscal, while services exports surged to a record $421.32 billion from $387.55 billion registering an 8.71 per cent growth.The minister said achieving the $1 trillion milestone would require an additional $137 billion in exports, translating into a growth rate of around 16-17 per cent.Goyal said India is expanding market access for domestic goods and services through a series of free trade agreements (FTAs).India has concluded nine trade agreements since 2021, including those with Mauritius, the UAE, Australia, Oman, New Zealand, the European Union, the UK and the European Free Trade Association (EFTA) bloc. A framework for an interim trade agreement with the US has also been finalised.“Four of which (FTAs) are already operational and another 5 will be operational in the next 12 months,” Goyal said.Trade agreements with Mauritius, the UAE, Australia and the EFTA bloc are currently operational.The minister added that India is also negotiating FTAs with several other countries and regions, including Chile, Maldives, Canada, Israel, the Gulf Cooperation Council (GCC), the Eurasian Economic Union (EAEU), Mexico and the Southern African Customs Union (SACU).“We are trying to expand the Mercosur preferential trade agreement (PTA) to a much more robust trading arrangement,” he said.Goyal said the global business community is increasingly looking to engage with India because of its large domestic market and skilled workforce.The commerce ministry also held a virtual meeting with over 1,100 participants, including industry bodies, on Wednesday to improve awareness and utilisation of benefits under FTAs, especially among small and micro enterprises.
