India remains on course to achieve its $1 trillion export target in the current financial year despite global economic uncertainty, Union Commerce and Industry Minister Piyush Goyal said on Thursday, Oct 8.
Addressing an event organised by the Confederation of Indian Industry (CII), Goyal expressed confidence that exports would grow approximately 16%, significantly outpacing the projected global trade expansion of 2.5% to 3%.
India recorded exports worth $863 billion in the previous financial year, he said.
India targets $1 trillion exports amid global uncertainty
Goyal said the country's export performance during the first half of the financial year supported the government's ambitious target.
During April-August, combined goods and services exports were reported at $82.68 billion, reflecting 25% year-on-year growth.
Services exports were estimated at $38.87 billion, generating a surplus of $17.45 billion, while the overall trade deficit stood at $9.41 billion.
The minister credited India's economic resilience to its 63 million micro, small and medium enterprises (MSMEs), global capability centres, emerging technology businesses and approximately 250,000 startups.
He urged CII to establish free trade agreement (FTA) utilisation desks across its state councils.
These centres would help smaller businesses identify export opportunities, understand rules of origin and participate in international trade delegations.
Goyal said India's trade agreements protected sensitive sectors, including agriculture and fisheries, while creating opportunities for marine products, agricultural exports and precision engineering goods.
RBI raises India's FY27 GDP growth forecast to 7.1%
Goyal also expressed confidence that India's economy would expand by more than 7% during the financial year.
On Oct 7, the Reserve Bank of India revised its FY27 real gross domestic product growth forecast to 7.1%, up from 6.7%.
The minister highlighted structural reforms, the Goods and Services Tax and Digital India as important contributors to economic development.
Citing Prime Minister Narendra Modi, he said digital initiatives had generated savings exceeding Rs5 lakh crore over 12 years.
Goyal added that India was embracing technological advances to create employment opportunities rather than treating innovation as a threat.
He emphasised the importance of international trust, higher global standards and cooperation between government and industry in achieving India's developed-nation ambitions by 2047.
