Union Minister of Commerce and Industry Piyush Goyal on Wednesday said the government had set an aspirational export target of USD 1 trillion for the current year, supported by the operationalisation of multiple FTAs and enhanced market access opportunities.
Goyal, who was felicitating the winners of LEAPS Awards 2025 and release of the LEADS Report 2025 in New Delhi, said India achieved an all-time high export figure of USD 863 billion in the financial year ending March 31, 2026, despite global challenges including high tariffs, the continuing Ukraine conflict and the West Asia crisis.
He said while global growth has slowed, India’s exports continued to grow, with services exports recording growth of around 8.5-9 per cent and overall exports growing by nearly 5 per cent over the previous year.
The Minister said the West Asia crisis, slowing global growth and other international disruptions should be viewed by India as opportunities to improve efficiency, reduce logistics costs, strengthen competitiveness and expand export markets.
India was also actively negotiating trade agreements with several countries and regions including Chile and Maldives, with both agreements expected to be concluded before the end of the year, the minister said.
He added that negotiations were also underway with the Gulf Cooperation Council (GCC), which would cover all six Gulf nations including Qatar, Kuwait, Bahrain and Saudi Arabia, in addition to Oman and the UAE.
He further said India was in active discussions with Canada, Eurasia, Mexico, SACU and Mercosur to expand trade engagement and market access opportunities.
He stressed that continuous improvements in logistics, technology adoption and business processes would help India further enhance its export competitiveness and foreign exchange earnings.
