NEW DELHI, May 14. /TASS/. India’s exports of goods and services in the current 2026-2027 financial year, which began on April 1, could reach $1 trillion, according to Indian Commerce and Industry Minister Piyush Goyal.
"In this financial year, we will set ourselves the target of achieving exports worth $1 trillion. This is possible," Press Trust of India quoted Goyal as saying during an online meeting with representatives of Indian business circles. He noted that this would require increasing exports by $137 bln, which would ensure growth of approximately 16-17%.
According to the minister, India is expanding access for its goods and services to global markets through free trade agreements (FTAs). Since 2021, the republic has signed nine such agreements, including with Mauritius, the UAE, Australia, Oman, New Zealand, the European Union, the United Kingdom, and members of the European Free Trade Association.
Four FTAs are already in force, while another five will come into effect within the next 12 months, Goyal said. He noted that a framework trade agreement with the United States has also been finalized, while India continues negotiations on FTAs with Chile, the Maldives, Canada, Israel, the Gulf Cooperation Council, the Eurasian Economic Union, Mexico, and the Southern African Customs Union.
Goyal recalled that India’s total exports in 2025-2026 financial year increased by 4.6% despite global uncertainty, high US tariffs, developments in Ukraine and the conflict in the Middle East. Merchandise exports rose by 0.93% to $441.78 bln compared with $437.70 bln in the previous financial year, while services exports increased to a record $421.32 bln from $387.55 bln, marking growth of 8.71%.