India Confident of Reaching $1 Trillion Export Target in FY27, Says Piyush Goyal

India is aiming for a milestone that would have seemed considerably more distant only a few years ago: $1 trillion in exports of goods and services in a single financial year. 

Commerce and Industry Minister Piyush Goyal said on Thursday that he remains confident the country can reach that mark in 2026-27, pointing to the performance during the first half of the year even as global trade remains subdued. 

The target represents a significant jump from India’s record $863 billion in exports in FY26. Reaching $1 trillion would require growth of nearly 16%. 

“I am confident looking at the first half numbers that we will get there,” Goyal said at the curtain raiser for the 31st CII Partnership Summit.

A Bigger Target in a Slower Global Market 

India is pursuing the $1 trillion goal at a time when global trade growth remains relatively weak. 

That makes the size of the increase significant. India ended FY26 with its highest-ever exports of $863 billion, including roughly $442 billion in merchandise and more than $421 billion in services. 

Earlier, the government had outlined how the next leg of growth would need to be divided between the two. 

The FY27 target envisages merchandise exports rising to around $530 billion and services exports reaching about $470 billion. 

Together, those numbers would take the country to the $1 trillion mark. 

Free Trade Agreements Seen Opening New Markets 

Goyal also pointed to India’s growing network of free trade agreements as an important part of its export strategy. 

He urged the Confederation of Indian Industry to establish FTA utilisation desks across its state councils so that businesses, particularly smaller companies, can better understand and use these agreements. 

Such desks could help companies identify overseas opportunities, understand rules of origin and participate in trade delegations. 

The minister said India’s trade agreements have been structured to protect sensitive areas such as agriculture, fisheries and MSMEs while creating opportunities for products including agricultural and marine goods and precision engineering products. 

Greater Participation for MSMEs is Needed 

The export strategy of India is not being limited to big corporations. 

Mr. Goyal emphasized on the role of MSMEs, start-ups, global capability centers and technology firms in contributing to the economic growth of India. 

Earlier, the government had announced an Export Promotion Mission with a budgetary allocation of over ₹25,000 crore for the development of export through MSMEs. 

The program focuses on various fields including financing, market access, warehousing, logistics, compliance and overseas branding. 

For smaller companies, the problem lies not just in making an exportable product but also in finding markets abroad. 

Technology as an Opportunity Rather Than a Risk 

Another topic that Goyal touched upon was that of India’s attitude towards developing technologies. 

Instead of treating these developments as a potential threat associated with jobs disappearing, he mentioned that India was considering the opportunities these technologies would afford their youth. 

Increased efficiency, improved competitiveness of goods and services, cybersecurity, and application development were some of the fields that he pointed out. 

This is closely related to the overall exporting strategy: competitiveness in the global market will become increasingly dependent on embracing technologies, besides just being able to produce. 

Andhra Pradesh Outlines Investment Plans 

Andhra Pradesh Chief Minister N Chandrababu Naidu, who also spoke at the event, outlined a series of investment plans ahead of the CII Partnership Summit scheduled to be held in Visakhapatnam on November 12-13. 

Naidu said Andhra Pradesh plans to launch an escrow account for industrial incentives at the summit. 

He also spoke about plans for an additional 5 GW of data-centre capacity in Visakhapatnam and a 10,000-acre semiconductor ecosystem in Tirupati. 

A quantum computer launch in Amaravati is planned for February 2027. 

The state is also looking at green hydrogen and ammonia exports and wants to position itself as a gateway to Southeast Asia through its network of ports, airports, roads and railways. 

The Road From $863 Billion to $1 Trillion 

India’s export target ultimately requires adding roughly $137 billion to the record achieved last year. 

The government has presented the goal as achievable despite weaker global trade, supported by domestic businesses, expanding services exports, MSMEs and greater access to overseas markets through trade agreements. 

But the $1 trillion figure remains a target rather than an accomplished milestone. 

What the first half of FY27 has done, according to Goyal, is give the government greater confidence that the gap can be closed. 

For the remainder of the financial year, the focus will be on whether goods and services exports can maintain enough momentum to turn India’s biggest export target yet into its next record.