India sets $1 trillion export target FY 27

New Delhi Commerce and Industry Minister Piyush Goyal said India has set a target of achieving one trillion dollars in exports during the current fiscal year, after recording exports worth $863 billion last year. Addressing the curtain raiser of the 31st CII Partnership Summit, Goyal said the latest export performance reflected nearly 16 per cent growth in a year when global trade is expected to expand by only 2.5 to 3 per cent. He said the global economy remains vulnerable to shocks, with worldwide growth expected to fall below 3 per cent. “India began building bridges when the world was building walls,” Goyal said, highlighting India’s approach to international trade and economic engagement. He said the trillion-dollar export ambition was not merely a government target, but a collective objective involving Indian businesses and citizens. The minister cited the contribution of 63 million MSMEs, large and small industries, global capability centres and about 250,000 startups. Goyal also referred to the Reserve Bank of India’s revised growth projections, saying India is expected to continue growing at more than 7 per cent and remain the fastest-growing large economy. He linked the export target to the broader objective of making India a developed nation by 2047. He also highlighted reforms including the Goods and Services Tax and the integration of regional electricity grids into a national grid through sustained innovation. Referring to Digital India, Goyal said the initiative had helped save more than Rs 5 lakh crore, or over $55 billion, over the past 12 years.