Piyush Goyal Confident of Hitting USD 1 Tn Exports Target in FY27

Union Commerce and Industry Minister Piyush Goyal said India will meet its USD 1 trillion exports target in 2026-27 (FY27), even as global trade slows. The target is nearly 16% higher than last year’s record of USD 863 billion. Goyal was speaking at the curtain raiser for the 31st CII Partnership Summit.

“I am confident looking at the first half numbers that we will get there,” Goyal said.

According to commerce ministry data, India’s total exports between April and August this year are estimated at USD 399.27 billion. Goyal noted the target has been set at a time when global growth is expected to slip below 3% and international trade is projected to grow only 2.5-3%. He credited the country’s 63 million MSMEs, global capability centres and about 250,000 startups for the momentum.

“It’s not the government which has set the target, it is the people of India, the businesses of India,” he said. “India began building bridges when the world is building walls.”

Goyal said India has concluded nine free trade agreements with 38 developed countries over the past four and a half years. These countries together account for USD 60 trillion of global GDP, compared with USD 10 trillion for FTAs signed before 2014. He said the agreements open export markets for farm goods, marine products, and engineering and electronic goods made by small firms.

“Every agreement that we have entered into, protects the sensitive sectors, particularly of Indian agriculture, our fishermen, our MSMEs,” he said.

He urged the Confederation of Indian Industry (CII) to set up FTA utilisation desks in all its state councils to help MSMEs understand markets, rules of origin and trade delegations abroad.

Referring to the RBI’s upgraded growth forecast of 7.1%, Goyal said he expects growth of more than 7% this year and that the economy is on track to grow from USD 4 trillion now to USD 30 trillion by 2047. On technology, he said India would adopt the best global technologies rather than fear them. “Gone are the days when India would worry that new technologies may land up in creating job losses,” he said, pointing to opportunities in cybersecurity and application development.

Andhra Pradesh Chief Minister N Chandrababu Naidu, whose state hosts the summit in Visakhapatnam on November 12-13, said the state will launch an escrow account for industrial incentives at the event. He listed upcoming projects including 5 GW of additional data center capacity in Visakhapatnam, a 10,000-acre semiconductor ecosystem in Tirupati and a quantum computer launch at Amaravati in February 2027. The state also aims to export green hydrogen and ammonia and to contribute at least 160 GW to India’s 500 GW renewable energy target with about 110 GW already underway.