New Delhi, May 15: India is working towards an ambitious goal of reaching $1 trillion in exports by the fiscal year 2027. The government is relying on proposed export promotion missions and new Free Trade Agreements (FTAs) to achieve this target, as stated by a senior government official on Friday.
In an interview with NDTV Profit, Commerce Secretary Rajesh Aggarwal expressed optimism that export growth this fiscal year will outpace last year’s figures. Efforts are underway to achieve an export expansion rate exceeding the required 10-15% to meet the target.
Aggarwal noted that the proposed export promotion mission is set to become a significant pillar of India’s trade strategy. This initiative aims to support exporters, enhance access to foreign markets, and help domestic businesses capitalize on global opportunities.
He added, “The implementation of recent FTA agreements is expected to provide an additional boost to exports in the coming months.”
According to the Commerce Secretary, India is well-positioned to take advantage of changes in the global supply chain. Many multinational companies are now exploring manufacturing and sourcing options outside traditional hubs.
Aggarwal stated, “In the changing global trade environment, India is gradually emerging as a reliable and trustworthy partner.”
Previously, Commerce and Industry Minister Piyush Goyal urged exporters to aggressively seize new opportunities arising from trade agreements. He emphasized that India should aim to surpass the $1 trillion export mark by FY 2027.
Despite geopolitical uncertainties, weak global demand, and high tariffs imposed by the United States, India’s goods and services exports reached a record $863.11 billion in FY 2026.
While merchandise exports saw limited growth during the year, service exports remained a key driver of overall trade growth.
Goyal mentioned that achieving the FY 2027 target will require an export growth rate of approximately 16-17%. He also highlighted that FTAs with the United Arab Emirates, Australia, Mauritius, and the European Free Trade Association are already in place, with ongoing negotiations with several other countries and regional groups to further strengthen India’s global trade reach.
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