Commerce and Industry Minister Piyush Goyal on Wednesday asked exporters to target $1 trillion in goods and services exports in the current financial year, as India recorded an all-time high outbound shipment value of $863.11 billion in 2025-26, PTI reported.“This year, let’s aspire to an export target of $1 trillion. It is possible,” Goyal said at an event in the national capital.According to PTI, India’s total exports grew by 4.6 per cent in FY26 despite global uncertainties including higher US tariffs, Russia-Ukraine conflict and the West Asia crisis.Merchandise exports grew by 0.93 per cent to $441.78 billion in 2025-26 from $437.70 billion in the previous fiscal, while services exports increased by 8.71 per cent to a record $421.32 billion from $387.55 billion.The minister said achieving the $1 trillion target would require exports of an additional $137 billion, which would translate into a growth rate of about 16-17 per cent.Goyal said India is expanding market access for domestic goods and services through a series of free trade agreements (FTAs).India has concluded nine trade agreements since 2021, including agreements with Mauritius, UAE, Australia, Oman, New Zealand, EU, UK and the European Free Trade Association (EFTA) bloc. The framework of the interim trade agreement with the US has also been finalized.“Of which four (FTAs) are already operational and the other 5 will become operational in the next 12 months,” Goyal said.Trade agreements with Mauritius, UAE, Australia and the EFTA block are currently operational.The minister said India is also negotiating FTAs with several other countries and territories, including Chile, Maldives, Canada, Israel, Gulf Cooperation Council (GCC), Eurasian Economic Union (EAEU), Mexico and Southern African Customs Union (SACU).“We are trying to expand the Mercosur Preferential Trade Agreement (PTA) to a more robust trade arrangement,” he said.Goyal said the global business community is increasingly looking to engage with India due to its large domestic market and skilled workforce.The Commerce Ministry on Wednesday held a virtual meeting with over 1,100 participants, including industry bodies, to improve awareness and utilization of benefits under the FTA, especially among small and micro enterprises.
