08 October,2026 04:28 PM IST | New Delhi | mid-day online correspondent
Union Minister for Commerce and Industry Piyush Goyal. File Picture
Commerce and Industry Minister Piyush Goyal on Thursday said he is confident India will achieve the target of USD 1 trillion in exports of goods and services during the current fiscal year, according to a ministry statement.
In 2025-26 (FY26), the country's exports hit an all-time high of USD 863 billion.
"This would represent nearly 16 per cent growth in a year when international trade is expected to grow by only around 2.5 to 3 per cent, while the global economy remains vulnerable to shocks and global growth is expected to fall below 3 per cent," he said addressing the curtain raiser of the 31st CII Partnership Summit in New Delhi, as per the statement.
Goyal said he was confident that India would achieve the USD 1 trillion export target, noting that the target has been set not merely by the government but by the people and businesses of India, including 63 million MSMEs, large and small industries, global capability centres and around 250,000 startups.
Noting the Reserve Bank of India's (RBI) upward revision to the GDP forecast at 7.1 per cent, Goyal expressed confidence that India would continue to grow at over 7 per cent and remain the fastest-growing large economy.
He further said that India's economy, currently around USD 4 trillion, has the potential to grow to USD 30 trillion by 2047.
Goyal said that India had earlier been defensive in its approach and hesitant to engage with the developed world, including being unwilling to open up the automobile sector and the country to new technologies.
But now, India engages with the world with the self-confidence of a nation on the move, bringing to the table technology, talent, competitiveness and greater market access for its goods and services, he said.
He said that every free trade agreement and other agreement entered into by India protects sensitive sectors, particularly Indian agriculture, fishermen and MSMEs, while opening up opportunities for exports of agricultural products, fisheries and marine products, high-precision items, engineering products and electronic products made by MSMEs.
"These agreements also open investment opportunities for countries and companies to come to India and participate in the growth of the world's largest market," he said.
He urged CII to establish FTA utilisation desks across every State Council to help MSMEs effectively use Free Trade Agreements, understand new market access opportunities and rules of origin, join delegations, participate in exhibitions and conferences, and showcase their products, technologies and offerings to global markets.
