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Informist, Friday, Jul. 3, 2026

 

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--Minister Goyal: Discussed trade opportunities with states 
--CONTEXT: Comments by Commerce Minister Goyal after Board of Trade meeting 
--Minister Goyal: States committed to achieve $1 trillion exports in FY27 
--Minister Goyal: Well on track to achieve $1 tln export target for FY27 
--Minister Goyal: Expect services exports to grow around 11% in FY27 
--Minister Goyal: Goods exports to grow 16-17% in FY27

 

NEW DELHI - India is well on track to achieve $1 trillion exports in 2026-27 (Apr-Mar), and expects goods exports to grow 16-17% this fiscal, Commerce and Industry Minister Piyush Goyal said Friday. He sees goods exports totalling $530 billion by the end of this year, compared with $440 billion end of FY26, Goyal said after the Board of Trade meeting. 

 

In FY26, India's merchandise trade deficit had widened to $333.2 billion from $283.50 billion a year ago, with India exporting goods worth $447.7 billion, up from $437.7 billion in FY25. Goods imports had risen 7.5% in FY26 to $774.98 billion. According to Goyal, India's services exports are expected to grow 11% on year in FY27 to $470 billion. "Together these two components will take total exports this year to $1 trillion," he said. 

 

According to Goyal, states have shown their enthusiasm and commitment to make the $1 trillion export figure a reality. During the meeting, Centre and state government officials held extensive discussions to make the best use of the trade agreements, while also leveraging the various government schemes like Export Promotion Mission. Goyal said that not only are the major economies excited and interested to get into trade partnerships with India but smaller economies like Greece are also showing huge enthusiasm. 

 

Goyal also urged states and industry members to make exports a high priority agenda. "Let's make exports a high priority agenda. Let's empower our export-oriented business," he said. "Let's have export committees in our states, in our association."

 

He also urged states to participate actively in the Bharat Audyogik Vikas Yojana, or BHAVYA, scheme. In the first phase of the scheme, the government has invited bids for 50 industrial parks over four months from states. It has split the first phase into two, with the applications for the first 20 parks in the next 60 days. 

 

Goyal also asked states to align their schemes with the centre's policy and also identify import substitution industries to reduce India's reliance on imports. "Please identify and tell us about the import substitution items. This will not only save foreign exchange but also help us to secure supplies during global uncertainties," he said. End

 

US$1 = INR 95.21

 

Reported by Priyasmita Dutta and Pratiksha

Edited by Akul Nishant Akhoury

 

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