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New Delhi: At a high-level meeting held on July 3, Union Commerce and Industry Minister Piyush Goyal laid out an aggressive roadmap to industry and government representatives to achieve $1 trillion in exports. For this, the Goyal unveiled a seven point action agenda for states, Export Promotion Councils (EPCs), industry bodies and exporters as they look to accelerate India’s growth through closer Centre-State coordination.
On its part, the central government aims to support MSME-led exporters through the Export Promotion Mission (EPM), where it aims to assist businesses in obtaining international certifications, meeting regulatory requirements, and accessing overseas markets. He has also encouraged the Directorate General of Trade Remedies (DGTR) to address unfair trade practices and safeguard Indian exporters’ interests.
In FY2025-26, Piyush Goyal said the country recorded its highest-ever exports, reaching $863 billion, despite the challenges of US tariffs, freight disruptions and slowing global demand. To reach the trillion-dollar mark, India will need to grow its services exports by 11%, while service exports will have to grow by 16-17%.
While Indian exports have grown by an average of 6.9% CAGR in the last five years, achieving this ambitious target requires far more effort than just easing bureaucratic delays or helping exports access credit and mentorship.
Indian goods have to become competitive enough for the global markets, assuming global demand remains consistent. Given that the geopolitical tensions in the Middle East are expected to end soon, Indian exporters do have an opportunity, but only just.
Meeting global demand varies on a variety of factors, each of which requires close coordination between central, state, and local governments, with regard to natural resource use, energy, manpower, equipment, and capital use. Though crude oil prices are slowly cooling down, oil-linked commodity prices could remain inflated, with supplies remaining uncertain for the near future.
Achieving Piyush Goyal’s $1 trillion export target remains a highly ambitious one, though achieving it depends more on the challenges in the international markets besides addressing systemic issues domestically.
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