India sets $1 trillion export goal for FY26 as merchandise, services trade rise

India has set an ambitious target of achieving $1 trillion in exports during the current financial year, with exporters and policymakers committing to the goal at a Board of Trade meeting in New Delhi, Union commerce and industry minister Piyush Goyal said on Friday.Speaking after the meeting, Goyal said, "Everyone has taken an oath that this year we will do an export of $1 trillion," according to news agency ANI.The minister said India exported goods and services worth $863 billion in 2025-26, comprising $442 billion in merchandise exports and $421 billion in services exports.To reach the $1 trillion target, merchandise exports will have to rise to around $530 billion, while services exports are expected to touch about $470 billion.Government sees strong export growth this yearGoyal said the government expects merchandise exports to grow by 16-17 per cent and services exports by 10-11 per cent during the current fiscal.The minister said merchandise exports and services exports grew by 15 per cent and 11 per cent, respectively, during the April-June quarter, indicating that India is "on track" to achieve the annual target."So we are getting there (to achieve the target). We are on track. But when you fly a kite, you have to hold it tight. So we have to achieve this with everyone's collective effort," Goyal said, as quoted by news agency PTI.FTAs, global outreach to support exportsThe minister said recently concluded free trade agreements have opened markets across 38 developed countries for Indian goods, with government and business delegations travelling overseas to deepen commercial ties."There is only one voice from everywhere. India is a reliable partner. We have to increase relations with India," Goyal said.He also highlighted that the India-UK Free Trade Agreement will become operational from July 15, giving 99 per cent of Indian goods zero-duty access to the British market.The minister urged industry to move beyond dependence on the domestic market and leverage India's FTAs to expand exports globally.Seven-point action plan unveiledDuring the Board of Trade meeting, Goyal outlined a seven-point action agenda aimed at strengthening India's export ecosystem.The strategy includes making exports a higher priority for state governments and industry bodies, encouraging states to notify labour rules, providing full government funding for testing facilities required by exporters, and extending financial support through the Export Promotion Mission for regulatory approvals in overseas markets.The plan also calls for greater use of the Directorate General of Trade Remedies (DGTR) to counter dumping and predatory pricing, increased participation in global exhibitions, alignment of state industrial policies with the Centre, and development of industries that can substitute imports.Defence exports and manufacturing pushHighlighting India's growing manufacturing capabilities, Goyal said the country exported defence equipment worth a record Rs 38,400 crore last year to 100 countries."Today, we are exporting defence to 100 countries and achieved a historic Rs 38,400 crore export of defence material last year. We have exported more defence goods than we have imported. We have a surplus in defence exports," he said.The minister added that the government is simplifying business regulations, reducing compliance burdens, implementing labour reforms and developing plug-and-play industrial infrastructure to help manufacturers compete globally."The whole world is our stage. But the actors have to come from within India," Goyal said.Get the latest business news and top stories. Download the TOI App.Ready to Make a Smarter Property Decision? Build Your Legacy with TOI Homes.