Commerce Minister Piyush Goyal says India aims to expand exports from $863 billion in FY26, supported by free trade agreements, technology adoption and MSME participation.
India is targeting $1 trillion in exports in the current fiscal year, despite expectations that global trade growth will remain limited to 2.5–3%, Commerce and Industry Minister Piyush Goyal said on Thursday. The target marks an ambitious expansion from the country’s $863 billion in exports in fiscal year 2026 (FY26).
Speaking at the curtain raiser for the 31st CII Partnership Summit in New Delhi, Goyal said India would need nearly 16% growth to achieve the export target. The summit is scheduled to take place in Visakhapatnam on 12–13 November.
Goyal expressed confidence that India could meet the target, citing participation across the economy, including 63 million micro, small and medium enterprises (MSMEs), large and small industries, global capability centres and around 250,000 startups.
He also said India would continue to grow at more than 7%, referring to the Reserve Bank of India’s latest growth projections, and remain the fastest-growing large economy.
“India began building bridges when the world was building walls,” Goyal said, describing the country’s approach as one of deeper engagement through trade, technology and investment.
India Seeks Greater Market Access Through FTAs
India is looking to convert its expanding network of free trade agreements (FTAs) into increased market access for domestic businesses. Goyal urged the Confederation of Indian Industry (CII) to establish FTA utilisation desks across its state councils to help MSMEs understand market opportunities, rules of origin and other provisions of trade agreements.
According to Goyal, the agreements are designed to protect sensitive sectors, including agriculture, fishermen and MSMEs, while opening export opportunities for agricultural, fisheries and marine products, precision goods, engineering products and electronics manufactured by MSMEs.
The FTAs are also expected to create opportunities for foreign companies to invest in India and participate in the expansion of its domestic market.
Goyal said India had shifted from a defensive approach towards engagement with developed economies, including in automobiles and new technologies, to pursuing global opportunities with greater confidence. He added that India was bringing technology, talent and competitiveness to international engagements while seeking improved market access for its goods and services.
Technology and Trust Central to Economic Growth
Goyal said India’s economy, currently valued at around $4 trillion, could grow to $30 trillion by 2047. He attributed this potential to the country’s youthful, aspirational population and increasing demand for a better quality of life.
Technology, he said, would be central to this expansion. Rather than avoiding emerging technologies because of concerns about job losses, India was betting on their adoption to create new opportunities for its workforce.
Emerging technologies could improve productivity and efficiency, strengthen the competitiveness of Indian goods and services, and create employment opportunities for young workers in areas such as cybersecurity and applications built around new technologies.
Goyal also highlighted reliability as an important feature of India’s global economic engagement. During the COVID-19 pandemic, he said, India met its international commitments in merchandise and services, while export-oriented units continued serving customers during lockdowns, subject to social protocols.
He cited the continuation of broadband services and adherence to service-level agreements with global companies during the pandemic as further examples of India’s reliability as an economic partner.
Recalling the 2022 G20 Summit in Rome, Goyal said global leaders had described India as a “trusted partner of the globe”. He also referred to recent credit-rating upgrades by several agencies.
Indian industry was increasingly focusing on technology, carbon mitigation and sustainability, he said. Labour reforms, meanwhile, were intended to support industrial growth alongside improved social security, wages and worker amenities.
The government was also working on ease-of-doing-business measures, governance and stronger dialogue between industry and government to address business requirements and global standards.
Five ‘T’s to Shape Global Partnerships
Goyal linked the upcoming CII Partnership Summit to the five “T’s” highlighted at the 2025 summit in Visakhapatnam: technology, trust, trade, talent and tradition. He described these as foundations for strong partnerships and increasingly important elements of India’s growth story.
He called on countries to send strong delegations to the November summit, which he said would provide an opportunity to showcase India’s economic progress and build international partnerships.
The event was attended by Andhra Pradesh Chief Minister N. Chandrababu Naidu. Goyal described the state as a “sunrise state”, citing its technology-driven development and governance.
Google’s first AI hub was coming up in Visakhapatnam, while Amaravati was becoming a quantum valley, Goyal said. He added that Naidu continued to focus on ease of doing business to attract investment and support economic growth in the state.
Goyal described cooperation between the Centre and Andhra Pradesh as “Team India at its best”. He said the Centre was opening global markets through FTAs and other opportunities, while the state was translating those opportunities into factories, data centres and jobs.
Goyal said India’s businesses were increasingly confident and the country was commanding global respect. He expressed confidence that the 31st CII Partnership Summit would mark another milestone in India’s ambition to become a $30 trillion developed economy by 2047.