India eyes $1 trillion exports in FY27, $2 trillion in over five years

India has set an ambitious target of achieving USD 1 trillion in exports in the current financial year and doubling that to USD 2 trillion over the next five years, Commerce and Industry Minister Piyush Goyal said on Monday.

Addressing the launch of the Bharatiya Vyapar Mahotsav website, Goyal said the export target should be viewed as a national mission rather than just a government objective.

This is not merely the government's target, it is the nation's target, the minister said.

The government is ready to provide all necessary support to achieve it, he added.

The minister said India's exports have touched USD 863 billion so far this year, marking nearly 5% growth over the previous year despite a challenging global environment.

India has been at the receiving end of US President Donald Trump's brutal tariff regime, which was struck down by the country's Supreme Court in February 2026. For months, Indian exports faced a cumulative 50% tariff, which included a 25% punitive tariff for buying Russian crude.

To support the export push, Goyal said the government has been working over the past three-and-a-half years to conclude free trade agreements (FTAs) with nearly 38 developed countries.

The trade agreements will provide Indian exporters preferential access to large markets by lowering import duties on domestic products compared to competing nations, he said.

Goyal said the proposed FTA with Oman may come into force from June 1, while other concluded agreements are expected to be operational once procedural formalities are completed.

He also urged businesses to closely monitor import trends through the Commerce Ministry's trade portal to identify opportunities for domestic manufacturing and import substitution.

The minister stressed the need to promote domestic products and strengthen the spirit of Swadeshi, saying that rising consumption due to the expanding middle class presents a major opportunity for Indian manufacturers.

It is essential for India to meet its own requirements, otherwise imports will fill the gap, he cautioned.

Goyal said India continues to rely heavily on imports in sectors such as capital goods and called upon industrial clusters in Rajkot, Jalandhar, Ludhiana, Batala and Pune to expand domestic production.

He cited the growing domestic manufacturing of medical devices, including a CT scan machine produced in Visakhapatnam, as an example of India's emerging industrial capabilities.

Highlighting opportunities in agriculture and fisheries, Goyal said exports from these sectors have crossed nearly ₹5 lakh crore, even as value addition remains limited.

He urged young entrepreneurs and startups to invest in processing and manufacturing to enhance export competitiveness.

The minister also said the government has broadened the definition of MSMEs to include enterprises with turnover of up to ₹500 crore, with the objective of helping businesses scale up.

The Bharatiya Vyapar Mahotsav, which will be held at Bharat Mandapam from August 12 to 15, is expected to bring together around 1,000 businesses from across the country.