Union Commerce and Industry Minister Piyush Goyal has confirmed that Indian exporters and policymakers have committed to reaching a $1 trillion export target for the current fiscal year, following a comprehensive review of the country's trade trajectory during a Board of Trade meeting held in New Delhi. According to Moneycontrol, merchandise exports grew more than 15% year-on-year during the April-June quarter, putting the country firmly on track to achieve its ambitious target. Goyal stated that "We are in a cosy comfort about selling in the domestic market, but to get into export markets you need scale and quality." The minister announced that India recorded its highest-ever exports of $863 billion in FY 2025-26, registering 4.6% growth despite tariff realignments, freight disruptions and slowing global demand. As reported by PIB, merchandise exports stood at around $442 billion while services exports crossed a record $421 billion. Goyal expressed strong optimism about India's export prospects, projecting merchandise exports to grow by 16-17% and services exports by around 10-11% this year. The minister noted that trade numbers up to June kept the country well on track to meet this goal, with the first quarter witnessing approximately 15% growth in exports, with detailed numbers scheduled for release on the 15th of the month.
Addressing the Board of Trade meeting in New Delhi, Goyal unveiled a seven-point action agenda for states, Export Promotion Councils (EPCs), industry bodies and exporters aimed at accelerating India's export growth through closer Centre-State coordination. As reported by PIB, the minister called on states to make exports a top governance priority and establish export committees, hold regular interactions with exporters and conduct monthly reviews of export performance. He urged states to participate actively in the BHAVYA Industrial Parks Scheme and expedite the notification of labour rules under the labour codes, describing land and labour as two key enablers of business. The minister's sixth action point focused on import substitution, urging states and industry to identify products that are currently imported but can be manufactured competitively in India. Such efforts would not only reduce import dependence and save foreign exchange but also strengthen domestic supply chains and reduce vulnerabilities arising from excessive dependence on foreign suppliers. As the seventh action point, Goyal urged states and industry associations to actively participate in international exhibitions, trade fairs and business delegations, calling upon states to prepare lists of associations and exporters interested in exploring overseas markets, particularly new exporters and MSMEs.
Goyal announced the ₹25,000-crore Centre's Export Promotion Mission (EPM), jointly implemented by the Ministries of Commerce, MSME and Finance, which would support MSME-led exports by assisting businesses in obtaining international certifications, meeting regulatory requirements and accessing overseas markets. According to PIB, the mission covers trade finance, credit, warehousing, freight, compliance, trade intelligence and Brand India initiatives through its two pillars—NIRYAT PROTSAHAN and NIRYAT DISHA. The minister outlined regulatory support including government assistance for securing international approvals including pharma, agricultural and DBT clearances with financial backing for compliance with regulations in developed markets like the EU. He also called for state governments to harmonize their industrial policies and incentives with central schemes to build economies of scale. Under the Export Promotion Mission, the government will finance a substantial portion of the expenditure incurred in obtaining international approvals and certifications, including those related to pharmaceuticals, agricultural products, SPS and TBT requirements, testing costs and compliance with regulations in developed markets. The mission will support eligible enterprises by assisting with overseas exhibitions and international business outreach, enabling them to take advantage of India's expanding network of Free Trade Agreements.
Commerce and industry minister Piyush Goyal on Friday urged states to identify products that are currently imported but can be manufactured competitively in India. According to PIB, such efforts would not only reduce import dependence and save foreign exchange but also strengthen domestic supply chains and reduce vulnerabilities arising from excessive dependence on foreign suppliers. The minister emphasized that import substitution and export promotion are complementary objectives in the pursuit of an Aatmanirbhar Bharat, reaffirming the Government's commitment to strengthening testing and certification infrastructure. He also stressed the need to strengthen quality infrastructure, with the Centre supporting the establishment of testing facilities in government, semi-government and university laboratories to reduce compliance costs and improve the competitiveness of Indian products. The minister assured states and industry that the Government would provide full support for establishing testing facilities, which would significantly reduce testing costs and improve the competitiveness of Indian products. Additionally, Goyal highlighted India's defence export success, stating that "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."
Minister Goyal noted that free trade agreements opened up markets across 38 developed nations for Indian goods, providing significant opportunities for export growth. According to Moneycontrol, Goyal highlighted opportunities under the India-UK trade pact, stating that the UK imports nearly twice the value of India's exports, offering significant growth potential. The agreement is set to come into effect on July 15. To capitalize on these opportunities, official and business delegations are traveling globally to establish deeper commercial ties. The minister emphasized that "The whole world is our stage. But the actors have to come from within India." He outlined efforts to make business processes simpler, ease compliance requirements, decriminalize laws, and implement the Jan Sunwai Bills to reduce the compliance burden. The four labour codes have been notified, with plug-and-play infrastructure to be provided in industrial parks so that land becomes available. The minister also laid out a broader support agenda including an appeal to states to mobilize local business associations citing a target of engaging around 1,600 associations nationwide to participate in international trade delegations and exhibitions, with government support available for MSMEs unable to afford overseas travel.
The suggestion was made by the minister during the meeting of the Board of Trade held in New Delhi. As reported by PIB, the Board of Trade, the apex consultative platform of the Department of Commerce, met under the chairmanship of Goyal. The meeting was attended by Minister of State for Commerce and Industry Jitin Prasada, newly inducted members of the board of trade, ministers and representatives from states and Union territories, export promotion councils, apex industry chambers and non-official members. Ministers from Assam, Bihar, Delhi, Goa, Gujarat, Haryana, Himachal Pradesh, Jharkhand, Madhya Pradesh, Mizoram, Sikkim, Nagaland, Telangana, Uttarakhand, Uttar Pradesh and West Bengal participated in the deliberations. During the meeting, Ministers and representatives from States and Union Territories shared State-specific experiences, best practices and perspectives on export promotion, while reaffirming their support for the Centre's initiatives to strengthen India's external trade. Representatives of Export Promotion Councils, apex chambers and industry associations also shared suggestions for enhancing India's export competitiveness. Goyal expressed confidence that such collaboration would accelerate India's journey towards becoming a globally competitive, self-reliant and developed nation, calling for a stronger Centre-State partnership and urging states to place exports firmly on their governance agenda.
