India is on track to achieve $1 trillion in exports by fiscal year 2026-27 (FY27), according to Union Minister of Commerce and Industry Piyush Goyal. Speaking to the Economic Times, Goyal expressed confidence that Indian exporters will meet the target, driven by free trade agreements (FTAs) and improvements in ease of doing business. "I am confident that Indian exporters are well on the path to achieve the target I have set for FY27. With the FTAs and ease of doing business, I am certain we will achieve it," he told ET.
Export Performance and Target
India’s cumulative exports – covering both merchandise and services – for the first two months of FY27 (April–May 2026-27) stood at $162.69 billion, up 14.66% from $141.89 billion in the same period a year earlier, according to data from the Ministry of Commerce and Industry. The minister set a longer-term goal of reaching $2 trillion in annual exports within the next five years.
| Period | Total Exports ($ billion) | Year-on-Year Change |
|---|---|---|
| April–May 2026-27 | $162.69 | +14.66% |
| April–May 2025-26 | $141.89 | – |
US-India Trade Agreement Framework
Goyal confirmed that India and the United States have finalised the framework for their proposed trade agreement, but the deal will not be implemented until India secures a tariff advantage over competing exporting nations. “We cannot implement the FTA until we secure a competitive advantage,” he said. “The issue currently pending is that our duties need to be lower compared to those of competing nations; once this is settled, the trade agreement will be implemented.”
“We cannot implement the FTA until we secure a competitive advantage.” – Piyush Goyal
Focus on AI and Startups
Beyond trade negotiations, Goyal emphasised that New Delhi will strengthen India’s competitiveness in emerging sectors such as artificial intelligence. He noted that a majority of the ₹10,000-crore Startup India Fund of Funds 2.0 has been earmarked for startups developing AI-related products and services. The Department for Promotion of Industry and Internal Trade (DPIIT) recently notified the fund to mobilise venture and growth capital for the startup ecosystem.
Data Centres and Rupee Depreciation
Goyal also backed Maharashtra’s efforts to attract data centre investments, stating that Mumbai’s connectivity and submarine cable landing stations make it a preferred location. “Mumbai and Maharashtra are the best places for data centres,” he said. “Lakhs of crores of rupees will be generated in Mumbai and Maharashtra when the data centres are launched.” He added that while competition will emerge as data centres are needed nationwide, Mumbai remains the preferred location.
On the depreciation of the rupee from about ₹60 per US dollar in 2014 to ₹95.50 in 2026, Goyal remarked that currency exchange rates are influenced by international developments.
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