India Targets $1 Trillion in Exports After 14% Growth in First Half, Says Piyush Goyal

The $1 trillion target

Commerce and Industry Minister Piyush Goyal said on Tuesday, 3 November 2026, that India was targeting $1 trillion in exports in the current financial year, expressing confidence that the goal would be achieved. He was delivering the keynote address at the Young Leaders Discourse Forum at Kirori Mal College in New Delhi.

Goyal said India had recorded its highest-ever exports of $863 billion last year. The $1 trillion target represented growth of around 16 per cent, despite an initially subdued outlook for global trade. He said India could have opted for a $900 billion export target, representing around 5 per cent growth, but chose a more ambitious goal.

Addressing students, Goyal described the goal of a developed India by 2047 as non-negotiable. He said today's young people would be the architects of India's journey towards becoming a developed nation, and urged them to embrace ambitious goals.

First-half numbers and the road ahead

Exports grew 14 per cent to $480 billion during April–September, the first six months of the financial year. With exports reaching $480 billion in the first six months, the country would need another $520 billion during the remainder of the financial year to meet the annual target. Goyal added that October had also been a good month.

Goyal said the International Monetary Fund had projected global trade growth of 1.9 per cent in April–May. India could have settled for a far lower target in that environment, he said, but chose the more ambitious $1 trillion goal. He noted that the IMF had subsequently revised its global trade growth projection to around 3.5 per cent and suggested that India's export performance could have contributed to the revision.

Trade deals and the 2047 goal

Goyal said India had emerged as a trusted global partner, with countries across regions keen to enter into preferential trade agreements and free trade agreements with it. He attributed the country's growth prospects to its talent pool, young population, democratic system, leadership and demand for quality goods and services from 140 crore people.

Referring to a recent World Bank report, Goyal said around 50 crore Indians had moved out of extreme poverty and were working to improve their lives. He also highlighted India's international assistance during crises, including the supply of vaccines and medicines during the COVID-19 pandemic and relief and rehabilitation support to other countries, saying such efforts had strengthened global trust in India.

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