India is on track to become a US$ 1 trillion export economy by FY26, according to Union Minister of Commerce and Industry, Mr. Piyush Goyal. Driven by robust growth in services exports and resilient global demand, India achieved its highest-ever total exports of ₹70.55 lakh crore (US$ 825 billion) in FY25.
Despite multiple global disruptions- including the Russia-Ukraine war, Israel–Hamas conflict, and the Red Sea crisis- India’s economy has shown remarkable strength, continuing its upward export trajectory.
Key Highlights:
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FY25 Total Exports: ₹70.55 lakh crore (US$ 825 billion), the highest ever recorded
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FY24 Total Exports: ₹66.53 lakh crore (US$ 778 billion)
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FY26 Target: Over ₹85.52 lakh crore (US$ 1 trillion), a projected growth of 21%
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Merchandise Exports Forecast FY26: ₹44.89 – ₹45.75 lakh crore (US$ 525–535 billion), up 12%
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Services Exports Forecast FY26: ₹39.76 – ₹40.62 lakh crore (US$ 465–475 billion), up 20%
Strong Resilience Amid Global Disruptions
Union Minister of Commerce & Industry, Mr. Piyush Goyal, stated that India’s robust export growth in FY25 reflects economic resilience in the face of international challenges such as the Russia-Ukraine war, Israel–Hamas conflict, and Red Sea shipping disruptions. He expressed confidence that India will not only maintain this momentum but will also exceed its FY25 performance in FY26.
Services Sector: The Growth Engine
India’s services exports hit a record ₹33.05 lakh crore (US$ 386.5 billion) in FY25. Key contributors included:
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Telecommunications and IT services
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Transport and travel services
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Financial and professional services
Global companies increasingly view India as a preferred sourcing destination, fueling further services export growth.
Policy Updates and Economic Outlook
The Department for Promotion of Industry and Internal Trade (DPIIT) continues discussions on upcoming national e-commerce and retail trade policies, engaging with stakeholders like the National Traders’ Welfare Board to streamline domestic and international trade frameworks.
Meanwhile, the World Bank has retained India’s GDP growth forecast at 6.3% for FY26, positioning India as a standout performer amid global economic uncertainty. Global GDP is forecast to grow at just 2.3%, its weakest pace in nearly two decades outside of recessions.
Why This Matters for India’s Export Sector
With strategic policy reforms, a booming services sector, and resilient supply chains, India is poised to become a US$ 1 trillion export economy. For businesses and investors, this presents a major opportunity to align with India’s global trade expansion across sectors including technology, logistics, finance, and e-commerce.
Source: IBEF