Commerce and industry minister Piyush Goyal said on Saturday that India is on track to meet its $1 trillion exports target in FY27, despite disruptions caused by the West Asia crisis. He noted that the country has already achieved over 15% of the target. Goyal expressed confidence that Indian exporters are well on the path to achieving the goal, crediting free trade agreements (FTAs) and improved ease of doing business. He added that India has set the goal of reaching $2 trillion a year in exports over the next five years. The minister said India and the US have finalised the framework for their proposed trade agreement, but the deal will not take effect until India secures a tariff advantage over competing exporting nations. He stated that the FTA cannot be implemented until Indian duties are lower than those of competing nations. According to commerce and industry ministry data, India's cumulative exports, including merchandise and services, during April-May 2026-27 are estimated at $162.69 billion, up 14.66% from $141.89 billion a year earlier. Goyal also stressed strengthening India's competitiveness in emerging sectors such as artificial intelligence. A majority of the Rs 10,000-crore Startup India Fund of Funds 2.0, recently notified by the Department for Promotion of Industry and Internal Trade (DPIIT), has been earmarked for startups developing AI-related products and services. Backing Maharashtra's data centre push, the minister said Mumbai's connectivity and submarine cable landing stations make it a preferred location, and that lakhs of crores of rupees will be generated when data centres are launched. On the rupee, which depreciated from about Rs 60 to the dollar in 2014 to Rs 95.50 in 2026, Goyal said exchange rates are influenced by international developments.
India on Track for $1 Trillion Exports in FY27, Says Piyush Goyal
Piyush Goyal said India is on track to meet its $1 trillion exports target in FY27, having achieved over 15%, aided by FTAs and ease of doing business. India-US trade framework is finalised but pending a tariff advantage. April-May FY27 exports rose 14.66% to $162.69 billion.
Key facts
- India is on track to meet its $1 trillion exports target in FY27, with over 15% already achieved, despite West Asia crisis disruptions.
- Goyal credited free trade agreements (FTAs) and ease of doing business; the next five-year goal is $2 trillion a year.
- India and the US have finalised the trade agreement framework, but it will not take effect until India secures a tariff advantage over competing nations.
- Cumulative exports (merchandise and services) in April-May 2026-27 are estimated at $162.69 billion, up 14.66% from $141.89 billion a year earlier.
- A majority of the Rs 10,000-crore Startup India Fund of Funds 2.0, notified by DPIIT, is earmarked for AI-related startups.
- Mumbai and Maharashtra are seen as preferred locations for data centres due to connectivity and submarine cable landing stations.
6-axis classification
Appears in these topics
Practice MCQ from this story
SolveTap an option below. Correct or incorrect feedback appears instantly.
With reference to Piyush Goyal's recent statements on India's exports, consider the following statements:\n1. India has set a target of achieving $1 trillion in exports in FY27.\n2. India and the US have finalised the framework for their proposed trade agreement, but it will take effect only after India secures a tariff advantage over competing nations.\nWhich of the statements given above is/are correct?
Both statements are correct. Goyal stated that India has set a target of $1 trillion in exports in FY27 (over 15% already achieved). He also said the India-US trade agreement framework has been finalised, but the FTA cannot be implemented until India secures a tariff advantage, with duties lower than competing exporting nations.
Source: The Economic Times
Frequently asked questions
What is India's exports target for FY27?
India has set a target of $1 trillion in exports for FY27, of which over 15% has already been achieved, according to commerce minister Piyush Goyal.
What is the status of the India-US trade agreement?
India and the US have finalised the framework for the agreement, but it will not take effect until India secures a tariff advantage with duties lower than competing exporting nations.
How much did India's exports grow in April-May 2026-27?
Cumulative exports of merchandise and services are estimated at $162.69 billion, up 14.66% from $141.89 billion a year earlier.
What is the Startup India Fund of Funds 2.0?
It is a Rs 10,000-crore fund notified by DPIIT to mobilise venture and growth capital, with a majority earmarked for startups developing AI-related products and services.
Was this useful?
Share corrections or missing exam angles with the editorial team.
Send feedback