India Requires Structural Transformation To Meet $2 Trillion Export Target By FY31

New Delhi: Achieving India's ambitious $2 trillion export target by FY31 will necessitate a comprehensive restructuring of the nation's manufacturing and trade infrastructure, according to Commerce Ministry Additional Secretary Yashvir Singh. During a speech at the CII Manufacturing Conclave, Singh highlighted that while India's total exports reached a record $863 billion in FY26, up from $468 billion in 2014-15, this progress is insufficient to meet the $2 trillion goal.

Singh emphasized that to attain this target, India must undergo significant structural transformation, rather than merely incremental improvements. He cautioned against the China-plus-one strategy, urging India to become a trusted and resilient manufacturing partner offering transparent and dependable supply chains. The Commerce Secretary also underscored the multilateral trade order's current state of realignment and the challenges facing the WTO, citing the ongoing ministerial conference and the body's inaction as indicative of these challenges.

Singh further warned about the weaponization of export restrictions on critical minerals and the creation of technology choke points, which are increasingly being used as tools of geopolitical strategy.