Deepening trade ties, FTA utilisation key to India's USD 1 trillion export target: CII's Sanjay Budhia
India aims for one trillion dollars in exports by 2026-27. This ambitious goal requires significant growth in both goods and services. Deepening engagement with current partners is crucial for reaching this target. Diversifying into new and emerging markets will also be important. Maximizing trade agreements will further support export expansion.
Sanjay Budhia, Chairman of the CII National Committee on Exports, emphasized the importance of strengthening existing trade relationships, exploring emerging markets, and making full use of existing free trade agreements to attain India's ambitious USD 1 trillion export target for the fiscal year 2026-27.
According to Budhia, the commerce ministry has set this target, which includes approximately USD 530 billion in merchandise and USD 470 billion in services exports. In the previous fiscal year, India's exports of goods and services reached an unprecedented USD 863.1 billion, with merchandise exports amounting to USD 441.8 billion and services exports reaching USD 421.3 billion.
Budhia highlighted that achieving the target would necessitate a growth of 15.86 percent in total exports, with merchandise exports needing to increase by 19.96 percent and services exports by 11.56 percent. To achieve this goal, it is crucial to deepen engagement with existing partners, diversify into new and emerging markets, and optimize the utilization of trade agreements concluded by the government.
India's principal trading partners encompass the United States, China, the United Arab Emirates, Russia, Saudi Arabia, Singapore, Germany, Indonesia, and the Netherlands. In recent times, India has finalized trade agreements with the European Union, the United Kingdom, Oman, the UAE, Australia, the EFTA bloc, and New Zealand.
Commerce and Industry Minister Piyush Goyal had previously stated that the government's export drive would be supported by an expanding network of free trade agreements, reduced logistics costs, and enhancements in the ease of doing business. During the first four months of the current fiscal year, exports grew by around 15 percent, and the annual target is deemed ambitious but achievable if the momentum is maintained.
Patton International Ltd, a government-recognized export house with eight modern manufacturing plants in West Bengal, employs more than 3,500 individuals and manufactures high precision engineering components for top conglomerates such as ABB, EATON, and Emerson. On August 28, the company was honored with the prestigious Eaton Global Supplier Excellence Award 2026 for exceptional performance in quality, delivery, innovation, and operational excellence.
This award underscores the dedication of the Patton team and reinforces their commitment to world-class quality, innovation, and customer satisfaction.
Written by urgent.news from The Economic Times - Economy's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
