Confident of hitting $1 trn exports target in FY27, says Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal affirmed on October 8 that India is on track to achieve its ambitious $1 trillion export target for the current fiscal year, despite global economic volatility. Speaking at a Confederation of Indian Industry (CII) event, Goyal forecasted an export growth of around 16%, substantially surpassing the projected global trade expansion of 2.5% to 3%.

India's exports reached $863 billion in the previous fiscal year, Goyal reported. On October 7, the GST Council proposed to expand export refund rules, potentially benefitting over 38,000 exporters with additional liquidity. Goyal emphasized that India's export performance in the first half of the fiscal year, with combined goods and services exports at $82.68 billion—a 25% year-on-year increase—supported the government's aggressive target.

Services exports were projected at $38.87 billion, resulting in a surplus of $17.45 billion, while the overall trade deficit was $9.41 billion. Goyal credited India's economic robustness to its 63 million micro, small, and medium enterprises (MSMEs), global capability centers, emerging technology businesses, and approximately 250,000 startups.

He urged the CII to set up free trade agreement (FTA) utilization desks at its state councils to aid smaller businesses in discovering export opportunities, understanding rules of origin, and participating in international trade delegations. Goyal also reiterated India's confidence in expanding its GDP growth beyond 7% in the fiscal year, as recently revised by the Reserve Bank of India to 7.1% from 6.7%.

The minister highlighted structural reforms, GST, and Digital India as key contributors to economic progress. Goyal cited Prime Minister Narendra Modi, citing digital initiatives that generated savings exceeding Rs5 lakh crore over a decade. He stressed India's commitment to technological advancements to foster employment opportunities rather than viewing innovation as a threat.

Goyal underscored the significance of international trust, higher global standards, and cooperation between the government and industry in realizing India's aspirations of becoming a developed nation by 2047.