India on Track to Hit USD 1 Trillion Export Target, Says Piyush Goyal

Union Minister Piyush Goyal confirms India is on track to reach its USD 1 trillion export target for the current fiscal year, bolstered by strong trade growth, new EU partnerships, and rising manufacturing interest from Japan and Europe.

India Confident in Achieving Export Goals

Union Commerce and Industry Minister Piyush Goyal on Tuesday said India is on track to achieve its USD 1 trillion export target in the current financial year, with exports reaching around USD 480 billion in the first six months. Addressing the curtain-raiser event for Bharat Mobility Global Expo 2027, Goyal said, "Our USD 1 trillion export target this year is sacrosanct. We have to achieve it."

"We are already at about USD 480 billion. Well on track. The first six months are normally less than the next six months," he added. The minister also indicated that October's export figures, scheduled to be released on November 15, could show strong growth. "You are in for a surprise when you hear the number of October," he said, adding that India was well on track to achieve the target.

According to the Ministry of Commerce and Industry, India's combined merchandise and services exports stood at USD 476.20 billion during April-September 2026-27, registering a growth of 13.84 per cent over the corresponding period last year.

Expanding Global Trade and Strategic Partnerships

Highlighting opportunities from India's trade agreements, Goyal said the 27-nation European Union market could become accessible at zero duty by March or April, while negotiations with another seven or eight countries were underway. "So as things stand, you will have preferential access for almost 75% of global GDP from India," he said.

Automotive Sector and International Investment

Speaking about the automobile sector, Goyal said European car manufacturers were looking at India as a potential manufacturing base for domestic and international markets. He said European manufacturers could initially introduce a limited number of models to test demand in India before deciding to shift manufacturing operations to the country. "Once we're able to finalise what has appetite in India, then we'll bring that car manufacturing to India, not only for India, but for the world," he said.

The minister also highlighted growing investment interest from Japan, saying Japanese companies were exploring large-scale partnerships with Indian manufacturers. "Billion-dollar investments to come into India and manufacture here for the world. That's the level of interest that different industries are witnessing just from Japan," he said.

Bharat Mobility Global Expo 2027

Turning to Bharat Mobility Global Expo 2027, Goyal expressed confidence that the exhibition could become the world's largest in terms of size and visitors. He suggested targeting at least 25,000 international visitors out of the one million visitors expected at the event. "My own sense is, from what I can see, this will become the world's largest in size, the world's largest in terms of visitors, both domestic and foreign," he said.

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