Overview
- Commerce Minister Piyush Goyal announced the $1 trillion goal at the Board of Trade meeting on July 3, 2026 and framed it as a national priority for states and industry.
- To reach the target the government expects merchandise exports to rise to about $530 billion (16–17% growth) and services to about $470 billion (around 11% growth).
- Early-quarter data presented at the meeting showed about 15% year-on-year growth in goods exports and roughly 11% growth in services for April–June, which officials said indicates early momentum.
- The plan will lean on recently operational and imminent FTAs — Oman (effective June 1), the UAE (operational) and the India–UK pact (zero-duty access for 99% of Indian goods from mid-July) — plus a seven-point agenda covering testing, branding, state alignment and export promotion missions.
- Exporters warned that the target will hinge on restoring export credit, cutting high freight and container costs, and scaling firm quality and overseas branding, and the government said addressing those finance and logistics gaps is essential for delivery.