India sets an ambitious target to reach $1 trillion in exports this year, boosting trade links through new free trade agreements and emphasising fair trade, recycling, and a circular economy, as the country eyes a $30 trillion economy by 2047.
India is aiming to lift exports to $1 trillion this year, with Commerce and Industry Minister Piyush Goyal urging businesses to pair that ambition with fair trading practices, wider recycling and reuse and a stronger push towards a circular economy.
Speaking at the opening of Bharatiya Vyapari Mahotsav 2026 in New Delhi, Goyal said India’s roughly $4 trillion economy still has room to expand sharply as the country works towards a $30 trillion economy by 2047. He said the government’s trade strategy is helping widen access to foreign markets, pointing to a growing web of free trade agreements that now links India with 38 developed economies.
According to reporting by Mint, India’s FTA network now covers more than two-thirds of global trade, with five more deals expected to become operational within 12 months. The paper said India is also negotiating agreements with Chile, the Maldives, the Gulf Cooperation Council, Canada, Eurasia, Mexico, the Southern African Customs Union and Mercosur, underscoring the breadth of the government’s market-access push.
Goyal said India’s goods and services exports reached a record $863 billion last year, including $442 billion in merchandise and $421 billion in services. That figure implies the government needs a jump of about $137 billion to hit its new target, a rise of roughly 16% to 17%, according to The Times of India and The Economic Times.
The minister framed the export drive as part of a broader national project tied to Atmanirbhar Bharat, or self-reliant India, and said the exhibition was meant to showcase the country’s capabilities in sectors ranging from space technology to defence. The event is being organised by the Confederation of All India Traders and the India Trade Promotion Organisation under the theme “Made in India, Made for India, Made for the World.”
Minister of State for Commerce and Industry Jitin Prasada also said technology and trade were the two main engines of economic growth. He highlighted the agreements struck under Prime Minister Narendra Modi, including with developed economies such as the European Union, and said Indian traders should work more closely with partners in FTA countries to capture the gains.
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