India on track for USD 1-trillion export target despite global volatility: Piyush Goyal

India is "well on track" to achieve its USD 1 trillion export target for the current financial year ending March, notwithstanding disruptions caused by geopolitical uncertainties, Union Minister of Commerce and Industry Piyush Goyal said on Friday (November 13).

Addressing a gathering at the inauguration of the 45th India International Trade Fair (IITF) 2026 at Bharat Mandapam in New Delhi, Goyal highlighted that India recorded all-time high exports of nearly USD 90 billion in October 2026 — comprising roughly USD 50 billion in merchandise and USD 40 billion in services.

Describing the figures as a historic milestone, he noted that cumulative exports during the first seven months up to October reached an unprecedented USD 570 billion.

"We are well on track to achieve the one trillion dollar target this year with a seven month performance up to October now showing an export of USD 570 billion in seven months," Goyal said.

He expressed confidence that India's international trade would expand by 15–16 per cent this year, despite two ongoing wars, global volatility and subdued worldwide trade growth projected at around 3.5 per cent. This resilience, he added, reflects the strength of India's economy and the determination of its exporters.

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Leveraging global trade pacts

Goyal called upon Indian businesses, manufacturers, artisans and entrepreneurs to capitalise on India's Free Trade Agreements (FTAs) as developed markets increasingly open up to Indian goods and services. Seizing these opportunities, he emphasised, is vital to India's goal of becoming a developed nation by 2047.

Highlighting emerging export frontiers, the minister pointed to Arunachal Pradesh kiwi s— where shipments were previously negligible — and Kullu's Sindhuri pomegranates reaching Dubai. He urged exhibitors at IITF to identify high-potential products and actively access international markets.

To bolster global outreach, Goyal announced that the India Trade Promotion Organisation (ITPO) will take IITF overseas through sector-specific and multi-dimensional international fairs, giving domestic startups and exporters direct access to FTA partner markets.

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Expanding Bharat Mandapam

Observing that IITF has evolved into a national platform showcasing India's economy, infrastructure, diversity and 1.4 billion-strong consumer base, Goyal said that over 3,500 exhibitors from more than 30 states and Union Territories, alongside 11 countries, are participating this year. Key highlights include the One District, One Product Pavilion and the Hall of Inspiration, featuring 600 startups.

Given rising demand, the government will soon launch the next phase of expansion at Bharat Mandapam to nearly double its exhibition space. Visitors can use the IITF mobile app to navigate the venue, which Goyal noted requires two to three days to explore fully.

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Quality and domestic momentum

Stressing that global competitiveness rests on quality and sustainability, Goyal urged manufacturers and service providers to adopt the "Zero Defect, Zero Effect" principle, champion circular economy practices and prioritise natural, biodegradable products.

He also pointed to robust domestic momentum following strong festive season demand across Navratri, Dussehra, Dhanteras, Diwali, Govardhan Puja and Bhai Dooj. October Goods and Services Tax (GST) collections hit a record high for the month, with November expected to follow suit.

From farmers, fishermen and MSMEs to neighbourhood kirana stores, e-commerce platforms and major brands, Goyal said every segment of the economy is demonstrating renewed confidence and contributing to India's growth story.

(With agency inputs)