India on track for $1 trillion exports in FY27: Piyush Goyal
“I am confident that Indian exporters are on track to achieve the target I have set for FY27. I am confident that we will achieve this with FTAs (free trade agreements) and ease of doing business,” he told ET.
Read more: Exports increased by 18% in May, reaching the highest level in the last 6 months; trade deficit widening
The minister also said that India and the US have finalized the framework of their proposed trade agreement, but the agreement will not come into force until India gets customs advantage over rival exporting countries.
“We cannot implement the FTA until we gain competitive advantage,” he said. “The issue currently pending is that our duties should be lower compared to competing countries; “Once this issue is resolved, the trade agreement will be implemented.”
Last month, Goyal said India had set a target of reaching $1 trillion in exports this year.
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Startup Support for AI
The minister said that the goal for the next five years will be to reach the target of $2 trillion per year. India’s cumulative exports, including goods and services, are estimated to be $162.69 billion during April-May 2026-27, an increase of 14.66% from $141.89 billion in the previous year, according to data from the ministry of commerce and industry.
Beyond trade negotiations aimed at boosting exports, Goyal also emphasized that New Delhi will seek to strengthen India’s competitiveness in emerging sectors such as artificial intelligence. He said the majority of the Startup India Fund of Funds 2.0 worth Rs 10,000 crore has been earmarked for startups developing AI-related products and services.
The Department for Promotion of Industry and Internal Trade recently notified the fund to mobilize risk and growth capital for the country’s startup ecosystem. Supporting Maharashtra’s efforts to attract data center investments, the minister said Mumbai’s connectivity and submarine cable landing stations make it a preferred location for such projects. “Mumbai and Maharashtra are the best places for data centres,” he said. Although there will be competition as data centers will be needed all over the country and data will be generated everywhere, “Mumbai is a preferred location,” Goyal said.
Praising the state’s policy to promote data centres, he said, “Once data centers become operational, billions of rupees will be generated in Mumbai and Maharashtra.” With the rupee depreciating from around ₹60 against the US dollar in 2014 to ₹95.50 in 2026, Goyal said exchange rates are affected by international developments.
