Union Minister of Commerce and Industry Piyush Goyal has expressed confidence that India will achieve its ambitious USD 1 trillion export target in the current financial year, citing strong export performance during the first half of FY2026-27.
Speaking at the curtain-raiser event for the Bharat Mobility Global Expo 2027 on Tuesday, Goyal said India had already achieved approximately USD 480 billion in exports during April-September and remained well on course to meet the annual target.
“Our USD 1 trillion export target this year is sacrosanct. We have to achieve it,” the minister said, noting that exports generally gather greater momentum during the second half of the financial year.
According to the Ministry of Commerce and Industry, India’s combined merchandise and services exports reached USD 476.20 billion during April-September 2026-27, compared with the corresponding period last year, marking a growth of 13.84 per cent.
Goyal also indicated that October export figures, scheduled for release on November 15, could exceed expectations, expressing optimism about the country’s export momentum.
Trade Agreements to Expand India’s Global Market Access
Highlighting the growing opportunities emerging from India’s trade agreements, the minister said Indian exporters could gain zero-duty access to the 27-nation European Union market by March or April.
He added that negotiations with another seven or eight countries were underway, potentially giving India preferential access to markets representing nearly 75 per cent of global GDP.
The expanded market access is expected to strengthen India’s export competitiveness and create fresh opportunities for domestic manufacturers and exporters across sectors.
European Automakers Explore India as Global Manufacturing Hub
Goyal also highlighted growing interest among European automobile manufacturers in establishing India as a manufacturing base to serve both domestic and international markets.
He said European companies could initially introduce selected vehicle models to assess market demand before considering manufacturing operations in India.
Once demand is established, manufacturers could shift production to India, serving not only the domestic market but also global markets.
The minister further pointed to increasing investment interest from Japan, with Japanese companies exploring large-scale partnerships with Indian manufacturers.
He indicated that billion-dollar investments could flow into India to establish manufacturing operations catering to global demand.
Bharat Mobility Global Expo 2027 Targets One Million Visitors
Speaking about the Bharat Mobility Global Expo 2027, Goyal said the event had the potential to become the world’s largest mobility exhibition in terms of both exhibition size and visitor participation.
With an overall target of one million visitors, he suggested that the organisers should aim to attract at least 25,000 international visitors.
The expo is expected to provide a major platform for showcasing India’s growing capabilities in automobile manufacturing, mobility technologies and the wider automotive ecosystem, while strengthening international business partnerships.
India’s export ambitions, expanding trade partnerships and growing global manufacturing interest are expected to play an increasingly important role in positioning the country as a major hub for global trade and industrial production.