Commerce and Industry Minister Piyush Goyal has said that global trade is facing severe geopolitical headwinds, but India continues to emerge resilient and is well on track to exceed $825 billion in total exports of goods and services in 2025–26 (FY26).
Despite the impact of conflicts such as the Russia–Ukraine war, the Israel–Hamas war, and the Red Sea crisis, India recorded its highest-ever exports in 2024–25, reaching $825 billion, up from $778 billion in FY24.
“The world is going through severe geopolitical challenges. So, these are challenging times, but India has always emerged as a winner in challenging times and we did a record $825 billion in exports in 2024–25. This year, we hope to do much better,” Goyal told news agency PTI.
When asked whether India could exceed last year’s figures, he replied, “We will certainly be able to cross that.”
Goyal also said the proposed national e-commerce and retail trade policies remain under discussion, given their interlinked nature. “We did come out with certain ideas, but I think we will have to revise the policy to make it more contemporary, and it is under discussion,” he added.
The Department for Promotion of Industry and Internal Trade (DPIIT) has asked the National Traders’ Welfare Board to suggest inputs for drafting the national retail trade policy.
The Federation of Indian Export Organisations (FIEO) has projected that India’s total exports of goods and services may grow over 21 per cent year-on-year to reach $1 trillion in 2025–26.
FIEO President SC Ralhan said the expected growth may be driven by global buyers looking to diversify their sourcing strategies amid ongoing economic uncertainties.
According to FIEO, merchandise exports in FY26 are projected to grow by 12 per cent, reaching between $525 billion and $535 billion, compared to $437 billion in FY25. Services exports are expected to rise around 20 per cent to $465–475 billion from $387 billion in the previous financial year.
Services shipments rise over 13%
India’s exports of goods and services hit an all-time high of $825 billion in FY25, driven by a record surge in the shipments of services that reached $386.5 billion in the last fiscal despite global trade headwinds. Total exports were worth $778.13 billion in FY24. The main sectors that contributed to the growth in exports included telecommunication, computer and information services, transport, travel, and financial services.
World Bank keeps India’s growth forecast unchanged
The World Bank has kept India’s gross domestic product (GDP) growth forecast for FY26 unchanged at 6.3 per cent from its bi-annual South Asia Development update in April. The World Bank has projected the global economy to grow at 2.3 per cent in 2025, the weakest growth in 17 years, excluding the possibility of outright global recession.