India on track to
achieve $1 trillion export target this year: Piyush Goyal
THEBUSINESSBYTES BUREAU
NEW DELHI, NOVEMBER 13, 2026
India is well on track to achieve its ambitious $1 trillion export target
in the current year, with the country recording an all-time high exports of
nearly $90 billion in October 2026, including $50 billion in merchandise and
$40 billion in services exports, Union Commerce and Industry Minister Piyush
Goyal said on Friday.
Addressing the inauguration of the 45th India International Trade Fair
(IITF) 2026 at Bharat Mandapam here, Goyal said India's exports had reached an
unprecedented $570 billion during the first seven months up to October,
reflecting the resilience of the domestic economy and the growing
competitiveness of Indian businesses in global markets.
Expressing confidence in India's trade prospects, the minister projected
15-16 per cent growth in international trade during the current year despite
two ongoing wars, global volatility, geopolitical uncertainties and subdued
global trade growth, which is expected to remain around 3.5 per cent.
He called upon Indian businesses, manufacturers, exporters, artisans and
entrepreneurs to seize the opportunities offered by India's Free Trade
Agreements (FTAs) and strengthen their presence in international markets,
particularly in developed economies where markets are increasingly opening up
to Indian goods and services.
Goyal said the 45th edition of IITF represented five dimensions of the
country's progress — its economic strength, export potential, infrastructure
expansion, the vast demand generated by 1.4 billion people and India's rich
cultural diversity.
The fair has evolved into a major national and international platform,
bringing together more than 30 States and Union Territories, over 3,500
exhibitors and participants from 11 countries, he said.
Highlighting the new attractions, Goyal said the One District, One
Product Pavilion would showcase India's diverse strengths in handicrafts,
handloom, arts and food products, while the Hall of Inspiration would feature
600 startups and their innovations.
The IITF mobile application has also been introduced to help visitors
navigate the sprawling exhibition and identify exhibitors and products of
interest. Given the scale of the event, visitors would need two to three days
to explore the entire exhibition, he added.
Announcing a major infrastructure push, Goyal said the government would
soon launch the next phase of expansion of Bharat Mandapam, which would almost
double the existing exhibition space. The growing success of exhibitions and
trade events has made further expansion necessary to accommodate increasing
demand from exhibitors, he said.
The minister also announced plans to take IITF to international
destinations, with the India Trade Promotion Organisation (ITPO) preparing to
organise several overseas exhibitions, both sector-specific and
multi-dimensional. These platforms would help Indian manufacturers, service
providers and startups showcase their capabilities and access new markets,
especially countries with which India has signed FTAs.
Emphasising the importance of quality and sustainability in expanding
India's global trade footprint, Goyal said Indian businesses must adopt the
principle of 'Zero Defect, Zero Effect' to ensure that every Made-in-India
product meets high international standards while minimising environmental
impact.
He stressed the need to promote sustainable manufacturing, circular
economy practices, natural and biodegradable products, saying that economic
growth must go hand in hand with environmental protection.
Referring to the strength of domestic consumption, Goyal said the recent
festive season, covering Navratri, Dussehra, Dhanteras, Diwali, Govardhan Puja
and Bhai Dooj, had witnessed robust consumer demand and significantly higher
business activity across the country.
October GST collections had already touched an all-time high for the
month, and he expressed confidence that November would also register record
collections, reflecting the underlying strength of India's economy.
He said farmers, fishermen, workers, MSMEs, manufacturers, service
providers, artists, artisans and handloom and handicraft producers were all
contributing to the country's economic progress, with opportunities expanding
across traditional retail, e-commerce and organised businesses.
Pointing to the growing export potential of India's diverse products,
Goyal cited the export of kiwi fruit from Arunachal Pradesh and Sindhuri
pomegranates from Kullu to Dubai as examples of how local products could access
international markets. He urged exhibitors to identify products with export
potential and take advantage of the opportunities created by India's trade
agreements.
The minister also highlighted India's progress in poverty reduction,
saying nearly 50 crore people had been brought out of extreme poverty over the
past 12 years. He said rising aspirations for better education, healthcare,
skills and quality of life were driving the country's growth, supported by its
young population and expanding entrepreneurial ecosystem.
Underscoring India's long-term economic ambitions, Goyal said the
country's current $4 trillion economy aspired to grow into a $30 trillion
economy by 2047, when India would celebrate 100 years of Independence. The
country's demographic strength, expanding businesses and growing export
capabilities would be crucial to achieving the vision of Viksit Bharat, he
said.
Goyal also stressed that India's development journey must remain rooted
in its heritage, traditions and cultural identity. Development, he said, would
be incomplete without preserving and promoting the country's rich
civilisational legacy.
Referring to the recently approved Yuge Yugeen Bharat Museum in the North
Block and South Block complex, he said the world's largest museum would
showcase India's thousands of years of history, cultural diversity, traditions
and contributions to global civilisation.
Recalling that India had once accounted for more than 30 per cent of the
global economy, Goyal said understanding the country's historical achievements
and civilisational contributions was essential to reclaiming its rightful place
among leading nations.
He described the 45th IITF as a significant leap towards Viksit Bharat 2047, saying the event would set new benchmarks in showcasing India's products, services, arts and culture to the world.
The minister said coordinated efforts by ITPO, the Ministry of Commerce and Industry, State Governments and other Central ministries under a whole-of-government approach would create greater opportunities for Indian entrepreneurs and businesses in international markets.
Goyal formally declared the 45th India International Trade Fair 2026 open, urging all stakeholders to actively participate in India's journey towards economic prosperity and greater global engagement.
