India’s exports hit a record $825B in FY25; Minister Goyal is confident of exceeding it in FY26 despite global challenges.
In a significant economic announcement, Commerce and Industry Minister Piyush Goyal declared that India is firmly on track to exceed $825 billion in total exports of goods and services in the fiscal year 2025-26 (FY26). This optimistic outlook comes despite a challenging global trade environment marked by ongoing geopolitical conflicts, including the Russia-Ukraine war, the Israel-Hamas war, and the Red Sea crisis.
Minister Goyal highlighted India’s remarkable resilience, noting that the nation achieved its highest-ever exports in 2024-25 (FY25), reaching an impressive $825 billion, a substantial increase from $778 billion in FY24. “India has always emerged as a winner in challenging times,” Goyal stated, expressing confidence that this year’s figures will be “much better.”
Separately, the Federation of Indian Export Organisations (FIEO) has offered an even more ambitious projection, forecasting that India’s total exports could soar by over 21 percent year-on-year to reach $1 trillion in FY26. FIEO President S.C. Ralhan attributed this potential surge to global buyers diversifying sourcing strategies amidst economic uncertainties. Specifically, FIEO projects merchandise exports to hit between $525 billion and $535 billion, and services exports to rise to $465–475 billion in FY26. Notably, services shipments were a major driver in FY25, reaching a record $386.5 billion.
In related news, Minister Goyal confirmed that proposed national e-commerce and retail trade policies remain under active discussion, acknowledging their interlinked nature. The Department for Promotion of Industry and Internal Trade (DPIIT) has engaged the National Traders’ Welfare Board for inputs on drafting the retail trade policy, aiming for a more contemporary framework.
Meanwhile, amidst this domestic optimism, the World Bank has maintained India’s GDP growth forecast for FY26 at 6.3 percent, as per its biannual South Asia Development update. Globally, the World Bank projects a weaker economic growth of 2.3 percent in 2025, marking the weakest growth in 17 years outside of an outright global recession scenario.
Source: PTI
