India's Exports Near $870 Billion Target: Piyush Goyal

India's Exports Near $870 Billion Target: Piyush Goyal

India’s exports reached $825 billion in FY 2024–25, and the government is aiming for $870 billion in FY 2025–26. Commerce Minister Piyush Goyal said the export outlook remains strong despite global challenges, thanks to a resilient economy and new trade deals.

Key Highlights:

     1)Strong Growth: Exports grew over 6% year-on-year. Over the past decade, exports grew at a 5.8% CAGR, with electronics leading at 20% CAGR.

      2)Post-Covid Recovery: Goods exports grew 6.9% CAGR (2019–2025), while services exports rose 12% CAGR (2019–2023).

      3)Future Outlook: Goods exports are expected to grow 5–6%, and services 9–10% this year.

      4)Focus Areas: India is pushing for value-added and labour-intensive exports to boost jobs and growth.

Role of FTAs:

        1)New Free Trade Agreements (FTAs) with the UAE and Australia have boosted exports significantly

       2)Exports to Australia grew from $3B to over $8B at a 25% annual rate.

       3)Services exports to the UAE nearly doubled in 4–5 years.

       4)FTAs with EFTA and the UK are also showing positive signs.

       5)Older FTAs with Japan and South Korea are under review due to limited benefits for India, especially in services.

Policy Approach:

       FTAs now focus on national interest and include stakeholder consultations to ensure better outcomes.

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