Piyush Goyal Outlines Plan To Scale Exports To USD 2 Trillion By FY31

New Delhi, Apr 30 (KNN) India has outlined a roadmap to more than double its exports to USD 2 trillion by FY31, with a strong focus on MSMEs, agriculture, certification systems and promotion of ‘Brand India’, Union Commerce and Industry Minister Piyush Goyal said.

India’s total exports stood at a record USD 860.1 billion in FY26, comprising merchandise exports of USD 441.78 billion and services exports of USD 418.31 billion.

The government’s target envisages USD 1 trillion each from merchandise and services exports.

Structured export strategy

The Department of Commerce has developed a structured export monitoring framework, breaking down the overall target into sector-wise action plans covering engineering goods, textiles, electronics, pharmaceuticals, chemicals and services.

During a high-level review meeting, Piyush Goyal emphasised that achieving the target would depend on clearly defined action points with timelines, strong inter-departmental coordination and an IT-enabled monitoring system to track progress.

Each sectoral plan has been assigned to nodal officers and linked to key performance indicators with short-, medium- and long-term goals.

Focus on MSMEs and export ecosystem

The Minister also reviewed the implementation of the Export Promotion Mission (EPM), an MSME-focused initiative aimed at addressing export bottlenecks and enabling inclusive growth.

The mission includes two key components i.e. Niryat Protsahan, which is focused on access to trade finance and Niryat Disha which is focused on market access.

Key measures under the mission include interest subvention, export factoring, credit support for e-commerce exporters, collateral assistance, risk-sharing mechanisms, and support for testing, inspection, certification, logistics and warehousing.

Relief measures and outreach

The government is also implementing a relief scheme under the mission to support exporters impacted by the ongoing West Asia conflict.

Piyush Goyal directed export promotion councils, commodity boards and Directorate General of Foreign Trade (DGFT) regional offices to enhance outreach efforts, particularly targeting first-time exporters and MSMEs.

Strengthening ‘Brand India’

The Minister stressed the need to strengthen ‘Brand India’ as a unified platform for export promotion and called for a three-year calendar of trade fairs, buyer-seller meets, and global trade delegations.

He also highlighted the importance of improving overseas warehousing, logistics infrastructure, and testing and certification systems to enhance the global competitiveness of Indian exporters.

The initiative is expected to play a key role in diversifying export markets, boosting MSME participation, and sustaining long-term growth in India’s external trade.

(KNN Bureau)