“I am confident that Indian exporters are well on the path to achieve the target I have set for FY27. With the FTAs (free trade agreements) and ease of doing business, I am certain we will achieve it,” he told ET.
Read more: Exports rise 18% to 6-month high in May; trade deficit widens
The minister also said India and the US have finalised the framework for their proposed trade agreement, but the deal will not take effect until India secures a tariff advantage over competing exporting nations.
“We cannot implement the FTA until we secure a competitive advantage,” he said. “The issue currently pending is that our duties need to be lower compared to those of competing nations; once this is settled, the trade agreement will be implemented.”
Goyal had said last month that India has set a target of achieving exports worth $1 trillion this year.
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Startup Boost for AI
The goal for the next five years would be to hit the $2 trillion a year mark, the minister said. India’s cumulative exports, including merchandise and services, during April-May 2026-27 is estimated at $162.69 billion, up 14.66% from $141.89 billion a year earlier, according to data from the commerce and industry ministry.
Beyond trade negotiations aimed at boosting exports, Goyal also stressed that New Delhi will look to strengthen India’s competitiveness in emerging sectors such as artificial intelligence. A majority of the ₹10,000-crore Startup India Fund of Funds 2.0 has been earmarked for startups developing AI-related products and services, he said.
The Department for Promotion of Industry and Internal Trade recently notified the fund to mobilise venture and growth capital for the country’s startup ecosystem. Backing Maharashtra’s efforts to attract data centre investments, the minister said Mumbai’s connectivity and submarine cable landing stations make it a preferred location for such projects. “Mumbai and Maharashtra are the best places for data centres,” he said. While there will be a competition as data centres will be needed all over the country and data is generated everywhere, “Mumbai is a preferred location,” Goyal said.
“Lakhs of crores of rupees will be generated in Mumbai and Maharashtra when the data centres are launched,” he said, praising the state’s policy to encourage data centres. On the depreciation of the rupee from about ₹60 to the US dollar in 2014 to ₹95.50 in 2026, Goyal said currency exchange rates are influenced by international developments.