Union Commerce and Industry Minister Piyush Goyal on Friday said that despite the tariffs, India’s exports this year are likely to exceed those of last year.
Addressing a curtain raiser event of Bharat Buildcon 2026 in New Delhi, the Union Minister said, “If any country wants to enter into a free trade agreement with us, we are always ready. But I believe that any form of discrimination affects the self-confidence and self-respect of India’s 1.4 billion citizens. Keeping that in mind, we will neither bow down nor ever appear weak. Together, we will continue moving forward and capture new markets. I can confidently say that this year our exports will surpass last year’s.”
According to data from Ministry of Commerce & Industry, in the last fiscal year, India’s total exports have touched an all-time high of USD 824.9 billion. This was a growth of 6.01% over USD 778.1 billion of exports in 2023-24, which was a new milestone for India’s exports. The FY 2024-25 exports had exceeded government’s initial anticipation of USD 800 billion to USD 824.9 billion.
The government has set a target of USD 1 trillion of exports in the current financial year 2025-26.
According to data by the ministry, the overall exports stood at USD 68.25 billion in July 2025, marking a growth from the same month of the previous year at USD 65.31 billion.
The cumulative exports (merchandise & services) during April-July 2025 are estimated at USD 277.63 billion, as compared to USD 263.83 billion in April-July 2024, an estimated growth of 5.23%.
The cumulative value of merchandise exports during April-July 2025 was USD 149.20 billion, as compared to USD 144.76 billion during April-July 2024, registering a positive growth of 3.07%.
The Minister said that India’s share in the global exports is minimal. He criticised analysts who portrayed pessimistic picture of India’s exports due to US tariffs and their negative impact on the Indian economy.
Citing the situation faced by the Indian economy during Covid pandemic and economic sanctions of the US in 90s, Goyal said analysts should understand that India is an import-dependent economy, so lesser exports to US will have minimal impact on India.
“Our share in the global market is so small – why should we be afraid? I don’t know how these analysts write such things without realising that India is an import-dependent economy. During the Covid pandemic, when there was a crisis, the government stood firm, and India’s industrial sector managed even a pandemic like Covid, and also handled nuclear sanctions. After all that, if there’s a 2% impact on India’s GDP, and even within that, 40% of the items aren’t even covered,” the Minister said.
He expressed confidence that the recent trade agreements with developed countries, including Australia, the UAE, Switzerland, Norway, Liechtenstein, Iceland, and the UK, with negotiations ongoing with the European Union and others, will further open global opportunities for Indian industries such as construction, steel, and allied sectors and help Indian economy grow.
(With agency inputs)