New Delhi: Union Commerce and Industry Minister Piyush Goyal on Wednesday said India achieved record exports worth $863 billion despite global economic headwinds and has now set an ambitious target of reaching $1 trillion in exports during the current financial year.
Addressing the LEAPS Awards 2025 ceremony and the release of the LEADS 2025 report here, Goyal said India’s growing global trade footprint, infrastructure push and logistics reforms are helping the country emerge as a stronger and more competitive economic power.
The Minister said India has signed nine Free Trade Agreements (FTAs) over the last three-and-a-half years, covering 38 developed and prosperous economies. Of these, four agreements are already operational, while five more are expected to come into force over the next 12 months. Along with earlier trade agreements with Japan, Korea and ASEAN nations, these FTAs now account for more than two-thirds of global trade and economic activity, he said.
Goyal added that India is actively negotiating trade agreements with several countries and regions, including Chile and Maldives, with both expected to be concluded before the end of the year. Talks are also underway with the Gulf Cooperation Council (GCC), covering Saudi Arabia, Qatar, Kuwait, Bahrain, Oman and the UAE, besides negotiations with Canada, Eurasia, Mexico, SACU and Mercosur.
Highlighting the importance of logistics in driving exports, the Minister said Prime Minister Narendra Modi has made reduction of logistics costs a national priority to improve India’s global competitiveness. He said investments in infrastructure, faster transportation systems, seamless logistics networks and improved delivery mechanisms are significantly enhancing efficiency and productivity.
Goyal said the current global environment, marked by geopolitical tensions in West Asia and slowing global growth, should be viewed by India as an opportunity to strengthen supply chains, improve efficiencies and expand export markets. He stressed that continued improvements in logistics, technology adoption and business processes would further boost export competitiveness and foreign exchange earnings.
(IANS)
