Commerce and Industry Minister Piyush Goyal on Thursday, 7 May 2025 chaired a high-level brainstorming session in New Delhi with senior officials of the Department of Commerce (DoC) and the Department for Promotion of Industry and Internal Trade (DPIIT), focused on expanding global exposure for Indian exporters and unlocking new international markets. The meeting comes on the back of India's merchandise and services exports hitting a record $863.11 billion in FY2025-26, a 4.6 per cent rise over the previous fiscal year's $825.26 billion.

What the Session Covered

According to Goyal, discussions centred on three broad priorities: boosting exports and investments, creating entry points for aspiring exporters, and identifying untapped global markets. In a post on X, the minister said the session also explored ways to "strengthen export promotion efforts and expand the participation of industries from across the country."

The timing is deliberate. India's export momentum has held firm despite US tariff uncertainties and geopolitical disruptions — a signal that the government is now looking to convert resilience into structural growth.

Record Exports in FY26 Despite Global Headwinds

The latest data compiled by the Commerce Ministry shows that merchandise exports grew 0.93 per cent to $441.78 billion in FY26, up from $437.70 billion in FY25 — a modest but notable gain given a year marked by disruptions in global shipping routes and demand uncertainties in key overseas markets.

Services exports were the standout performer, surging 8.71 per cent to a lifetime high of $421.32 billion, compared with $387.55 billion in the prior year. The sustained global appetite for India's IT services, business process solutions, and professional expertise drove the outperformance. Notably, services exports now account for nearly half of India's total export basket — a structural shift that has gathered pace over the past three fiscal years.

April Exports Up Over 20 Per Cent Year-on-Year

Early indicators for the current financial year are equally encouraging. Overall exports for the first three weeks of April 2025 rose more than 20 per cent year-on-year, even as supply chain disruptions linked to the Middle East conflict continued to create uncertainty. The Commerce Ministry identified petroleum products and electronic goods as the primary drivers of the April surge.

Goyal acknowledged the momentum, stating: "Despite the war in West Asia, there is tremendous enthusiasm among domestic exporters." The minister attributed the resilience partly to India's growing electronics manufacturing base, with companies including tech giant Apple having established production facilities in the country.

India's Electronics Export Rise

India has rapidly emerged as a significant exporter of electronics goods, with global majors increasingly shifting or diversifying manufacturing to the country. The government's Production-Linked Incentive (PLI) schemes for electronics have played a role in this shift, drawing both domestic and multinational investment. The April data suggests that this sector is now a meaningful contributor to India's export diversification strategy.

What Comes Next

Thursday's session is expected to feed into a broader policy roadmap aimed at expanding the exporter base beyond established players to include mid-sized and first-time exporters. The government has not yet specified a timeline for announcing new measures, but the focus on "aspiring exporters" suggests a push to widen participation at the grassroots level. With global trade conditions remaining volatile, how quickly these measures are operationalised will determine whether India can sustain its FY26 export momentum into the new fiscal year.