India's exports to surpass last year despite tariffs: Piyush Goyal

New Delhi [India], August 29 : Union Commerce and Industry Minister, Piyush Goyal on Thursday said that despite tariffs India's export this year will be more than the last year.

Speaking at the Curtain Raiser event of Bharat Buildcon in the national capital, 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 the data of Ministry of Commerce & Industry, in the last fiscal India's total exports have touched an all-time high of USD 824.9 billion. This was a growth of 6.01 per cent 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.

The data shows that 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 is estimated at US$ 277.63 Billion, as compared to US$ 263.83 Billion in April-July 2024, an estimated growth of 5.23 per cent.

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 per cent.

The Minister said that India's share in the global exports are minimal. He criticised analysts who portrayed pessimistic picture of India's exports because of US tariffs and its negative impact on the Indian economy.

Citing the situation faced by the Indian economy during Covid-19 and economic sanctions of US in 90s, Goyal said analysts should understand that India is an import dependent economy, so lesser export to US will have minimal impact on India.

"Our share in the global market is so smallwhy should we be afraid? I don't know how these analysts write such things without realizing that India is an import-dependent economy. During COVID, 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 per cent impact on India's GDP, and even within that, 40% of the items aren't even covered," Minister said .

He expressed confidence that the recent trade agreements with various countries will help the economy to grow.

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