New Delhi, Aug 20: India is aiming to more than double its export performance and reach $2 trillion in total exports by FY31, but achieving the ambitious target will require a major transformation across the country’s manufacturing and trade ecosystem.
Commerce Ministry Additional Secretary Yashvir Singh highlighted the scale of the challenge while addressing the CII Manufacturing Conclave in New Delhi on Thursday. He said India’s total exports have already reached a record $863 billion in FY26, up significantly from $468 billion in 2014-15.
The latest export performance provides a strong foundation for India’s next phase of growth, but the government believes that simply improving existing systems will not be sufficient to reach the $2 trillion milestone.
The focus will need to shift towards expanding manufacturing capacity, improving productivity, strengthening domestic supply chains and increasing India’s participation in global value chains.
India also has an opportunity to benefit from changes taking place in global trade and manufacturing. Companies and economies are increasingly looking to diversify supply chains, creating an opportunity for India to position itself as a reliable and competitive manufacturing and sourcing destination.
Building stronger domestic capabilities in critical sectors will be important for reducing vulnerabilities in global supply chains. Greater investment in critical minerals, electronics, pharmaceuticals and other strategic industries can help strengthen India’s manufacturing base and support higher-value exports.
The country’s growing manufacturing capabilities, expanding services sector and improving trade connectivity provide a strong platform for achieving the export ambition. At the same time, businesses will need to make greater use of international trade agreements and explore new markets to expand India’s global footprint.
Free trade agreements can provide Indian exporters with improved access to international markets, while greater participation in global technical standards can help domestic companies compete more effectively.
The push for higher exports also comes as the global trading environment undergoes significant changes. Supply-chain disruptions, geopolitical tensions and growing competition for critical technologies are encouraging countries to build more resilient and diversified production networks.
For India, this changing environment presents both a challenge and a major opportunity. By strengthening manufacturing, developing reliable supply chains and improving the competitiveness of Indian businesses, the country can aim not only to increase exports but also to establish itself as a trusted global production partner.
The $2 trillion target therefore represents more than a numerical export goal. It could become a catalyst for deeper industrialisation, greater investment, stronger manufacturing capabilities and a larger role for Indian companies in the global economy.
With sustained efforts across manufacturing, technology, infrastructure and trade, India is seeking to turn its current export momentum into a much larger and more diversified presence in global markets.