India’s exports are set to register positive growth in 2025-26 despite global economic headwinds and trade disruptions, according to Commerce and Industry Minister Piyush Goyal. He expressed confidence that the country’s exports will stay on an upward trajectory, even amid global uncertainties including US-imposed tariffs.
During the first half of the current fiscal year (April–September 2025), India’s total exports — combining both goods and services — grew by about 5% to $413.3 billion. Merchandise exports alone rose by 3%, reaching $220.12 billion in the same period.
Goyal acknowledged that the recent US tariffs have disrupted global supply chains and impacted India's outbound shipments. Specifically, exports to the US declined by 12% in September. However, he emphasized the resilience and global demand for Indian products, saying, “There is confidence and strong demand for our goods and services across the world. India will continue to grow and end 2025-26 with positive export figures.”
In addition to export performance, the minister highlighted the impact of recent government policy measures, particularly the GST rate cuts. He noted that these cuts boosted market sentiment and investor confidence. This was reflected in the decline of outward Foreign Portfolio Investment (FPI), which dropped sharply from $4 billion in August to under $900 million in September.
“The GST decision was seen as a major boost. As soon as the announcement was made, investors sensed an opportunity. Demand is expected to rise significantly,” Goyal added.
Despite external challenges, India’s strategic policy steps and strong domestic production base are expected to support continued export growth through the rest of the fiscal year.
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