Commerce and Industry Minister Piyush Goyal has urged Indian exporters to raise their ambitions, cautioning businesses against treating modest export growth as a measure of success at a time when India is seeking a larger role in global trade.
Speaking at a Business Plenary Session in London on June 26, the minister said India’s export strategy must focus on transformational growth rather than incremental gains, particularly as the country expands its network of free trade agreements and targets new international markets.
Goyal Calls for Bigger Export Ambitions
Highlighting what he described as a mindset challenge among businesses, Goyal said companies often become satisfied with single-digit growth rates without considering India’s larger potential in global commerce.
“Very often, in our cosy comfort, we lose track, and we get into the typical rut of claiming success when we have 5–7–10 percent growth,” he said, adding that global trade typically expands at around 4–5 percent annually.
According to the minister, merely matching the pace of global trade expansion would not be sufficient for a country aspiring to become a leading manufacturing and export hub. He argued that India needs to significantly outperform global averages if it wants to capture a larger share of international markets.
Referring to opportunities in the United Kingdom, Goyal said India has “barely scratched the surface” of its potential in the UK’s import basket. He stressed that exporters should focus on improving scale, product quality, mechanisation, branding and packaging to drive long-term competitiveness.
India Looks to Expand Global Trade Footprint
The minister’s remarks come ahead of the implementation of the India-UK Free Trade Agreement, which is scheduled to come into effect on July 15. The agreement is expected to improve market access for several Indian sectors and create fresh opportunities for exporters.
Despite steady growth in bilateral trade, India’s presence in the UK market remains relatively modest. According to data from the UK Office for National Statistics, Britain’s annual trade in goods and services is valued at around £900 billion, while trade between India and the UK stands at approximately £45–60 billion, leaving significant room for expansion.
India’s export performance has strengthened in recent months, supported by robust shipments across key sectors. Official data showed merchandise exports rose 18 per cent year-on-year in May 2026, led by engineering goods, petroleum products and electronics.
Goyal indicated that sustaining such momentum would require businesses to move beyond incremental improvements and position themselves to compete more aggressively in global markets as India deepens its engagement through trade agreements and manufacturing-led growth.