India is set to achieve record-breaking export figures in 2025, with projections indicating exports could exceed $870 billion, according to Commerce and Industry Minister Piyush Goyal. This marks an increase from the $825 billion recorded in 2024-25. Despite a challenging global economic environment, India is leveraging new free trade agreements and rising investments to boost its export performance.
“Today, India negotiates from a position of strength. We are self-confident, we can compete with anybody in the world,” stated Goyal, reflecting on the nation’s improved standing in international trade. The minister highlighted that India’s current approach contrasts with past administrations, which he described as weaker negotiators. “This is not a weak India under Congress and UPA which would negotiate and make agreements which were NOT in our National Interests,” Goyal asserted.
The minister detailed several strategies aiming at enhancing the nation’s export quality and scope. “Technical regulations have been strengthened to promote a strong quality ecosystem in India… It acts as a nudge to produce quality products in India,” Goyal explained in an interview with the Times of India. These measures are part of broader efforts to curb substandard imports and encourage high-quality domestic production.
Despite signs of a global economic slowdown, Goyal remains optimistic about India’s growth prospects. “You may see a jump in growth in the second half of the year. I see no difficulty in closing the year with RBI’s 6.5% growth, which will make us the fastest growing economy,” he added, pointing to positive trends in rural demand and private sector investment.
While acknowledging issues with past trade agreements, Goyal noted that “services export to Japan is slowing down. We did not get very wide coverage in areas of interest for India.” The minister noted ongoing reviews with ASEAN and South Korea, though he remarked, “Japan has not agreed to it and a South Korea review is underway.”
India continues to approach trade relations with China cautiously, particularly after opting out of the Regional Comprehensive Economic Partnership. Goyal described the agreement as “nothing but an FTA between India and China,” a relationship India is keen to manage carefully.
He commended Prime Minister Modi’s leadership, saying, “PM Modi showed decisive leadership and sensitivities for our fishermen, farmers, industry and entrepreneurs.”
The trade deficit with China remains a concern, yet Goyal remarked that it is “more controlled under Modi govt.” He pointed out, “During the 10 years of UPA rule, the trade deficit with China grew nearly 25 times. Between 2014–15 and 2023–24 it has only expanded 1.75 times,” indicating a more balanced trade relationship. “There is also a corresponding increase in exports,” he added.
India has emerged as a prime destination for global investments, with Goyal asserting that “India is a much sought after destination for investments.”
He further highlighted, “Domestic value addition has increased significantly in PLI-supported sectors,” and pointed to developments in special economic zones as evidence of India’s industrial growth. “Dholera is emerging as a semiconductor hub, while Shendra-Bidkin in Maharashtra is growing into an automotive and EV centre,” he noted, showcasing the country’s expanding industrial capabilities.
