India’s international trade would grow by 15-16 per cent during the current year, says Minister Goyal
Minister of Commerce and Industry Piyush Goyal urged Indian businesses, manufacturers, exporters, artisans and entrepreneurs to expand their presence in international markets by leveraging opportunities created by India’s Free Trade Agreements (FTAs).
Speaking at the inauguration of 45th India International Trade Fair (IITF) 2026 in New Delhi on 13 Nov, he emphasised that with markets across the developed world opening up for Indian goods and services, businesses must seize these opportunities and contribute to India’s journey towards becoming a developed nation by 2047.
Addressing the gathering, Shri Goyal highlighted that India had recorded an all-time high in exports of nearly US$90 billion in October 2026, comprising approximately US$50 billion in merchandise exports and US$40 billion in services exports. Describing this as a historic milestone, he said that India was well on track to achieve its $1 trillion export target in the current year. Exports during the first seven months up to October had reached US$570 billion, an unprecedented achievement.
The Minister expressed confidence that India’s international trade would grow by 15-16 per cent during the current year, despite two ongoing wars, global volatility and uncertainty, and subdued international trade growth, which is expected to remain around 3.5 per cent.
He said India’s performance reflected the strength of its economy, the confidence of its exporters and the country’s ability to face global challenges with determination and self-respect.
Goyal said that the 45th edition of IITF reflected five dimensions of Bharat: its economy, exports, infrastructure growth, the demand generated by 1.4 billion Indians and the country’s rich diversity. He observed that the fair had evolved beyond an event focused largely on Delhi and had emerged as a platform bringing together India’s states, businesses, products and capabilities.
Highlighting the new initiatives introduced at this year’s fair, the Minister said that more than 30 States and Union Territories were showcasing their strengths, with over 3,500 exhibitors and participation from 11 countries. The One District, One Product Pavilion initiative, would showcase products from different parts of the country, highlighting India’s strengths in arts, handicrafts, handloom and food products.
Another major attraction, the Hall of Inspiration, will showcase 600 startups and their innovations. The IITF mobile application will provide visitors with information about the entire fair, enabling them to navigate the exhibition and identify exhibitors of interest. Goyal noted that visitors would need to set aside two to three days to explore the entire exhibition, given its extensive spread across Bharat Mandapam.
The Minister also announced that the Government would soon launch the next phase of expansion of Bharat Mandapam, which would almost double the available exhibition space for exhibitors. He said that the success of recent exhibitions, including IITF, had demonstrated that even the significantly expanded facilities available today were no longer adequate to meet growing demand.
Goyal said that IITF would now be taken across the world, with the India Trade Promotion Organisation (ITPO) planning several international fairs, both sector-specific and multi-dimensional. These fairs would provide Indian goods, services and startups opportunities to showcase their capabilities and engage with markets in developed countries and other international markets, particularly those with which India has entered into Free Trade Agreements.
He called upon businesses and exhibitors to actively participate in these initiatives and contribute to India’s global engagement.
Emphasising the importance of quality and sustainability, the Minister said that India’s focus must remain on two key elements: quality and sustainability. Adopting the principle of Zero Defect, Zero Effect would help ensure equitable and inclusive growth across the country. He said every Made-in-India product must reflect high quality and reinforce India’s reputation in international markets.
He further stressed the need to adopt high-quality standards in manufacturing and services while embracing sustainable practices, promoting a circular economy, using natural products and giving greater importance to biodegradable products. He said that ensuring economic growth without damaging the environment would position India as a global winner in the race to capture international markets and improve the prosperity of its people.
Highlighting the growing strength of India’s domestic economy, Shri Goyal referred to the strong business activity witnessed during the recent festive season, including Diwali, Govardhan Puja and Bhai Dooj, as well as Navratri, Dussehra and Dhanteras. He said that stores across the country had witnessed significant consumer demand and business activity had been considerably higher. The October GST collections had already registered an all-time high for the month, and he expressed confidence that November would also witness record collections.
The Minister said that these developments reflected the strength of India’s growth story, with every section of the economy contributing to the country’s progress. Farmers, fishermen, workers, micro, small and medium enterprises (MSMEs), manufacturers, service providers, artists, artisans and handloom and handicraft producers were all demonstrating growth and confidence. From neighbourhood kirana stores and e-commerce businesses to artisans and major brands, every segment was looking to benefit from the expanding economic opportunities.
He observed that India’s young entrepreneurs and businesses were increasingly reaching out to global markets, expanding production and looking towards a brighter future. Citing examples of emerging export opportunities, he referred to the export of Kiwi from Arunachal Pradesh, where exports had earlier been negligible, and Sindhuri pomegranates from Kullu reaching Dubai.
He urged exhibitors and businesses at IITF to identify products with export potential and take advantage of the opportunities available through India’s FTAs, emphasising that international markets were now open and Indian businesses must take the initiative to access them.
Goyal said that India’s growth was being powered by a young population aspiring for a better quality of life, improved education and healthcare, and greater opportunities to develop skills and talent. He noted that India had, in a span of 12 years, brought nearly 50 crore people, or 500 million people, out of extreme poverty. This had created a sense of achievement as well as aspirations for a brighter future among people across the country.
He said India was confidently facing global adversities, remaining focused on commerce, economic growth and the well-being of its people, irrespective of conflicts and uncertainties around the world. He attributed this confidence to decisive leadership and the country’s growing economic strength.
Referring to India’s long-term economic ambitions, the Minister said that the country’s current US$4 trillion economy aspired to become a US$30 trillion economy by 2047, when India would celebrate 100 years of Independence. He said that the country’s young population, expanding businesses and growing export capabilities would play an important role in achieving the vision of Viksit Bharat.
The Minister also underlined the importance of preserving India’s heritage and traditions while pursuing development. He said that the theme of this year’s IITF aptly reflected the India story, as development remained incomplete without respect for heritage. Referring to the experience of developed nations, he observed that countries which had achieved prosperity had also protected, encouraged and promoted their traditions, heritage and culture.
Goyal said that the 45th IITF had moved beyond incremental improvements and taken a significant leap towards the vision of Viksit Bharat 2047. He expressed confidence that the fair would become a trendsetter and mark the beginning of a new era in how India presented itself to the world and engaged with international markets to promote Indian goods, services, arts and culture.
He said that initiatives led by ITPO and the Ministry of Commerce and Industry, in coordination with State Governments and other Central Government Ministries through a whole-of-government approach, would create greater opportunities for Indian businesses and entrepreneurs across the world. Fiinews.com
