India’s combined goods and services exports reached an all-time high of $863.1 billion in FY26 , according to the Ministry of Commerce and Industry. Services did the heavy lifting: they rose 8.7% to a record $421.3 billion , up from $387.5 billion a year earlier, and now make up 48.8% of the country’s total export basket. Back in FY15, services exports stood at $158.1 billion.
But the road ahead demands even greater resilience, more rigorous execution and stricter regulatory compliance. The Centre’s target is $2 trillion in exports by 2030-31 , split evenly at $1 trillion each for goods and services. That means more than doubling today’s record in five years, a point a Commerce Ministry official made in August, when he said the goal calls for structural transformation rather than incremental gains. E-commerce shows the scale of the climb: the government’s target of $200-300 billion in e-commerce exports by FY30 starts from an estimated $4-5 billion in FY23, according to a July 2024 EY-ASSOCHAM report . Ambitions of that scale raise a simple question: who, exactly, is going to deliver them?
