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India may miss $1 trillion export target: NITI Aayog VC
India may miss its target of $1 trillion in combined exports of goods and services by 2026-27 due to global uncertainties and the tariff war, NITI Aayog Vice-Chairman Ashok Kumar Lahiri said…
India may miss its target of $1 trillion in combined exports of goods and services by 2026-27 due to global uncertainties and the tariff war, NITI Aayog Vice-Chairman Ashok Kumar Lahiri said on Sunday. The goal has been rolled forward to 2027-28, he added.
Speaking at a Bandhan Bank event in Kolkata, Lahiri said exports are heavily concentrated in a few product categories and just five states account for nearly 70% of shipments. He called for diversifying the export basket, states of origin and export destinations to boost growth amid geopolitical risks.
India's combined merchandise and services trade deficit rose 31.5% year-on-year to slightly over $15 billion in July. Lahiri noted the economy has held up well despite disruptions in global oil, gas and fertiliser supplies, and said reforms must continue.
Indian Opinion Analysis
The export target roll-forward comes as the Reserve Bank of India's monetary policy committee has flagged external demand risks in its recent statements. India's goods exports contracted in July for the first time in several months, partly due to slowing demand in key markets like the US and EU. The NITI Aayog's assessment aligns with the commerce ministry's own internal reviews that have identified tariff escalation and supply chain realignment as headwinds. With the US presidential election cycle potentially intensifying trade friction, the realistic window for India to hit the $1 trillion mark now hinges on faster penetration of new markets in Africa and Latin America. The next quarterly trade data release in October will show whether the current trajectory supports the revised timeline.
Source: thehindubusinessline.com
This story was synthesised by AI from the source linked above.
