India's merchandise and services exports surged to an all-time high of $863 billion in fiscal year 2026, marking a 4.6 percent increase despite persistent global economic headwinds, according to data released by the Commerce Ministry on Thursday.
The achievement positions India as one of the few major economies to expand export revenues amid slowing global demand, ongoing trade tensions, and supply chain disruptions. The milestone represents sustained momentum in the country's export trajectory, building on consecutive years of growth that have reshaped India's role in global trade networks.
The Economic Times reported that multiple sectors contributed to the export expansion, with services exports—particularly IT services, business process outsourcing, and professional services—continuing to anchor growth alongside traditional manufacturing sectors.
In India, as across the subcontinent, scale and diversity make simple narratives impossible—and fascinating. The export performance reflects not just national-level policies but also state-specific industrial strategies, with Maharashtra, Gujarat, Tamil Nadu, and Karnataka competing as export powerhouses with distinct sectoral strengths.
The pharmaceutical sector, which has positioned India as the "pharmacy of the world," continued strong performance, supplying generic drugs and vaccines to markets across Africa, Latin America, and Southeast Asia. Engineering goods, chemicals, and textiles also contributed to the export basket, demonstrating the economy's manufacturing depth.
Services exports, however, remained the star performer, accounting for a growing share of total export revenues. The IT and software services sector alone generates tens of billions in annual revenues, with Indian technology companies and global capability centers employing millions and serving clients worldwide.
