Amid tariff turmoil, FIEO says businesses targetting export of goods and services worth $1 trillion in FY26

.

India's businesses are aiming to touch a record $1 trillion worth of exports during the financial year 2025-26 - despite tariff-related uncertainties - which will be a 21 percent growth over FY25, the Federation of Indian Export Organisations (FIEO) said on May 27.

The apex exporters’ body said businesses will aim to increase both services and merchandise exports this year. "We are aiming at an export of $1 trillion by the end of the fiscal with merchandise exports of $525-535 billion, which is a growth of about 12 percent; and services exports of $465-475 billion, which would be an increase of about 20 percent," said SC Ralhan, President of FIEO, a leading exporters' association.

Ralhan said petroleum products would top the list of exports at about $70 billion, followed by electrical and electronics exports at $60 billion this fiscal. Other key sectors which can help push exports include agriculture ($55 billion), machinery and chemicals ($40 billion each), gems and jewellery ($30-35 billion), pharmaceuticals ($30 billion), apparel and made-ups ($23-25 billion).

Government restores RoDTEP scheme

To give a fillip to India’s export competitiveness, Centre on May 26 said it will restore the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme from June 1, for exports by Advance Authorization (AA) holders, Export-Oriented Units (EOUs), and units in Special Economic Zones (SEZs).

For the Financial Year 2025–26, the Government has allocated Rs 18,233 crore under the scheme. As of March 31, 2025, total disbursements under the RoDTEP scheme crossed Rs 57,976.78 crore, underscoring its significant role in supporting India's merchandise exports.

Initiated in 2021, the RoDTEP scheme reimburses exporters for any embedded duties, taxes, or levies that are not otherwise reimbursed under any other existing scheme.

"The decision comes as part of the government’s sustained efforts to boost India’s export competitiveness in global markets. The benefits under RoDTEP for these categories were previously available until February 5, 2025, and their reinstatement is expected to provide a level playing field for exporters across sectors," the Ministry of Commerce and Industry said in a statement on May 27.