Commerce and Industry Minister Piyush Goyal on Wednesday said India's merchandise exports have remained resilient despite mounting geopolitical tensions and disruptions to global trade routes, registering a 15 per cent growth so far in the current financial year.

Delivering the Late Shri Jehangir Ratanji Dadabhoy Tata Memorial Lecture 2026, the minister said India's export performance reflects the strength of the country's economic fundamentals even as businesses worldwide grapple with uncertainty stemming from conflicts in West Asia and disruptions in key shipping corridors.

Goyal said the first quarter of FY27 had been marked by persistent global challenges, including volatility in crude oil, petrol, diesel and gas markets, as well as uncertainty surrounding the Strait of Hormuz and the continuing Red Sea crisis. Despite these headwinds, he said, India's merchandise exports had grown by 15 per cent during the April-July period.

"First quarter of FY27, war continues. Petrol, crude, gas, diesel, all have all faced uncertainty. Hormuz has been opening and closing through this period. Now we have the Red Sea crisis; it is only expanding. Despite that, as I speak to you today, our merchandise exports have grown by 15 per cent so far in the current fiscal," he said.

"That's the resilience of the India story," he added.

His remarks come amid rising concerns over the security of the Bab el-Mandeb Strait, the strategic gateway to the Red Sea, following allegations by Yemen that Iran-backed Houthi rebels are planning to levy transit fees on commercial vessels using the route with support from Iran's Islamic Revolutionary Guard Corps (IRGC). The disruptions have added to uncertainty in global shipping, alongside escalating tensions between the United States and Iran.

Highlighting India's broader economic performance, Goyal said the country remained the world's fastest-growing major economy, recording 7.7 per cent growth in the previous financial year despite what he described as "two wars and a lot of uncertainties around the world."

He also noted that India's exports expanded even though a significant portion of the country's shipments to the United States faced elevated tariffs for much of the previous year.

"Whether it's the IMF or the OECD, they all recognise that India will remain the fastest-growing large economy," the minister said.