India's trade, currency & policy snapshot for FY2025-26 — every figure in one unit
A single consolidated reference for the fiscal year this whole repo has been tracking: merchandise trade, top chapters, country concentration, PLI scheme funding, currency and reserves — pulled from the datasets already collected for the bulletins above, cross-checked against independent sources, and standardised to one unit throughout.
ALL VALUES IN US$ MILLION UNLESS MARKED — ₹ crore figures (PLI schemes) each converted at that scheme's own elapsed-period average USD/INR rate, not one blanket rate
SOURCES: TRADESTAT (tradestat.commerce.gov.in), TIA Portal (trade-analytics.commerce.gov.in), PIB press releases, RBI Weekly Statistical Supplement — all previously retrieved for this repo's other bulletins, recombined here. Retrieved/compiled 2026-07-18.
Merchandise exports
441,745.9
TRADESTAT figure; PIB agrees to within 0.01%
Merchandise imports
776,013.7
Confirmed across all 3 independent sources
Merchandise deficit
-334,267.7
PIB's figure: -333,190.0 (0.3% narrower)
GDP growth (real, FAE)
+7%
First Advance Estimate — expect revision
Trade balance — cross-validated against three independent sources
All figures US$ Million, FY2025-26.
Source
Exports
Imports
Deficit
Consistency
TRADESTAT (this repo's primary source)
441,745.9
776,013.7
-334,267.7
baseline
TIA Portal (Dept. of Commerce)
451,070.0
776,013.65
-324,943.7 (implied)
exports +2.1% vs. baseline
PIB press release
441,780.0
774,970.0
-333,190.0
agrees within 0.3%
Imports and PIB's export/deficit figures agree with TRADESTAT to within rounding. TIA Portal's export total alone reads ~US$9,300M (2.1%) higher than both other sources — flagged in this repo's original cross-validation as most likely a data-vintage/provisional-revision difference (two of three sources still agree closely), not a methodology error. FY2025-26 is a still-provisional fiscal year on every source used here.
Combined exposure across each country's top-8-ranked growth chapters. Values US$ Million.
PLI scheme funding, converted to US$ Million
Each scheme converted at its own elapsed-period average rate (see methodology below) — not one blanket rate for every row.
Scheme
₹ Crore (original)
Period averaged
Rate (₹/US$)
US$ Million
Covers
PLI Auto & Auto Components
25,938
FY22-23–FY24-25
82.61
3,139.8
HS87 (vehicles)
PLI ACC Battery Storage
18,100
FY21-22–FY24-25
80.58
2,246.1
EV value chain
PLI Bulk Drugs
6,940
FY22-23–FY24-25
82.61
840.1
HS29/HS30 (APIs, pharma)
PLI Textiles (MMF)
10,683
FY21-22–FY24-25
80.58
1,325.7
Mismatch vs. HS61/62
PLI Specialty Steel 1.0/1.1
44,106
FY21-22–FY24-25
80.58
5,473.4
HS72/73 (iron & steel)
PLI Specialty Steel 1.2
11,887
FY24-25 only†
84.68
1,403.8
HS72/73 (iron & steel)
PLI White Goods (committed)
11,198
FY21-22–FY24-25
80.58
1,389.6
HS84 (compressors)
PLI White Goods (production target)
190,050
FY21-22–FY24-25
80.58
23,584.5
Cumulative, FY2028-29
PLI total cumulative outlay, 14 sectors (Dec 2025)
197,000
FY19-20–FY24-25
77.91
25,285.6
All sectors
Conversion methodology: each scheme is converted at the average of this repo's own FY-average USD/INR rates across the fiscal years the scheme has actually been active (e.g. Auto & Auto Components was approved Sept 2021 with disbursement from FY2022-23, so it's averaged over FY2022-23–FY2024-25, not a single blanket rate). This replaces an earlier version of this report that applied one fixed FY2024-25 rate to every row regardless of each scheme's own timeline — a real methodology error, corrected here. †PLI Specialty Steel 1.2 was only launched Nov 2025 (FY2025-26, still open) — no FY2025-26 average exists yet, so it uses the latest completed FY average (FY2024-25, ₹84.68) as the closest available proxy, flagged distinctly rather than blended with the multi-year schemes above. All rupee crore figures are still these schemes' own budgeted/disbursed unit — USD Million here is this report's own arithmetic for comparability, not official USD accounting.
Currency & reserves — two vintages, clearly separated
Metric
Value
As of
Vintage
USD/INR spot rate
96.3665
2026-07-17
current
USD/INR FY2024-25 average
84.68
FY2024-25
last completed FY avg
Forex reserves (MoSPI connector)
698,100.0
2025-06
13 months stale
Forex reserves (RBI weekly scrape)
675,157.0
2026-07-10
current, use this one
Forex reserves, all-time peak
728,494.0
2026-02-27
confirmed peak
The MoSPI connector's own forex series is frozen at June 2025; this repo's currency bulletin bridges that gap with a direct RBI Weekly Statistical Supplement scrape running through 10 Jul 2026. Use 675,157.0 (US$M), not 698,100.0, as "current" reserves — the two numbers are 13 months apart, not a contradiction.
Consistency-check log
Every cross-source check performed for this report.
Errata & scope notes
This report re-derives every figure from datasets already collected for this repo's other bulletins — no new data collection. See each linked chart's own errata for original sourcing.
Services trade for FY2025-26 is not yet published — this repo's services/overall-balance figures run only through FY2024-25 (published one year behind goods trade), so no FY2025-26 services surplus or true "overall balance" figure exists yet. Don't combine the FY2025-26 goods deficit above with an FY2024-25 services number as if both were the same year.
All ₹ crore figures (PLI schemes) are converted to US$ Million at each scheme's own elapsed-period average exchange rate (₹77.91–84.68/US$, depending on the scheme — see the PLI table's "Period averaged" column) for comparability — this is this report's own arithmetic, not an official USD accounting these schemes use themselves. An earlier version of this report used one blanket FY2024-25 rate for every scheme regardless of its actual timeline; that was a methodology error and has been corrected.
FY2025-26 is still a provisional fiscal year on every source cited here — expect all figures above to revise as the year closes and later data vintages are published.
Validated against NITI Aayog's Trade Watch Quarterly (8th edition, Q4 FY2025-26, via PIB PRID=2277232): India's blended goods+services trade reached $1.84 trillion in FY2025-26 (exports +4.2%, imports +6.5% y-o-y) — this repo's goods-only figures show export growth of just +0.92% over the same year, explained by services exports growing faster (+9.0% per NITI Aayog) and pulling the blended rate up, not a discrepancy. NITI Aayog's pharma-sector thematic figure ($35.8bn pharma+API exports) is ~$10.7bn higher than this report's own HS30-only figure ($25,073.4M) because it includes API exports that sit in HS29, not HS30 — consistent with this repo's existing PLI Bulk Drugs finding.