The FY 2021-22 witnessed unprecedented growth in exports in India’s post-independence history when exports jumped by 44% year-on-year (YoY) from $291 billion to $422 billion, surpassing the pre-pandemic peak export level by 28% ( $330 billion in 2018-19). Elated by this achievement, the Minister of Commerce and Industry in various forums expressed his intent of achieving $1 trillion exports by 2030. Such positive emotions constitute a potent, pervasive, and powerful tool which generates collective optimism and confidence, and helps sustain momentum. However, what’s really needed is a systematic evaluative analysis of past trends to justify the optimistic expectations generated by this growth acceleration.