Union Minister of Commerce and Industry Shri Piyush Goyal outlined India's economic vision and export performance at the inaugural ceremony of the Bharatiya Vyapar Mahotsav at Bharat Mandapam, New Delhi. The minister presented India's ambitious target to become a $30 trillion economy by 2047 from its current size of approximately $4 trillion, emphasizing that this growth presents major opportunities for businesses, entrepreneurs, and citizens.
Goyal highlighted India's significant export achievements, noting that goods and services exports reached a record $863 billion last year, comprising $442 billion in merchandise exports and $421 billion in services exports. This represents approximately 73% growth over the last six years. For the current year, India has set an export target of $1 trillion, with exports already recording almost 15% growth during the first four months (April to July) of the year.
The minister emphasized that nine free trade agreements have opened new market opportunities for Indian industry and businesses, providing preferential access in international trade. He credited Indian MSMEs, employees, fishermen, farmers, entrepreneurs, and the services sector for taking Indian products and services to global markets.
Goyal called for collective efforts to strengthen the Make in India brand by respecting India's quality, design capabilities, and brand reputation. He urged businesses and citizens to adopt fair trading practices, promote recycling and reuse, and encourage a circular economy in the context of climate change. The minister emphasized the importance of digitizing businesses, adopting good manufacturing practices, and moving beyond limited markets to take local products and services to global markets.
He highlighted various government initiatives undertaken since 2014, including Digital India, Startup India, Stand-Up India, and large-scale infrastructure development, which have contributed to strengthening industry and business while creating opportunities for youth. Goyal expressed confidence that greater participation of Indian consumers in Indian products would create new opportunities, increase production and trade, enable economies of scale, and make Indian businesses more competitive globally.