Union Minister of Commerce and Industry Shri Piyush Goyal addressed the inaugural ceremony of the Bharatiya Vyapar Mahotsav at Bharat Mandapam, New Delhi, calling for Indian businesses and citizens to adopt fair trading practices, promote recycling and reuse, and encourage a circular economy while taking Indian products and services to global markets.
Goyal highlighted India's growing global economic engagement, noting that nine free trade agreements have opened new market opportunities for Indian industry and businesses, providing preferential access for international trade. He emphasized the contribution of Indian MSMEs, employees, fishermen, farmers, entrepreneurs, and the services sector in taking Indian products to global markets.
The Minister presented India's economic vision, stating that the current economic size of around $4 trillion presents major opportunities as the country moves toward becoming a $30 trillion economy by 2047. He noted that the whole world is seeking to increase trade relations with India and emphasized that such large growth requires collective participation from businesses, entrepreneurs, and citizens.
On export performance, Goyal reported that goods and services exports reached a record $863 billion last year, comprising $442 billion of merchandise exports and $421 billion of services exports. Exports have registered approximately 73% growth over the last six years, with the current year's target set at $1 trillion. From April to July of the current year, exports recorded almost 15% growth.
Goyal called for collective efforts to strengthen the Make in India brand by respecting India's quality, design capabilities, and brand identity. He emphasized that 'Swadeshi' represents products made in India with the contribution of Indian citizens and urged businesses to move beyond limited markets to take local products and services global. Greater consumer participation in Indian products would create new opportunities, increase production and trade, enable economies of scale, and enhance competitiveness.
The Minister highlighted various initiatives undertaken since 2014, including Digital India, Startup India, Stand-Up India, and large-scale infrastructure development, which have strengthened industry and business while creating opportunities for youth. He called upon businesses and entrepreneurs to digitize their operations, adopt good manufacturing practices, and focus on sustainability in the context of climate change through recycling, reuse, and circular economy principles.
Goyal expressed confidence that growth in GDP would naturally lead to higher production and create employment opportunities, with young people returning to India after education or skill development bringing new solutions to emerging challenges. The collective efforts of Indian businesses, entrepreneurs, MSMEs, farmers, fishermen, and workers would contribute to the country's growth and help India emerge as a stronger participant in the global economy.