Union Commerce and Industry Minister Piyush Goyal addressed the inaugural ceremony of Bharatiya Vyapar Mahotsav at Bharat Mandapam, New Delhi, outlining India's trade vision and economic objectives. Goyal emphasized the need for fair trading practices, promotion of recycling and reuse, and adoption of circular economy principles while expanding India's global market presence.
India's export performance showed significant growth, with total goods and services exports reaching $863 billion last year, comprising $442 billion in merchandise exports and $421 billion in services exports. This represents approximately 73% growth over the past six years. For the current year, India has set an export target of $1 trillion, with exports already recording nearly 15% growth during the first four months (April to July) of the year.
Goyal highlighted 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 contributing to taking Indian products and services to global markets.
The Minister articulated India's economic vision, noting the current economy size of approximately $4 trillion and the target to achieve a $30 trillion economy by 2047. He emphasized that this growth trajectory presents major opportunities for businesses and requires collective participation from all stakeholders. Goyal called for strengthening the Make in India brand by respecting India's quality, design capabilities, and brand identity.
Several government initiatives since 2014 were highlighted, including Digital India, Startup India, Stand-Up India, and large-scale infrastructure development, which have strengthened industry and created opportunities for youth. Goyal urged businesses to digitize operations, adopt good manufacturing practices, and focus on sustainability in the context of climate change.
The Minister emphasized that self-reliance and national development are interconnected, and citizens must participate in the country's journey toward self-reliance. He stated that greater consumer participation in Indian products would create new opportunities, increase production and trade, enable economies of scale, and enhance competitiveness.