Union Minister of Commerce and Industry Piyush Goyal urged 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.
Addressing the inaugural ceremony of the Bharatiya Vyapar Mahotsav at Bharat Mandapam, New Delhi, Goyal highlighted India’s growing global economic engagement and noted that markets have been opened for Indian industry and businesses through nine free trade agreements. He said that international trade now provides India preferential access and highlighted the contribution of Indian MSMEs, employees, fishermen, farmers, entrepreneurs and the services sector in 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. He said that India’s current economic size of around $4 trillion presents a major opportunity as the country moves towards the vision of becoming a $30 trillion economy by 2047. He noted that the whole world is seeking to increase trade relations with India and emphasised that such a large growth opportunity requires collective participation from businesses, entrepreneurs and citizens.
The Minister noted the growth of India’s exports and said that goods and services exports reached a record level of 863 trillion dollars last year, comprising 442 trillion dollars of merchandise exports and 421 trillion dollars of services exports. He said that exports had registered around 73 per cent growth over the last six years and that the target for the current year is to achieve exports of 1 trillion dollars. He further noted that exports recorded almost 15 per cent growth during the first four months from April to July of the current year.
Goyal emphasised that self-reliance and national development go hand in hand. He said that citizens must themselves become part of the change and contribute to the country’s journey towards self-reliance. He highlighted various 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 and creating opportunities for the youth.
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