THEBUSINESSBYTES BUREAU
NEW DELHI, AUGUST 12, 2026
Union Commerce and Industry Minister Piyush Goyal on
Wednesday called upon Indian businesses and citizens to embrace fair trading
practices, strengthen sustainability and take the country's indigenous products
and services from local markets to the global stage, saying India's ambition of
becoming a USD 30 trillion economy by 2047 presents an unprecedented
opportunity.
Addressing the inaugural ceremony of the Bharatiya Vyapar
Mahotsav at Bharat Mandapam here, Goyal highlighted India's expanding global
economic engagement and said nine free trade agreements have opened new markets
for Indian industry and businesses, providing preferential access for the
country's exports.
He underlined the contribution of MSMEs, employees,
fishermen, farmers, entrepreneurs and the services sector in taking Indian
products and services to international markets, and called for collective
efforts to strengthen the Make in India brand by respecting India's quality,
design capabilities and brand identity.
Goyal said India's current economic size of around USD 4
trillion presents a major opportunity as the country moves towards the vision
of becoming a USD 30 trillion economy by 2047.
He said the entire world is seeking to expand trade relations
with India and emphasised that such a large growth opportunity requires the
collective participation of businesses, entrepreneurs and citizens.
The minister highlighted the growth in India's exports and
said 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 exports had registered around 73 per cent growth over
the last six years, while the target for the current year is to achieve exports
of 1 trillion dollars. Exports, he added, 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, urging citizens to become active participants in the country's
journey towards self-reliance.
He highlighted initiatives undertaken since 2014, including
Digital India, Startup India, Stand-Up India and large-scale infrastructure
development, saying these measures have helped strengthen industry and business
while creating new opportunities for the country's youth.
Describing 'Swadeshi' as products made in India with the
blood, sweat and tears of Indian citizens, Goyal urged businesses to move
beyond limited domestic markets and take local products and services to global
consumers.
He said greater participation by Indian consumers in Indian
products would create new opportunities, boost production and trade, enable
economies of scale and make Indian businesses more competitive.
"The Minister said that the people of India have
demonstrated their capability to convert challenges into opportunities and
emerge stronger," the statement said, highlighting the collective strength
of travellers, MSMEs, startups, farmers, fishermen, labourers and entrepreneurs
in taking Indian products and services to the world.
Calling for wider participation in the country's development
journey, Goyal said the reform process involves improvement, transformation and
performance, with every stakeholder having a responsibility to demonstrate
their capabilities and take India to the world through their work.
He called upon businesses and entrepreneurs to digitise their
operations, adopt good manufacturing practices and follow fair trading
practices. He also stressed the importance of sustainability amid climate
change and called for greater emphasis on recycling, reuse and developing a
circular economy.
Goyal said India's journey should not merely attach a label
to Make in India but should establish global respect for India's quality,
design capabilities and brand.
He expressed confidence that Indian products and natural resources
would become trusted globally through these collective efforts.
The minister also said that growth in GDP would naturally lead to higher production and create employment opportunities. He noted that young people returning to India after completing their education or acquiring new skills through skill development centres would bring fresh solutions to emerging challenges.
Goyal emphasised that 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.
