New Delhi, August 12: Union Commerce and Industry Minister Piyush Goyal urged the Indian business community and citizens to embrace fair trade, recycling, and a circular economy. He emphasized that to achieve a $30 trillion economy by 2047, India must promote sustainable and responsible business models alongside economic growth.
Speaking at the inauguration of the Indian Trade Festival in the national capital, Goyal noted that India’s increasing economic participation globally and strengthening trade relations with various countries present significant opportunities for Indian industries. He stated that India is now in a position to showcase its products and services more robustly on the world stage.
The minister highlighted that the central government has signed nine Free Trade Agreements (FTAs) in recent years, enabling Indian companies to gain prioritized access to international markets. This has opened new avenues for Indian exporters, industries, and the service sector.
Goyal praised India’s export performance, acknowledging the vital contributions of MSMEs, farmers, fishermen, entrepreneurs, laborers, and the service sector in boosting exports. He mentioned that India’s economy currently stands at approximately $4 trillion, with a goal to elevate it to $30 trillion by 2047.
He pointed out that the country’s goods and services exports have reached record levels, with a target of $1 trillion in exports set for the current fiscal year. Over the past six years, India’s exports have surged by nearly 73%, with a 15% increase recorded during the April to July period of the current fiscal year.
Goyal stressed that Indian industries should not limit themselves to the domestic market but should establish a strong presence in global markets. He suggested that focusing on quality, design, and innovation could further strengthen the ‘Make in India’ brand.
He encouraged Indian consumers to adopt more indigenous products, which would boost production, develop economies of scale, and enhance the competitiveness of Indian companies in the global arena.
The minister called on businesses and entrepreneurs to emphasize digitization, adopt better manufacturing processes, and adhere to fair trade practices. He stated that modern technology and transparent business systems could elevate Indian industries to new heights.
Addressing the challenges posed by climate change, Piyush Goyal asserted that future economies must be based on sustainable development principles. He urged the industry to prioritize recycling, reuse, and a circular economy, believing that better resource utilization would not only protect the environment but also enhance economic efficiency.
He remarked that self-reliance and national development are complementary. Therefore, citizens should actively participate in building a self-reliant India.
In his address, Goyal also mentioned government initiatives like Digital India, Startup India, and Stand-Up India. He noted that significant investments in infrastructure have strengthened industries and created new opportunities for the youth of the country.
In conclusion, the central minister expressed confidence that the collective efforts of the industry, MSMEs, farmers, fishermen, laborers, and entrepreneurs would establish India as a more influential and robust power in the global economy. He stated that India has a historic opportunity to become the focal point of global development in the coming years.
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