Piyush Goyal Backs Fair Trade, Recycling As India Targets $30 Trillion Economy By 2047

Union Commerce and Industry Minister Piyush Goyal on Wednesday urged Indian businesses and citizens to adopt fair trading practices, promote recycling and reuse, and embrace a circular economy as the country works towards its goal of becoming a $30 trillion economy by 2047. Addressing the inaugural ceremony of Bharatiya Vyapar Mahotsav in New Delhi, Goyal emphasised the need for sustainable growth alongside expanding India's global economic presence.

Goyal noted that India's growing engagement with international markets and increased market access have created significant opportunities for domestic businesses to take their products and services abroad. He pointed to nine free trade agreements that have opened preferential access to overseas markets and urged Indian companies to make greater use of these opportunities. The minister also credited MSMEs, farmers, fishermen, entrepreneurs, workers and the services sector with strengthening the country's export performance.

India's economy is currently valued at around $4 trillion, while the government has set an ambitious target of reaching $30 trillion by 2047, Goyal noted. Goods and services exports have reached record levels, with the government targeting $1 trillion in exports during the current year. According to the minister, exports have grown by around 73 per cent over the past six years, while exports during April-July this year registered nearly 15 per cent growth.

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Goyal also stressed the importance of strengthening the 'Make in India' brand by improving quality, design and innovation. He urged Indian businesses to move beyond limited domestic markets and expand their presence globally. Greater participation by Indian consumers in domestic products, he noted, could help boost production and trade, create economies of scale and improve the competitiveness of Indian businesses in international markets.

The minister further urged entrepreneurs to digitise their operations, adopt good manufacturing practices and maintain fair trading standards. Emphasising sustainable development, he advocated greater use of recycling, reuse and circular-economy practices in response to the challenges posed by climate change. He also linked self-reliance with national development and encouraged citizens to participate actively in India's economic journey.

Goyal also pointed to initiatives including Digital India, Startup India and Stand-Up India, as well as infrastructure development, which he noted have strengthened industry and expanded opportunities for young people. He expressed confidence that coordinated efforts by businesses, MSMEs, farmers, fishermen, workers and entrepreneurs would help India strengthen its position in the global economy while advancing its long-term development objectives.

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