Overview
Union Minister of Commerce and Industry Shri Piyush Goyal addressed the inaugural Bharatiya Vyapar Mahotsav at Bharat Mandapam, New Delhi. He urged Indian businesses and citizens to adopt fair trading practices, promote recycling, and build a circular economy. He also stressed taking the Make in India brand from domestic to global markets.
Key Developments
- India now enjoys preferential market access under nine FTAs, opening new opportunities for Indian industry.
- Exports of goods and services reached a record US$863 trillion last year, with a 73% rise over six years; the target for the current fiscal year is US$1 trillion.
- The Minister highlighted the role of MSMEs, farmers, fishermen, startups and the services sector in driving export growth.
- Calls for digitisation, adoption of good manufacturing practices, and sustainable production.
- Emphasis on self‑reliance (Swadeshi) and leveraging initiatives like Digital India, Startup India, and Stand‑Up India for growth.
Important Facts
India’s economy stands at roughly US$4 trillion and aims for a US$30 trillion size by 2047. Export growth of about 15% was recorded in the first four months of the current fiscal year (April‑July). The Minister linked higher