Piyush Goyal has called on Indian businesses to integrate fair trading, recycling, and sustainability practices as part of India’s strategy to accelerate its path towards a $30 trillion economy by 2047, emphasising domestic growth, exports, and eco-friendly manufacturing.
Piyush Goyal has urged Indian businesses to pair fair trading practices with recycling, reuse and broader sustainability efforts as he pitched a more competitive, export-driven economy built around the country’s manufacturing and services base.
Speaking at the opening of Bharatiya Vyapar Mahotsav 2026 at Bharat Mandapam in New Delhi, the commerce and industry minister said India’s roughly $4 trillion economy had a clear path towards $30 trillion by 2047, but only if companies, entrepreneurs and consumers backed domestic production, stronger exports and wider use of Indian brands. The four-day trade fair, running from August 12 to 15, is being organised by the Confederation of All India Traders and the India Trade Promotion Organisation with support from the Ministry of Commerce and Industry.
Goyal said exports of goods and services had reached record levels last year and added that the government’s target for the current year was $1 trillion. Official trade figures for FY2025-26 put total exports at about $863 billion, including about $442 billion in merchandise and $421 billion in services. He also said exports had grown nearly 73 per cent over the past six years and advanced about 15 per cent in April-July of the current fiscal year. According to the minister, nine free trade agreements have helped open preferential market access for Indian industry.
The minister linked the growth plan to self-reliance, saying that domestic strength and global engagement can advance together. He pointed to initiatives launched since 2014, including Digital India, Startup India and Stand-Up India, as well as large-scale infrastructure spending, as part of the foundation for industrial expansion and youth employment. Goyal described Swadeshi as goods made in India with Indian labour and skill, and said stronger consumer support for locally made products would help producers gain scale and compete abroad. He also pressed firms to digitise operations, adopt better manufacturing practices and keep sustainability at the centre of growth as climate pressures mount.
Minister of State for Commerce and Industry Jitin Prasada also addressed the event, describing technology and trade as the two main engines of India’s growth story. In other recent remarks, Goyal has said India’s demographic strengths can complement trade partnerships rather than compete with them, and that the country’s long-term ambition to become a $30 trillion economy will depend on deeper international ties as well as stronger domestic industry.
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