Ř Nine Free Trade Agreements Open New Market
Opportunities for Indian Industry and Businesses
Ř India’s $30 Trillion Economy Vision by
2047 Presents Major Opportunities for Businesses
·
Commerce & Industry Minister Piyush Goyal called on Indian
businesses and citizens to adopt fair trading practices, recycling, reuse and
circular-economy principles.
·
He highlighted that nine Free Trade Agreements (FTAs)
have opened new international market opportunities and preferential access for Indian
businesses.
·
Goyal said India’s current economy of around $4 trillion
offers a major opportunity to achieve the $30 trillion economy vision by 2047.
·
India’s goods and services exports have reached
a record level, with the government targeting $1 trillion in exports in the
current year.
·
He emphasised the contribution
of MSMEs, startups, farmers, fishermen, workers, entrepreneurs and the services
sector to India's export growth.
·
Goyal urged businesses to move beyond domestic markets
and take Indian products and services to global markets, strengthening the
“Make in India” brand.
·
He said Swadeshi should represent products made
in India with strong domestic participation, quality and competitiveness.
·
Greater domestic consumption of Indian products could help
businesses achieve economies of scale, higher production, increased trade and
greater global competitiveness.
·
Initiatives such as Digital India, Startup India and
Stand-Up India, along with infrastructure development, were highlighted as contributors
to India's economic transformation.
·
Businesses were encouraged to digitise
operations, adopt good manufacturing practices and maintain fair trading standards.
·
Goyal stressed that quality, design and brand value
are essential for Make in India to gain lasting international recognition—not merely
the “Made in India” label.
·
He connected economic growth with higher production
and employment opportunities, particularly for India's young workforce.
·
Sustainability was highlighted as an important part of
future growth, with businesses encouraged to adopt recycling, reuse and circular-economy
models.
·
The Minister called for collective participation
from businesses, entrepreneurs, MSMEs, workers and citizens to strengthen India's
position in global trade.
[ABS News Service/12.08.2026]
Union Minister of Commerce and Industry
Piyush Goyal urged Indian businesses and citizens to adopt fair trading practices,
promote recycling and reuse, and encourage a circular economy while taking Indian
products and services to global markets.
Addressing the inaugural ceremony of the
Bharatiya Vyapar Mahotsav at Bharat Mandapam, New Delhi,
Mr. Goyal highlighted India’s growing global economic engagement and noted that
markets have been opened for Indian industry and businesses through nine free trade
agreements. He said that international trade now provides India preferential access
and highlighted the contribution of Indian MSMEs, employees, fishermen, farmers,
entrepreneurs and the services sector in taking Indian products and services to
global markets.
Mr. Goyal called for collective efforts
to strengthen the Make in India brand by respecting India’s quality, design capabilities
and brand. He said that India’s current economic size of around $4 trillion presents
a major opportunity as the country moves towards the vision of becoming a $30 trillion
economy by 2047. He noted that the whole world is seeking to increase trade relations
with India and emphasised that such a large growth opportunity requires collective
participation from businesses, entrepreneurs and citizens.
The Minister noted the growth of India’s
exports and said that 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 that exports had registered around
73 per cent growth over the last six years and that the target for the current year
is to achieve exports of 1 trillion dollars. He further noted that exports recorded
almost 15 per cent growth during the first four months from April to July of the
current year.
Mr. Goyal emphasised that self-reliance
and national development go hand in hand. He said that citizens must themselves
become part of the change and contribute to the country’s journey towards self-reliance.
He highlighted various initiatives undertaken since 2014, including Digital India,
Startup India, Stand-Up India and large-scale infrastructure development, which
have contributed to strengthening industry and business and creating opportunities
for the youth.
He said that ‘Swadeshi’ represents products
made in India with the blood, sweat and tears of Indian citizens. He called upon
Indian businesses to move beyond limited markets and take local products and services
to global markets. He said that greater participation of Indian consumers in Indian
products would create new opportunities, increase 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. He highlighted the collective strength of travellers, MSMEs, startups,
farmers, fishermen, labourers and entrepreneurs and said that this strength would
help India take its products and services to the world.
Calling for greater participation in the
country’s development journey, Mr. Goyal said that the reform process involves improvement,
transformation and performance, and that all stakeholders have a responsibility
to demonstrate their capabilities and take India to the world through their work.
Mr. Goyal called upon businesses and entrepreneurs
to digitise their businesses, adopt good manufacturing practices and follow fair
trading practices. He emphasised the importance of sustainability in the context
of climate change and called for greater focus on recycling, reuse and a circular
economy.
The Minister said that India’s journey
should not only give a label to Make in India but also establish 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.
Mr. Goyal 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 new solutions to address
emerging challenges.
He 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.