Fair Trade Key on Road to $30 Trillion Economy: Piyush Goyal
13 August 2026: Union Commerce and Industry Minister Piyush Goyal has urged Indian businesses and citizens to follow fair trading practices, push recycling and reuse, and build a circular economy while taking Indian products and services into global markets.
He was speaking at the inaugural ceremony of Bharatiya Vyapar Mahotsav 2026 at Bharat Mandapam, Pragati Maidan, New Delhi. The four-day trade expo, running from 12 to 15 August 2026, is a joint initiative of the Confederation of All India Traders (CAIT) and India Trade Promotion Organisation (ITPO), with support from the Ministry of Commerce and Industry.
Goyal said India’s economy is now around USD 4 trillion and that the move toward a USD30 trillion economy by 2047 creates a large opening for firms, entrepreneurs and citizens. He linked that path to stronger exports, wider market access and higher respect for Indian quality, design and brands under Make in India.
Export numbers and trade access
According to the minister, goods and services exports hit a record last year. Official trade data for FY 2025-26 put overall exports at about USD863 billion, with merchandise near USD442 billion and services about USD421 billion. Goyal said exports have risen around 73 per cent over the past six years. The target for the current year is USD1 trillion in exports. He also said exports grew almost 15 per cent in April-July of this fiscal year. He said nine free trade agreements have opened preferential access for Indian industry. MSMEs, farmers, fishermen, workers, entrepreneurs and the services sector, he added, are central to taking Indian goods and services abroad.
Local strength, global markets
Goyal said self-reliance and national development move together and called on citizens to join the shift. He pointed to programmes since 2014, including Digital India, Startup India, Stand-Up India and large infrastructure work, as supports for industry and youth opportunity.
He described Swadeshi as products made in India through Indian labour and skill, and asked firms to move beyond narrow local markets. Greater Indian consumer support for Indian products, he said, can lift production, create scale and raise competitiveness.
Businesses were also asked to digitise operations, adopt good manufacturing practices and stay focused on sustainability as climate pressure rises. Growth in GDP, he said, should lift production and jobs, including for young people returning with new skills.
Minister of State for Commerce and Industry Jitin Prasada also spoke at the event, calling technology and trade twin engines of India’s growth story.
