Piyush Goyal Outlines USD 1 Trillion Export Push, Urges MSMEs to Leverage FTAs for Global Expansion

New Delhi, Aug 12 (KNN) Union Commerce and Industry Minister Piyush Goyal called on Indian businesses to adopt fair trading practices, strengthen manufacturing standards and expand Indian products and services in global markets.

Addressing the inaugural ceremony of the Bharatiya Vyapar Mahotsav at Bharat Mandapam, Goyal said nine free trade agreements have opened new market opportunities for Indian businesses by providing preferential access. 

He highlighted the role of MSMEs, farmers, fishermen, entrepreneurs, workers and the services sector in expanding India’s presence in international markets.

Goyal said India’s economy, currently valued at around USD 4 trillion, presents significant opportunities as the country targets a USD 30 trillion economy by 2047. 

He called for collective efforts to strengthen the Make in India brand by improving quality, design capabilities and global recognition of Indian products.

The Minister highlighted the growth in India’s exports and said goods and services exports had reached a record level last year, with merchandise exports at USD 442 billion and services exports at USD 421 billion. He said exports had grown by around 73 per cent over six years, with the current-year target set at USD 1 trillion.

He also highlighted initiatives launched since 2014, including Digital India, Startup India, Stand-Up India and infrastructure development, which he said have supported industry, businesses and employment opportunities.

Goyal urged businesses and entrepreneurs to digitise operations, adopt good manufacturing practices and follow fair trading practices. He also stressed the importance of recycling, reuse and a circular economy in addressing sustainability and climate-related challenges.

Calling for greater consumer participation in Indian products, Goyal said stronger domestic demand could support higher production, economies of scale and greater competitiveness for Indian businesses in global markets.

He said India’s growth would require collective participation from businesses, MSMEs, entrepreneurs, farmers, fishermen and workers to expand the country’s economic and trade engagement globally.

(KNN Bureau)