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Union Commerce and Industry Minister Piyush Goyal on Wednesday called on Indian industry, businesses and citizens to adopt fair trade, recycling, reuse and circular economy. He said that if India has to become a $30 trillion economy by the year 2047, then along with economic growth, sustainable and responsible business models will also have to be promoted.

Addressing the inaugural ceremony of the Indian Business Festival held in the national capital, Goyal said India's growing economic participation at the global level and strengthening trade relations with various countries have brought huge opportunities for Indian industries. He said that India is now in a position to present its products and services more strongly to the world.

The Minister said that the Central Government has signed nine Free Trade Agreements (FTAs) in the last few years, due to which Indian companies are getting preferential access to international markets. This has created new opportunities for Indian exporters, industries and service sector.

Praising India's export performance, Piyush Goyal said that the country's MSMEs, farmers, fishermen, entrepreneurs, workers and service sector have contributed significantly in increasing exports. He said India's economy is currently worth about $4 trillion and the government aims to grow it to $30 trillion by 2047.

He said that the country's goods and services exports have reached record levels and the government has set a target of $1 trillion exports for the current year. India's exports have grown by about 73 per cent in the last six years, while during the April to July period of the current financial year, exports have registered a growth of about 15 per cent.

Goyal stressed that Indian industries should not be limited to the domestic market only, but should establish a strong presence in the global markets. According to him, the 'Make in India' brand can be further strengthened by paying special attention to quality, design and innovation.

He said that if Indian consumers adopt more and more indigenous products, production will increase, economies of scale will develop and Indian companies will become stronger in global competition.

The Minister appealed to businessmen and entrepreneurs to focus on digitalization of their businesses, adopt better manufacturing processes and follow fair trade practices. He said that modern technology and transparent business system can take Indian industries to new heights.

Referring to the challenges of climate change, Piyush Goyal said that the future economy will have to be based on the principles of sustainable development. He urged the industry to give priority to recycling, reusing and circular economy. He believes that better utilization of resources will not only lead to environmental protection but will also increase economic efficiency.

He said that self-reliance and national development complement each other. Therefore, the citizens of the country should also become active participants in building a self-reliant India.

Goyal also mentioned government initiatives like Digital India, Startup India and Stand-up India in his address. He said that these programs as well as large investments in infrastructure have strengthened industries and created new opportunities for the youth of the country.

At the end of his address, the Union Minister expressed confidence that the collective efforts of industry, MSMEs, farmers, fishermen, workers and entrepreneurs will establish India as a more influential and stronger force in the global economy. He said that India has a historic opportunity to become a major center of the world's development story in the coming years.

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