India’s $30 Trillion Economy Vision by 2047 provides major Opportunities for Businesses: Commerce Minister

 
Union Commerce and Industry Minister Piyush Goyal has 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. The Minister said this while addressing the inaugural ceremony of Bharatiya Vyapari Mahotsav 2026 in New Delhi today. He said that India’s current economic size of around four trillion dollars presents a major opportunity as the country moves towards the vision of becoming a thirty trillion dollar economy by the year 2047.
 
Highlighting the government’s trade initiatives, the minister said that free trade agreements signed over the last four years cover 38 developed nations with a combined GDP of 60 trillion dollars. He added that that markets have been opened for Indian industry and businesses through nine free trade agreements. The Minister emphasized that India’s 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 noted that the 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 one trillion dollars.
 
Talking about the event, the Minister said that the vision of Bharatiya Vyapar Mahotsav is to showcase India’s growing prowess across sectors, including space technology and defence, to fuel the country’s progress towards Atmanirbhar Bharat. 
 
Speaking on the occasion, Minister of State for Commerce and Industry Jitin Prasada said that technology and trade are twin engines of India’s growth story. The Minister highlighted that Free Trade Agreements signed under the leadership of Prime Minister Narendra Modi with 27 developed nations, including the European Union, are a matter of pride for the country. He said developed nations today see India as a ray of hope. The Minister called on businesses and traders to work together with those of FTA countries to derive the benefit of such agreements.
The Bharatiya Vyapar Mahotsav 2026 is a vibrant celebration of Made in India, Made for India, Made for the World. The four-day exhibition will demonstrate the country’s trade strength, economic confidence, entrepreneurial spirit and unwavering resolve towards an Atmanirbhar Bharat. It is jointly organised by the Confederation of All India Traders and the India Trade Promotion Organisation in New Delhi.