Union Minister of Commerce and Industry Piyush Goyal on Wednesday called upon Indian businesses and citizens to adopt fair trading practices, promote recycling and reuse and embrace a circular economy as the country seeks to become a $30 trillion economy by 2047.

Addressing the inaugural ceremony of Bharatiya Vyapar Mahotsav here, Goyal said India’s growing global economic engagement and expanding market access provide a major opportunity for domestic businesses to take Indian products and services to the world.

He said India has opened markets for its businesses through nine free trade agreements, providing preferential access to international markets.

The minister highlighted the contribution of MSMEs, farmers, fishermen, entrepreneurs, workers and the services sector in strengthening India’s exports.

Goyal said India’s economy is currently around $4 trillion and the country is aiming to become a $30 trillion economy by 2047.

He said India’s goods and services exports have reached a record level and the government has set a target of $1 trillion in exports for the current year.

Exports have grown around 73 per cent over the last six years, while exports during the April-July period of the current year registered nearly 15 per cent growth, he said.

Goyal called for collective efforts to strengthen the ‘Make in India’ brand by focusing on quality, design and innovation.

He said Indian businesses should move beyond limited domestic markets and take their products and services to global markets.

Greater participation by Indian consumers in domestic products would help increase production and trade, create economies of scale and make Indian businesses more competitive globally, he added.

The minister also urged businesses and entrepreneurs to digitise their operations, adopt good manufacturing practices and follow fair trading practices.

Emphasising the need for sustainable growth, Goyal called for greater focus on recycling, reuse and the circular economy in view of climate change.

He said self-reliance and national development go hand in hand and called upon citizens to become active participants in India's journey towards self-reliance.

Goyal also highlighted initiatives such as Digital India, Startup India and Stand-Up India, along with infrastructure development, which he said have strengthened industry and created opportunities for the country's youth.

Moreover, he expressed confidence that collective efforts by businesses, MSMEs, farmers, fishermen, workers and entrepreneurs would help India emerge as a stronger participant in the global economy.'