From $4 trillion to $30 trillion: How fair trade and Make in India can drive growth

During a speech at the Indian Business Festival, Union Minister Piyush Goyal painted a vivid picture of India’s economic trajectory: a rise from the present $4 trillion GDP to a $30 trillion powerhouse by 2047. Central to this vision, he said, is a shift toward fair‑trade practices, high‑quality design, and robust innovation that reinforce the "Make in India" narrative.

Goyal highlighted that the nation’s export performance has reached unprecedented levels, with a target of $1 trillion in exports for the current fiscal year. Over the past six years, total exports have surged by 73 percent, aided by nine FTAs that grant Indian companies preferential access to global markets. He credited the collective effort of MSMEs, farmers, fishermen and the broader workforce for these gains.

The minister stressed that Indian manufacturers must look beyond domestic demand and cement a strong presence in overseas markets. Emphasising sustainability, he called for widespread adoption of recycling and circular‑economy models, noting that efficient resource use translates into both environmental benefits and higher economic returns.

Goyal also urged businesses to accelerate digitalisation, implement modern manufacturing processes and uphold fair‑trade standards. He linked these actions to the larger goals of self‑reliance and national development, asserting that an empowered citizenry will be the cornerstone of India’s emergence as a dominant global economic force.