New Delhi [India], September 29 (ANI): Union Minister of Commerce & Industry, Piyush Goyal, said the UP International Trade Show has provided a vital platform for MSMEs, women entrepreneurs, swadeshi products, and export-oriented units.

Calling the event a true amalgamation of 'vocal for local' and 'local goes global,' he urged all stakeholders to commit to using swadeshi products and ensure that GST benefits flow directly to consumers, thereby promoting inclusive growth for all, as per a government release.

While addressing the valedictory session of the UP International Trade Show on Monday, Goyal noted that the state has witnessed significant growth across various sectors, including khadi, cotton, and the cottage industry.

He emphasised the role of the One District, One Product (ODOP) initiative, which has now reached more than 750 districts across the country. He further informed that over 1200 products under ODOP have received special focus, with both the Central and State governments working hard to promote them in domestic and global markets.

The Minister informed that Unity Malls will be set up in every state of the country to showcase such district products. These malls will provide a platform for both state-specific and interstate products, giving artisans and entrepreneurs greater visibility.

Uttar Pradesh will have three such malls: in Lucknow, Agra, and Varanasi. He also underlined the Prime Minister's call to adopt swadeshi products, saying, 'Every product carries the blood and toil of Indian workers'

Highlighting the recent GST reforms, Goyal said that Prime Minister Narendra Modi has gifted the nation a transformative reform during Navaratri. '22 September will be written in golden letters in history. I believe this is the biggest reform since Independence, the impact of which will be felt for decades,' he remarked.

The Free Trade Agreement (FTA) with the EFTA countries (Iceland, Liechtenstein, Norway, and Switzerland), which was finalised in March 2024, will come into effect from October 1, 2025, said Goyal. He informed that the developed nations are keen to sign Free Trade Agreements (FTAs) with India, which has already concluded such agreements with the UAE, Australia and the UK. India's foreign exchange reserves have reached USD 700 billion,' the release said.

The Minister further stated that India is also in discussions with the US, EU, New Zealand, Oman, Peru and Chile, while Qatar and Bahrain have also expressed interest. The Terms of Reference with Eurasia have been finalised, which reflects India's strong global standing, he added.

The Minister noted that, under the leadership of the Prime Minister, India has transformed from a fragile economy in 2014 to the world's fourth-largest economy today and will become the third-largest economy, with a USD 5 trillion size, in the next two years. He emphasised that inflation is currently at 2 per cent--the lowest in a decade--while GDP growth reached 7.8 per cent in the last quarter. He also emphasised that India's banking sector is robust and interest rates have come down,' the release noted.

Goyal stated that the Union Government is now giving special focus to the development of the North-Eastern and Eastern states, working closely with the respective state governments to ensure inclusive growth and development.

He highlighted the remarkable progress of Uttar Pradesh, noting that the state has grown by leaps and bounds under this vision of inclusive growth, which has touched every caste, class, small and big business alike. Uttar Pradesh, he said, is the first state in the country to have established a dedicated Export Promotion Ministry, reflecting its proactive approach in strengthening trade and industry.

Goyal highlighted that UP's infrastructure development, including the dedicated freight corridor, expressways, airports, multimodal logistics hubs, inland waterways and container depots, has significantly strengthened its trade and industry ecosystem. (ANI)