Page 14 - Commerce Ministry

Commerce Department to open process to avail aid for chip manufacturing

The Commerce Department is opening the application process for computer chip manufacturers to access USD 39 billion in government support to build new factories and expand production. The funding is part of the CHIPS and Science Act, which President Joe Biden signed into law last August. Grants, loans and loan guarantees are meant to revive domestic production of computer chips. The effort is designed to sharpen the US edge in military technology and manufacturing while minimising the kinds of supply disruptions that occurred in 2021, after the start of the coronavirus pandemic, when a shortage of chips shut down factory assembly lines and fuelled inflation. This is fundamentally a national security initiative, Commerce Secretary Gina Raimondo said as the application process began Tuesday. We are not writing blank checks to any company that asks. The money is meant to support private investment in new factories and can be clawed back if companies use it on stock buybacks instead. .

No ban on onion exports; $523 mln exported during Apr-Dec 2022: Govt

There is no ban on exports of onion and India has shipped the commodity worth USD 523.8 million during April-December 2022, the commerce ministry said on Sunday. It said that only the export of onion seed is restricted. "Government has not restricted or prohibited the export of onions," the ministry said in a statement. In December 2022, onion exports rose by about 50 per cent to USD 52.1 million. During April-December this fiscal, the exports rose by 16.3 per cent to USD 523.8 million. Commerce and industry minister Piyush Goyal in a tweet on Saturday stated that there is no ban on onion exports from India to any country and misleading statements suggesting the contrary is unfortunate. The statement came after a tweet by NCP leader Supriya Sule on February 25 on onion exports.

Electrical industry must work towards big export targets, says Goyal

Commerce and Industry Minister Piyush Goyal on Tuesday asked the electrical industry to set and work towards a big exports target as the sector holds huge potential for growth. The sector has touched export of USD 10 billion and is targeting to increase it to USD 25 billion in the next five years. "But I am extremely happy by this performance and sad as well. 'Ye Dil Mange More'...The electrical industry makes India proud globally. Time has come that the world becomes our stage. We should not just have exhibitions in developing countries but also in the developed part of the world," Goyal said at an event of the electrical industry. He suggested the industry to organise exhibitions in Europe and the US along with other countries. "We should go straight into the big markets and showcase our presence and world-class quality standards globally...We need to show the world that India can be a reliable and trusted partner in all their energy needs," he said. The minister also said quali

PM GatiShakti platform, a transformative approach: DPIIT Official

The workshop will feature discussions on use cases of NMP adoption by central Ministries and State Departments

We should target $1 bn organic product export by 2030: Piyush Goyal

The Union minister also called on the local youth to work at design and packaging facilities as well

Piyush Goyal bats for promoting local products to make India self-reliant

Union Commerce Minister Piyush Goyal on Saturday emphasised on the importance of promoting local products to make India self-reliant. Addressing a session in which of founders different start-ups from the Northeast participated, he said the quality of manufacturing must be maintained as it impacts the business. "The quality will play a key role and help companies deliver products and services that exceed expectations, helping them expand their markets," Goyal said. He said innovators, startups and students have a big role to play in shaping the future of India, and urged them to keep contributing to the development of the nation. He said six lakh LED bulbs are sold in India every day, helping to reduce energy consumption and create job opportunities. He also stressed on the importance of mentorship programs for entrepreneurs in the state. The minister is on a three-day visit to Sikkim, which started on Friday.

Working to support plans to promote a free open Indo-Pacific region: USIBC

A top American business advocacy group has said that it is working to support plans to promote a free, open, and prosperous Indo-Pacific region. During an ongoing meeting with stakeholders of the Indo-Pacific Economic Framework (IPEF), the US India Business Council (USIBC) also focused on building resilient supply chains for the biopharmaceutical sector as well as for critical minerals essential to the energy transition, a media release here said. The framework is being hosted by the Indian Ministry of Commerce and Industry in Delhi from February 8 to 11. On Thursday, the USIBC said that it is working to support plans to promote a free, open, and prosperous Indo-Pacific region. The Indo-Pacific is a biogeographic region, comprising the Indian Ocean and the western and central Pacific Ocean, including the South China Sea. The US, India and several other world powers have been talking about the need to ensure a free, open and thriving Indo-Pacific in the backdrop of China's rising .

Student visas were never part of FTA discussions with UK, says Piyush Goyal

Goyal said sensitive issues will not be allowed to scuttle the FTA talks with UK and they will focus on what is acceptable to both countries

Apple targeting to raise India production share to 25%: Piyush Goyal

'They are already at about 5-7% of their manufacturing in India. If I am not mistaken, they are targeting to go up to 25% of their manufacturing'

Commerce Ministry relaxes EPCG norms to promote ease of doing biz

The latest relaxation will be available for hotel, healthcare, and educational sectors, the commerce ministry said

Union Minister Piyush Goyal pitches for startup database in country

Commerce and Industry Minister Piyush Goyal on Monday called for making a strong database of all startups in the country as it would belp both public and private sectors

Indian exports decline 12.22% YoY to $34.48 billion in December: Govt data

The data, released by the commerce ministry, also showed that the country's imports in December 2022 dropped to $58.24 billion as against $60.33 billion in the same month the previous year

WPI inflation falls to 4.95% in December from 5.85% in previous month

Inflation in manufactured products was 3.37 per cent during the month

G20 summit great opportunity for India to showcase its strengths: Goyal

The next G20 summit presents a "great opportunity" for India to showcase many of its strengths and provide leadership to several challenges the world is facing, Minister of Commerce and Industry Piyush Goyal has said. Goyal is in the US on an official visit. He co-chaired the India-US Trade Policy Forum meeting with US Trade Representative Katherine Tai on Wednesday. The G-20 is going to be a very exciting opportunity for India to provide leadership to many of the challenges before the world. It is going to be a great opportunity for us to showcase the many strengths of India, he told reporters at a news conference here on Wednesday. India formally assumed the G20 Presidency on December 1. The next G20 Leaders' Summit at the level of Heads of State/Government is scheduled to be held on September 9 and 10 in New Delhi. Prime Minister Narendra Modi has said India will work to further promote oneness, inspired by the theme of One Earth, One Family, One Future and listed terrorism, ...

US Commerce Secretary Raimondo to visit India in March for trade talks

She will be accompanied by a very high-powered delegation of global CEOs of large multinational companies: Piyush Goyal

Limitless opportunities for US investors to grow in India: Piyush Goyal

In a statement issued by the USIBC, Goyal said that "for the US companies looking for 'good times', this is the time, this is the right time, to look at India, and engage more with India

India land of opportunity, trusted partner in global supply chains: Goyal

India today is a land of opportunity and can be a trusted partner for global and American corporations in their supply chains and investment portfolios, Commerce and Industry Minister Piyush Goyal said. He also exuded confidence that the country will soon be the third largest economy in the world, as transformational reforms and a young population drive future growth. I would urge all of you to take this message to the world, to the Americans and American corporations and to the sphere of influence that each one of you has that India is the place to be, India can be your trusted partner in your supply chains, in your investment portfolio, in your business, Goyal said on Sunday as he addressed diaspora and members of the Indian-American community at a reception here. Goyal arrived in New York on Sunday on an official visit till January 11 during which he will also travel to Washington DC. In the first leg of the visit, he will interact with CEOs of multinational enterprises, join ...

India looking at multilateral, equitable agreements for all sides: Goyal

Negotiations for bilateral free trade agreements with several countries are "well on track" and India is also looking at some multilateral pacts that are fair and equitable for all the member countries, Commerce and Industry Minister Piyush Goyal said on Saturday. India has recently implemented a free trade agreement (FTA) with the UAE in May 2022 and on December 29, 2022 with Australia to boost bilateral trade and investments. The country is negotiating FTAs with countries including Canada, European Union and the UK. "We are well on track in discussions with several other countries to look at bilateral trade agreements. We are looking at one or two multilateral trade agreements also where we believe we can get benefit," Goyal said while virtually addressing the 27th Wharton India Economic Forum. In a trade agreement, two or more countries either significantly reduce or eliminate customs duties on the maximum number of goods traded between them. Besides, they ease norms to promote

BIS launches portal for mapping of industrial units and laboratories

India must recognise and accept the importance of quality: Piyush Goyal

Wheat exports rise 30% to $1.5 billion in Apr-Nov: Commerce ministry

Wheat exports rose 29.29 per cent to USD 1.50 billion during April-November this fiscal from USD 1.17 billion in the same period the previous year, the commerce ministry said on Friday. Though the government banned wheat exports in May, some shipments are allowed to meet the food security needs of the countries that request it. The ministry said that Basmati rice exports too increased by 39.26 per cent to USD 2.87 billion during April-November 2022, while that of non-basmati rice registered a growth of 5 per to USD 4.2 billion in the same period. "Wheat export has registered an increase of 29.29 per cent in eight months of the current fiscal as its export rose to USD 1508 million in April-November 2022 from USD 1,166 million in April-November 2021," it added. The outbound shipments of agricultural and processed food products rose by 16 per cent in the eight months of the current fiscal to USD 17.43 billion. "For 2022-23, an export target of USD 23.56 billion has been fixed for the