Page 2 - Commerce Ministry

Piyush Goyal to visit US on Monday to push for early trade deal talks

Goyal's visit follows a positive meeting between trade negotiators in New Delhi last week as India and the US step up efforts to resolve tensions and conclude a trade agreement

Commerce ministry tells retailers to highlight discounts from GST rate cuts

The commerce and industry ministry has directed physical retail chains to prominently display and advertise discounts due to the recent GST rate rationalisation. In a communication to the Retailers Association of India, Department for Promotion of Industry and Internal Trade (DPIIT) said retailers should reflect the GST reduction in the receipt / bill as GST discount and major focus be given on high impact products. "Prominently display and advertise 'Discount due to GST' through their networks. For example - posters / flyers and ads (print, TV and online) through their own retail networks," it said. The department has also suggested that sales figure be monitored during this festive season and highlighted through various channels. Nearly 400 products - from soaps to cars, shampoos to tractors and air conditioners - will cost less when the rejig of the GST is effective from the first day of Navaratri on September 22. Starting September 22, the GST slab structure will change - 5 pe

India's exports to surpass 2024-25 levels, GST reforms to aid growth: Goyal

India's exports during the current financial year would be higher than 2024-24, said Union Minister Piyush Goyal on Thursday, while asserting the government is working at a fast pace for diversification of outbound shipments. The commerce and industry minister also said the industry has committed to pass on the benefits of the GST rate reduction to consumers. "This has been a very special year for consumers," he said while referring to the Income Tax benefits effected through the Union Budget and GST reforms announced on Wednesday evening. Talking to reporters here, the minister said the reforms announced on the GST front will have multiplier impact on the economy and help in keeping inflation at low levels. "Industry has committed they will pass on the benefits of GST rate reduction to consumers," Goyal said, adding he has spoken to industry associations and large corporates. The minister further said reduction in prices also benefits industry as it leads to higher demand which i

Goyal urges industry to pass on GST rate cut benefits to consumers

The industry must pass on to consumers the full benefits of the GST rate reductions, the "biggest ever reform" since India's independence, Union Minister Piyush Goyal said on Thursday. Union Commerce and Industry minister said the GST reforms would boost demand in almost all sectors, supporting the economic growth of the country. He urged the industry to encourage the sale of products made in India in a big way. The minister addressed a joint event of the 2nd edition of India MedTech Expo 2025 and IPHEX 2025, which is the 11th international exhibition on pharma and healthcare. He also spoke at Bharat Nutraverse Expo 2025. Talking about India's growth story, Goyal said the country in the next two years would become the third largest economy. India will grow from a USD 4 trillion economy to a USD 30 trillion economy by 2047. "Yesterday's reform in indirect taxes in GST, coming on the back of several initiatives over the last 11 years, is transformational in nature, significantly ...

Commerce ministry holds talks with exporters to counter steep US tariffs

The Commerce Ministry will hold a series of meetings this week with exporters from various sectors, including chemicals, gems and jewellery, to discuss ways to boost exports to new markets to shield industries from the steep 50 per cent US tariffs on Indian goods, an official said on Wednesday. The official also said work is progressing fast on the formulation of the Export Promotion Mission, announced in the Budget for 2025-26. "In the next 2-3 days, the ministry will meet stakeholders on the diversification of exports," the official added. The steep 50 per cent tariff on Indian goods entering the United States, which came into effect from August 27, would impact exports worth more than USD 48 billion. The sectors which would bear the brunt of the high import duties imposed by the Trump administration include textiles/ clothing, gems and jewellery, shrimp, leather and footwear, animal products, chemicals, and electrical and mechanical machinery. Sectors such as pharma, energy ...

Apeda to open offices in Patna, Raipur, Dehradun to aid agri exporters

The commerce ministry's arm, Agricultural and Processed Food Products Export Development Authority (APEDA), has decided to open its three new regional offices in Patna, Dehradun and Raipur to support agri exporters, an official said. At present, the Delhi-headquartered authority has 16 regional offices in cities, including Bengaluru, Srinagar, Jammu, Ladakh, Guwahati, Mumbai, Varanasi, Kochi and Bhopal. The functions of the authority include development of industries relating to a certain number of products for export, registration of persons as exporters of those products, fixing of standards, improving packaging, and marketing. The official said the new offices would promote shipments by agri exporters. APEDA has taken a series of measures to boost the country's agri exports, which crossed USD 50 billion in 2024-25. "Focused measures are being taken by APEDA to diversify exports of its scheduled products, including GI-tagged products. This includes boosting exports of traditional

DGTR suggests safeguard duty on imports of some steel items for 3 years

The commerce ministry's arm, DGTR, has recommended final imposition of a safeguard duty on imports of certain flat steel products for three years to protect domestic manufacturers from sudden jump in the inbound shipments. The duty was recommended by the directorate general of trade remedies (DGTR) in its final findings of a probe initiated on a complaint by the Indian Steel Association. Based on the preliminary findings, the government in April has already imposed a provisional 12 per cent safeguard duty for 200 days. Now in its final findings, the DGTR has concluded "that there is a recent, sudden, sharp and significant increase in imports of PUC (product under consideration) into India at the cumulative level as a result of unforeseen developments...and threaten to cause serious injury to the domestic industry/producers," the DGTR has said in a notification. It has recommended a 12 per cent duty in the first year, 11.5 per cent in the second, and 11 per cent in the third year.

India remains fully engaged with US on trade negotiations: Commerce Secy

Barthwal said that Washington is a very important trade partner for New Delhi. A US delegation is scheduled to arrive in New Delhi for the next round of negotiations on August 25

Centre wants states to support exporters hit by Donald Trump tariff

Exporters have warned that the US tariff hike poses a setback, affecting nearly 55 per cent of India's shipments to the American market

India, US 'actively involved' in trade talks: Govt a day after MEA rebuke

This follows a scathing response from the MEA a day earlier to US President Donald Trump's threat of higher tariffs on Indian goods for importing Russian oil

We are reviewing Prez Trump's 25% tariff, committed to fair trade deal: GoI

The commerce ministry said the Indian government remains committed to a fair trade deal and will take all necessary steps to protect national interests

Looking to speed up talks to review Asean trade pact: Piyush Goyal

Commerce Minister Piyush Goyal discusses the ongoing review of the India-ASEAN trade pact with Malaysia's T Zafrul Aziz, highlighting challenges and the need for fair trade and a comprehensive deal

Small tea growers ask Centre to set up fair price discovery mechanism

Small tea growers, who contribute more than 50 per cent to the crop production of the country, have urged the Centre to set up a fair and transparent price discovery mechanism so that they can realise a proper value by selling leaves to factories. In a letter to Commerce Minister Piyush Goyal, the Confederation of Indian Small Tea Growers Associations (CISTA) suggested a price protection scheme modelled on the lines of the minimum support price (MSP). It said the Tea Board should undertake a detailed study to determine an equitable price-sharing ratio between small growers and factories. Small growers are facing the persistent challenge of poor price realisation, which is undermining the sector's sustainability, CISTA president Bijoy Gopal Chakraborty said. Small growers contribute more than 52 per cent to the country's tea production, and a proper price realisation mechanism should be identified so that livelihoods are sustained, he said. Chakraborty said the association has alre

Looking to fast-track trade pact review talks with Asean: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Thursday said discussions are underway with ASEAN to review the existing trade pact, and he is looking forward to fast-track the negotiations. The issue figured during the meeting between Goyal and his Malaysian counterpart T Zafrul Aziz. "Had a productive meeting with @Tzafrul_Aziz, Malaysian Minister of Investment, Trade & Industry. Malaysia is India's permanent coordinator from ASEAN on economic matters," Goyal said in a post on X. The ministers discussed the ongoing review of ASEAN India Trade of Goods Agreement (AITIGA) and addressing its challenges therein. "Looking forward to fast-tracking discussions with ASEAN Member States to ensure fair trade and balanced growth," he said adding, "We also discussed furthering discussions on the Comprehensive Economic Cooperation Agreement (CECA) between both the countries". The remarks assume significance as the review talks are progressing slow. The review of the agreement is a ...

Digital news publishers' body backs copyright protection in AI training use

DNPA supports government review of AI and copyright laws, urging fair compensation for digital news content used in AI training

Task Force on textile exports to tackle sectoral issues: Commerce Ministry

A task force on textile exports will create a unified platform to address critical issues concerning the sector to boost outbound shipments, the Commerce Ministry said on Wednesday. The country aims to increase textile exports to USD 100 billion by 2030-31. The first meeting of the task force was held on June 10 under the chairpersonship of Commerce Secretary Sunil Barthwal to discuss issues and strategies for enhancing textiles exports from India, besides increasing share in global markets. Barthwal said the primary objective of the task force is to create a unified platform for addressing critical issues concerning the textile sector by involving all relevant stakeholders. Special Secretary, Department of Commerce, Rajesh Agrawal said there is a need to focus on innovations keeping in view the latest trends to garner a higher share of the export market. Textiles is one of the key focused sectors identified by the Department of Commerce for promoting exports. While the governmen

Piyush Goyal calls Italian business enclaves in India to boost investment

Commerce and Industry Minister Piyush Goyal on Thursday proposed to develop an industrial conclave for Italian businesses in India to promote investments. Speaking here at India-Italy Business Forum meeting, he said Italian companies can consider setting up manufacturing units and offices in those enclaves. "I have a proposition for you. We can set up Italian enclaves where Italian businesses can set up shops... we can set up hotels, restaurants, healthcare for Italian people who would come to work there. It will be home away from home for them," Goyal said. These industrial parks can be set up in the proposed industrail corridors in different parts of the country. The minister is here on a two-day visit. He is meeting leaders and businesses to boost trade and investments between the two countries. India would invite Italian companies to certain locations in India such as Dighi near Mumbai and Sambhaji Nagar (Aurangabad) in Maharashtra to showcase potential locations for these ...

IIFT to open its first overseas campus in Dubai, receives govt approval

Indian Institute of Foreign Trade, which comes under the Ministry of Commerce, has received final approval to open its first campus abroad, however, final permissions from the UAE are pending

WPI inflation falls to 13-month low in April as food, fuel become cheaper

The sharpest vegetable price fall since October 2023 and a broad-based slowdown in fuel and manufactured goods inflation pulled WPI to its lowest level in over a year

Centre warns industry against transhipment to US; assures clarity on norms

The Commerce Ministry has cautioned the domestic industry to strictly follow the US 'rules of origin' norms while exporting goods to America, as re-routing products from high-tariff countries without substantial value addition could be classified as transhipment and attract higher duties, an official said. The ministry has also assured the industry that all efforts would be made to codify the value addition norms to provide certainty and clarity to exporters, the official said. The issue was deliberated at length during a stakeholder consultation on India-US trade ties, convened by the ministry on May 2 here. The stakeholder consultation was chaired by Special Secretary in the ministry Rajesh Agrawal. He is also India's chief negotiator for the India-US bilateral trade agreement (BTA). Transhipment refers to the process of importing products from one country and then exporting to another, usually without significant processing or value addition. In a meeting with exporters last mon