Piyush Goyal

India targets $1 trillion goods and services exports this year: Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday asked for taking the country's goods and services exports to USD 1 trillion this fiscal year. In 2025-26, exports reached an all-time high of USD 863.11 billion, registering an increase of 4.6 per cent year-on-year, despite global economic uncertainties, including high US tariffs, the ongoing Russia-Ukraine war and the West Asia crisis, he said. Merchandise exports grew 0.93 per cent to USD 441.78 billion in the last fiscal year from USD 437.70 billion in 2024-25. Services shipments too surged to an all-time high of USD 421.32 billion in 2025-26, compared to USD 387.55 billion in 2024-25, recording a growth of 8.71 per cent. "This year, let's aspire for a USD 1 trillion exports target. It's possible," he said at an event here. The minister said that taking from USD 863 billion to USD 1 trillion needs USD 137 billion, which is a 16-17 per cent growth. The minister added that India is opening doors and is providing preferenti

India plans 500 delegations, outreach to industry to boost FTA utilisation

The commerce ministry is preparing granular plans to boost the utilisation of free trade agreements (FTAs) by Indian industry, including sending 500 delegations abroad, training 1,000 people, and engaging with 1,600 industry chambers, Union Minister Piyush Goyal said on Tuesday. The commerce and industry minister asked the Indian industry to increase utilisation of these pacts as it will help boost exports and attract investments at a time when the global economy is facing challenges. "We are making very granular plans on how we can leverage all these FTAs and convert the global crisis into a golden opportunity," he said at the CII annual business summit here. Since 2021, India has finalised trade deals with Mauritius, the UAE, Australia, Oman, New Zealand, EFTA bloc, UK and the EU. Goyal said that countries such as Switzerland, the United States and nations in the European Union have much higher per capita incomes and cannot manufacture products at a cost lower than India. The ..

India-Oman FTA likely to come into force from June 1, says Piyush Goyal

The free trade agreement (FTA) between India and Oman is expected to come into force from June 1, Commerce and Industry Minister Piyush Goyal said on Tuesday. The pact was signed in December 2025. "I have had a good meeting with Oman team today and most probably the Oman free trade agreement will come into effect from June 1, 2026," he told reporters here. The Oman team is here to discuss ways to boost trade and investments. The agreement will provide duty-free access to 98 per cent of India's exports, including textiles, agri, and leather goods in Oman. On the other hand, India will reduce tariffs on Omanese products such as dates, marbles and petrochemical items. When asked about his meeting with the Chilean foreign minister here, Goyal said there are challenges given the different size of the economies and different scale of opportunities that both countries offer to each other. "We are trying to bridge that gap through innovative solutions. "If we get a good deal around crit

India got EU market opened for seafood through active talks: Goyal

India actively negotiated with the European Union to open its market for seafood exports, helping the country overcome challenges arising from steep US tariffs, Union Commerce and Industry Minister Piyush Goyal said on Sunday. Addressing reporters here, he said the government anticipated disruptions and acted swiftly to secure alternative markets for Indian exporters. "Our government works 24 hours. Often, even before a problem arises, we begin planning and action," he said. Goyal said the US decision to impose 50 per cent tariff on Indian seafood had dealt a major blow to exports and caused distress among fishermen. "When America imposed a 50 per cent tariff on Indian seafood, our exports suffered a big setback. Fishermen were very worried. The Centre responded by engaging with the European Union and addressing regulatory bottlenecks that had earlier restricted Indian shipments," he pointed out. Several Indian fishing establishments had been delisted by the EU in the past, but In

India-UAE trade crosses $100 billion under free trade pact: Piyush Goyal

The India-UAE free trade agreement, which came into force in May 2022, has helped the bilateral trade to cross USD 100 billion, Commerce and Industry Minister Piyush Goyal said on Friday. The Comprehensive Economic Partnership Agreement (CEPA) with the UAE acts as a gateway to Africa, other GCC and Middle Eastern countries, CIS (Commonwealth of Independent States) countries and some European countries. Bilateral merchandise trade has grown strongly, crossing USD 100 billion, with services trade also rising steadily and opening new markets and greater value, he said in a social media post. The bilateral trade stood at USD 101.25 billion in 2025-26 compared to USD 100.03 billion in 2024-25. The trade, he said, has expanded in key sectors like gems and jewellery, engineering goods, electronics, and agriculture. During 2025-26, India's exports to the UAE rose about 2 per cent to USD 37.36 billion, while imports were up 0.77 per cent to USD 63.89 billion, resulting in a trade deficit o

Exports see healthy rise in April despite West Asia challenges: Goyal

The country's exports have shown a healthy increase during the first three weeks of April so far despite challenges due to the ongoing West Asia crisis, Commerce and Industry Minister Piyush Goyal said on Wednesday. He added that the consignments to West Asia are going through different routes because the Strait of Hormuz is "still a challenge". Goyal also said that free trade agreements finalised by India would give a huge boost to the domestic industry. "There is an increase in exports during the first three weeks of April as compared to the same period of last April... Despite the war in West Asia, there is tremendous enthusiasm among domestic exporters," Goyal told reporters here. The trade data for April will be released by the commerce ministry on May 15. Exports posted the steepest fall in five months, declining by 7.44 per cent in March to USD 38.92 billion due to trade uncertainty and geopolitical tensions, with shipments to West Asia contracting by more than 50 per cent

Visiting Canada next month to speed up Cepa talks, says Piyush Goyal

India has already concluded nine FTAs that provide preferential access to nearly two-thirds of the global economy and global trade, covering 38 developed and prosperous countries

FTA with New Zealand to benefit Agra's leather exporters: Piyush Goyal

The free trade agreement (FTA) with New Zealand, scheduled to be signed on April 27, will provide huge opportunities for domestic firms, including leather exporters from the city of the Taj Mahal, Commerce and Industry Piyush Goyal said on Sunday. Goyal is here with the visiting New Zealand's Trade and Investment Minister Todd McClay. The ministers held discussions with businesses from different sectors, including leather and sports goods. The FTA aims to double bilateral trade and facilitate duty-free access to the island nation's markets for Indian companies, as well as bring in USD 20 billion of investment over the next 15 years. "Goods exported from India to New Zealand will go without any tax, creating significant opportunities, including for Agra's leather industry and other sectors," Goyal said, adding that the pact would hep promote two-way commerce, which stood around USD 2.4 billion. Agra is one of India's largest leather and footwear clusters, playing a key role in both

India, US make 'progress' on interim trade deal, BTA negotiations

India and the US are engaged in discussions aimed at reaching a balanced and mutually beneficial trade agreement, said a spokesperson for the ministry of external affairs on Thursday

Piyush Goyal launches Bharat Taxi in Mumbai, zero commission for drivers

Goyal said the app would provide affordable, authorised fares to the public while ensuring drivers receive fair rights and ownership for their hard work

India, South Korea to conclude FTA renegotiation by mid-2027: Goyal

India and South Korea aim to conclude FTA renegotiation by mid-2027, focusing on fair trade, localisation, and reducing barriers amid concerns over trade imbalance

India to build Korea industrial township, push for balanced trade: Goyal

Goyal said the two sides have agreed to upgrade the India-Korea Comprehensive Economic Partnership Agreement on a "fast-track, mission mode" basis

India seeks preferential market access in US for domestic goods: Goyal

A team of Indian officials, currently in Washington for talks on the first phase of the bilateral trade agreement, will discuss aspects related to preferential market access for domestic goods in the US, Commerce and Industry Minister Piyush Goyal said on Monday. "We have almost finalised the free trade agreement, the first tranche of the bilateral trade agreement with them. "We are trying to work out what would be the mechanism by which India can get a preferential market access in the US market compared to our competitors," he told reporters here. The Indian team, he said, will discuss these aspects while they are in Washington. About a dozen officers from India are in Washington for three-day trade talks with the US authorities. As the tariff landscape has changed in the US, both sides may like to relook at the framework of the agreement, the text of which was released on February 7. Following the US Supreme Court's decision against the sweeping tariffs imposed by President Do

Commerce Minister Goyal holds talks with his Omani counterpart on trade

Commerce and Industry Minister Piyush Goyal on Monday held talks with his Omanese counterpart Anwar bin Hilal bin Hamdoun Al Jabri on ways to promote bilateral trade and investment. In the last few days, Goyal has held discussions with the trade ministers of Saudi Arabia, UAE, Bahrain and Kuwait. "Held a telecall with HE Anwar bin Hilal bin Hamdoun Al Jabri, Oman's Minister of Commerce, Industry and Investment Promotion. Discussed unlocking opportunities under the India-Oman CEPA to boost bilateral trade and investment ties for the mutual growth of both nations," Goyal said in a social media post. The Comprehensive Economic Partnership Agreement (CEPA) was signed in Muscat in December 2025. It has not yet been implemented. The pact will provide duty free access to 98 per cent of India's exports including textiles, agri and leather goods in Oman. On the other hand, India will reduce tariffs on Omanese products such as dates, marbles and petrochemical items. India-Oman bilateral tr

Patent application filings in India rise 30.2% to 143,000 in 2025-26: Goyal

Filing of patent applications has increased by 30.2 per cent to 1,43,729 in 2025-26 against 1,10,375 in the previous fiscal, on account of several initiatives taken by the government to strengthen the intellectual property rights ecosystem, Commerce and Industry Minister Piyush Goyal said on Sunday. India is the world's 6th largest patent filer. "Our patent filings soared to a historic 1.43 lakh+ in FY 2025-26, marking a 30.2 per cent increase over last year. With over 69 per cent of patents filed domestically, led by innovators from Tamil Nadu, Karnataka, and Maharashtra, we are showing the world that Made in India is powered by Invented in India," Goyal said in a social media post. The filings have been continuously increasing since 2016-17, when they were 45,444. It was 47,894 in 2027-28, 50,660 in 2018-19, 56,268 in 2019-20, 58,503 in 2020-21, 66,440 in 2021-22, 82,208 in 2022-23, and 92,163 in 2023-24. The government has undertaken several measures to strengthen the patent ...

Goyal holds talks with Saudi trade minister on strengthening supply chains

Commerce and Industry Minister Piyush Goyal on Saturday held discussions with Saudi Arabia's Trade Minister Majid bin Abdullah Al Qassabi on ways to strengthen supply chains disrupted due to the West Asia crisis, after holding talks with his counterparts from the UAE, Bahrain and Kuwait. All these countries are members of the Gulf Cooperation Council (GCC) with which India is negotiating a free trade agreement. The commerce ministry, in a statement, said that Goyal had a virtual call with Qassabi. "The Ministers reaffirmed their commitment to strengthening bilateral trade and expressed optimism for early progress in the India-GCC FTA negotiations," it said. Both sides noted the strain conflict has put on regional supply chains and stressed the need for an early recovery through coordinated efforts to ensure smooth trade flows, it said. Goyal highlighted India's steps to support exports to Saudi Arabia and the Gulf region. The joint attack launched by the US and Israel on Iran had

Piyush Goyal talks to Kuwaiti counterpart after US-Iran ceasefire

India and Kuwait traditionally enjoy friendly relations, which are rooted in history and have stood the test of time

Streamline regulations: Jan Vishwas Bill is a step in the right direction

Notably, the Bill is not a standalone reform. It is part of a broader and consistent policy intervention over the past decade and is aimed at improving the business environment

Piyush Goyal releases 'white paper' on TN's finances, flags GST gap

Senior BJP leader Piyush Goyal on Saturday released a document titled "Tamil Nadu Government Financial Crisis - comprehensive multi-perspective whitepaper," prepared by his party's Professional Cell in the state, and sought to know where the money received as GST compensation and the state's borrowings have gone. He sought to know how the state treasury could be empty despite receiving over Rs 80,000 crore in GST collections from the Centre and accused the DMK government of causing a financial crisis. With a debt-to-GSDP ratio of 26.4 per cent - just below the Finance Commission's 28.7 per cent ceiling - the state's fiscal health is deteriorating rapidly due to persistent revenue deficits, skyrocketing interest payments, and systemic payment defaults, the paper said. "The DMK's mismanagement has exacerbated structural imbalances, with off-budget borrowings and bleeding public sector undertakings (PSUs) masking the true extent of liabilities. GST has been a boon to TN finances with t

West Asia crisis: Govt explores ways to boost induction heater production

Govt discusses ramping up induction heater production as LPG supply concerns rise amid West Asia tensions, triggering surge in demand for electric cooking alternatives