Piyush Goyal

Goyal urges Brics to trade in local currencies, link payment systems

The commerce minister also called for easier market access, simpler regulatory procedures and deeper cooperation in digital trade, critical minerals and resilient supply chains

India, Russia aim to increase trade to $100 bn by 2030: Piyush Goyal

Commerce minister says non-energy trade offers headroom for growth as India and Russia target $100 billion in annual bilateral trade and $50 billion in investment by 2030

India's goods exports rise over 15% in April-August: Piyush Goyal

Merchandise exports rose more than 15 per cent in April-August, indicating they crossed $200 billion, as India targets $1 trillion in total exports this financial year

Goyal warns auto firms against nominal localisation, govt tracking data

Commerce minister says government will use company-wise import-export data and IEC numbers to assess genuine localisation and map automotive supply ecosystems

India-US trade deal hinges on preferential terms from Washington: Goyal

Commerce and Industry Minister Piyush Goyal on Thursday said the details of the Bilateral Trade Agreement (BTA) with the US will be announced once Washington offers preferential terms compared to the country's competitors. "As soon as the US is able to give us the preferential rate in comparison to our competition, we will finalise the BTA and announce the final details," he said at a workshop on free trade agreements. He said the free trade agreements finalised by India offer huge export opportunities for domestic businesses. India will conclude more trade pacts in the coming months or years with Canada, Mexico, Chile, Mercosur a Brazil-led group of countries the SACU (Southern African Customs Union ), South Africa-led group of countries, the GCC (Gulf Cooperation Council), comprising six nations in the Middle East, and Israel, he added.

Expand footprint in developed markets: Goyal to auto component cos

Commerce minister asks industry to leverage trade agreements, build overseas manufacturing presence, move up the value chain and strengthen supply-chain resilience

Apparel exporters urge commerce minister to regulate cotton yarn exports

Apparel exporters on Saturday urged Commerce Minister Piyush Goyal to consider steps to regulate cotton yarn exports to contain rising prices of the yarn as it is hurting competitiveness of the industry. Apparel Export Promotion Council (AEPC) Chairman A Sakthivel in a communication to the minister said rising prices of raw cotton and cotton yarn are increasing due to supply-side constraints. The limited stock availability with ginners and reduced arrivals have resulted in mills relying increasingly on CCI (Cotton Corporation of India) auctions. He said substantial quantity of cotton has moved from farmers to traders, contributing to hoarding and speculative practices in the market. "AEPC has urged the minister to consider suitable measures to regulate the export of cotton yarn, particularly 20s count and above, in view of the sharp increase in yarn prices and the growing pressure on the competitiveness of India's apparel export industry," Sakthivel said. Cotton yarn prices have .

Will talk to Japan on increasing basmati rice exports from India: Goyal

Commerce and Industry Minister Piyush Goyal on Thursday said India will take up the issue of greater market access for basmati rice with Japan during a review of the trade agreement, and explore opportunities for exports of processed food products. Responding to a question from an industry representative on increasing basmati rice exports to Japan, Goyal said the government would have to engage with the Japanese authorities as rice is a sensitive sector in Japan. "We in the government will have to work on it and will have to talk to the Japanese government. There are several areas which are sensitive for each country, and to the best of my knowledge, rice is a sensitive area in Japan," he said. He noted that Japan has restrictions on the quantity of rice that can be imported and duties are applicable beyond the permitted quantity. "We will talk to the Japanese government when we review the CEPA (Comprehensive Economic Partnership Agreement) and see what more areas of mutual ...

Piyush Goyal pushes for JPY 10 trillion Japanese investment in India

Commerce minister meets Japanese financial institutions and companies as India seeks investment in semiconductors, technology and resilient supply chains

Streamlined approvals, KYC norms will help boost FDI flows: Piyush Goyal

Improvements in processes and procedures, more efficient KYC norms, and streamlined approvals will facilitate a faster flow of foreign direct investment and provide greater comfort to investors, Commerce and Industry Minister Piyush Goyal said on Thursday. There are very few sectors where foreign direct investment (FDI) is restricted, and the government is open to ideas from industry to further improve the investment regime, he said. "Our focus is on process and procedures...There is a tremendous scope to improve processes and procedures, to help faster flow of FDI and to help give comfort to the investors," Goyal told PTI when asked if the government is considering a proposal to promote ease of doing business for foreign investors. On how the government can streamline processes, he said wherever investments need DPIIT (Department for Promotion of Industry and Internal Trade) or government approvals, processes can be streamlined to make them faster. "We can have faster and more ...

Goyal proposes India-Japan 'Shark Tank' to boost investment, business ties

Commerce and Industry Minister Piyush Goyal on Wednesday proposed an India-Japan startup pitching series, on the lines of the popular 'Shark Tank' format, to connect young startups from the two countries with investors and potential business partners. Addressing a roundtable on startups, Goyal said such pitching sessions could be organised virtually, leveraging digital connectivity, to facilitate greater interaction between Indian and Japanese startups. "India and Japan can develop a pitching series, something like the Shark Tank initiative, that can help young startups pitch," Goyal said. He said Indian startups could pitch their ideas to Japanese investors, while Japanese startups could seek partners and business opportunities in India. "In this world of global connectivity through Zoom calls and the internet, I think we can have more and more pitching sessions where Indian startups pitch for Japanese investments and Japanese startups pitch for partners in India," he said. Goyal

Govt plans BIS certificate exemption for foreign high-tech companies

Commerce Minister Piyush Goyal says the proposed framework could provide company-, industry-, product- or project-based exemptions for imported equipment and components

Goyal promises BIS certification relief for high-tech sector firms

Commerce and Industry Minister Piyush Goyal on Tuesday said the government is working on a framework to exempt high-tech sector companies, including from Japan, from mandatory Bureau of Indian Standards (BIS) certification for equipment and components needed to set up manufacturing facilities in India. Goyal said he had taken note of concerns raised by Japanese companies over BIS certification requirements and that the government had already instructed the BIS and the Commerce and Industry Ministry to work on a framework to address the issue. The minister was addressing representatives of Japanese firms from semiconductors and AI sectors here. He said the framework could provide exemptions at the company, industry, product or project level, depending on the requirements. The objective is to ensure timely availability of equipment, goods and services for high-tech companies setting up manufacturing operations in India and support the government's 'Make in India' initiative, Goyal ..

Goyal urges Japanese firms to buy steel from India, backs safeguard duty

Commerce and Industry Minister Piyush Goyal on Monday urged Japanese firms to source steel from India, saying Indian companies manufacture high-quality products. He said India imposed only a 12 per cent safeguard duty on low-grade steel compared to higher duties imposed by countries including the US (50 per cent), UK and European Union. Answering questions on the safeguard duty during a roundtable meeting with Japanese businesses here, Goyal said India has taken a balanced approach by imposing the safeguard duty only on lower grades of steel, and higher grades can be imported freely. "Those steel products that are manufactured in India, why do you want to import (buy) from Japan?" Goyal said, adding India has extended protection to its domestic industry from the impact of excess capacity in certain countries. Indian industry has flagged concerns over excess capacity of steel in countries like China. He said countries across the world are experiencing surplus steel capacity and are

India negotiating FTAs with 8-9 blocs, aims to cover 75% of trade: Goyal

India is in negotiations with at least 8-9 more groups of countries and individual nations that together account for another USD 15 trillion of GDP, Commerce and Industry Minister Piyush Goyal said on Monday. He added that the country's free trade agreements would eventually cover about 75 per cent of global trade and help position India as a trusted partner in global value chains. India has a large domestic market and it opens its doors to the world with nine free trade agreements signed in the last four years, he said here while addressing business representatives from India and Japan. These nine agreements cover economies with a combined GDP of USD 60 trillion and 38 developed countries. The earlier trade pacts with countries, including Japan and Korea , and the Asean region have opened another USD 10 trillion of GDP. "So today India opens up the doors to preferential market access to USD 70 trillion of economy. We are in negotiations with at least 8 or 9 other groups of count

Goyal leads biz delegation to Japan to discuss ways to boost trade

Commerce and Industry Minister Piyush Goyal is leading a 200-member business delegation to Japan for a four-day visit starting August 24 to discuss ways to boost trade and investment ties between the two countries. The visit assumes significance as Japan last year set an investment target of 10 trillion yen (about Rs 60,000 cr) in India over a decade. The minister will be travelling to Tokyo, Nagoya and Osaka. The business delegation has representatives from various sectors, ranging from manufacturing, semiconductors, clean energy and steel to automotive, financial services, healthcare and start-ups, industry chamber Ficci Director General Jyoti Viz told reporters here. In Tokyo, Goyal will hold a series of meetings with the top leadership of major Japanese conglomerates and industrial houses that have long been partners in India's growth, alongside a round-table with Keidanren (Japan Business Federation), representing over 1,500 leading Japanese companies. Dedicated sessions are

Nitin Nabin holds first meeting with BJP's newly appointed national team

BJP national president Nitin Nabin on Saturday held the first meeting with the party's newly appointed national office-bearers to discuss poll strategy and grassroots outreach, party sources said. The meeting focused on preparations for upcoming state assembly elections, grassroots mobilisation and communicating government initiatives to the public, the sources said. More meetings are scheduled later in the day, with state presidents, state in-charges and chief ministers of BJP-ruled states expected to attend, they said. The BJP announced a new national team under Nabin earlier this week. It comprises 65 office-bearers, with 51 new faces. The new team includes 13 national vice presidents, including former Rajasthan chief minister Vasundhara Raje Scindia and former RSS functionary Ram Madhav, while former Union minister Smriti Irani has been appointed as one of the eight national general secretaries. B L Santhosh has been retained as national general secretary (organisation) and Vi

Singapore PM meets Indian ministers, discusses ways to boost bilateral ties

Prime Ministrer Lawrence Wong on Thursday met visiting Indian ministers ahead of the fourth India-Singapore Ministerial Roundtable (ISMR) and discussed ways to build on the progress made in bilateral ties, particularly in advanced manufacturing, digitalisation, sustainability and connectivity. External Affairs Minister S Jaishankar, Finance Minister Nirmala Sitharaman, Commerce & Industry Minister Piyush Goyal, and Minister of State for Electronics & IT Jitin Prasada are in the city-state to participate in the ministerial-level meeting. In a series of social media posts, Wong said it was a pleasure to catch up with Sitharaman, Jaishankar, Goyal and Prasada ahead of the ISMR, which began on Thursday. The leaders discussed how Singapore and India can "build on the good progress made through ISMR" and take the Comprehensive Strategic Partnership further, especially in advanced manufacturing, digitalisation, sustainability and connectivity. Wong said the discussions also covered ..

BJP announces new team under chief Nitin Nabin: Check full list of leaders

BJP president Nitin Nabin's new national team has 13 vice-presidents, eight general secretaries and 16 secretaries, with Piyush Goyal taking charge as treasurer

India, South Africa-led group to begin trade pact talks in a month

The proposed preferential trade agreement will initially cover goods, with India and the five-member customs union aiming to conclude negotiations within a year