Page 14 - Piyush Goyal

By end of 2026, entire country will operate exclusively on 5G: Piyush Goyal

Union Minister highlights rapid advancements in telecom, infrastructure, and public welfare, positioning India as a global leader in tech and development

Hoping to increase govt-registered startups to 1 million in 10 years: Goyal

Commerce and Industry Minister Piyush Goyal on Tuesday expressed hope that the number of government-registered startups would increase to 10 lakh in the next ten years due to the steps taken to promote growth of these budding entrepreneurs in the country. At present, there are 1.57 lakh registered startups as compared to 450 in 2016. With an intent to build a strong ecosystem of the country for nurturing innovation and promoting startups, the government launched the Startup India initiative on January 16, 2016. As per the government's eligibility conditions, entities are recognised as 'startups' under the Startup India initiative. These units are eligible to avail tax and non-tax incentives under the Startup India action plan. Under the initiative, the government through its flagship schemes Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme and Credit Guarantee Scheme for Startups, has provided financial assistance to eligible recognised startups across sectors and .

Demand from states for funds based on taxes 'petty thinking': Piyush Goyal

Union Commerce Minister Piyush Goyal on Saturday said the demand by some states that they should get central funds in proportion to their contribution of taxes to the central kitty was "petty thinking" and "unfortunate." Prime Minister Narendra Modi is of the view that if the country is to prosper, the eight states of the Northeast and eastern Indian states like Bihar, West Bengal, Odisha and Jharkhand must develop, he said. The BJP leader was speaking at the 'Rashtriya Ekatmata Yatra 2025', an event organised here by the Akhil Bharatiya Vidyarthi Parishad (ABVP) and the 'Students Experience in Inter-State Living (SEIL)' initiative. In the last 11 years, the Modi government's "laser focus", like that of Arjuna of the Mahabharata, was on the Northeast and eastern states, the minister added. "It is unfortunate that some states and some leaders...I don't want to politicise it but some leaders from Maharashtra used to say....leaders of the earlier government which was there for two and

Pharma industry's success relies on innovation, else it will extinct: Goyal

Commerce and Industry Minister Piyush Goyal on Saturday emphasised on the crucial role of innovation in driving the growth of the Indian pharmaceutical industry and warned that without innovation, the industry will be "finished". He also expressed concern that the industry often relies on government incentives to conduct research and development in the sector. "Sadly, our country's mindset has become so weak that for everything we are looking up to the government... we think that only after getting a tax incentive then only we will do research. This is the industry where innovation determines success, whoever will not innovate will be finished," he said, while addressing members of the drug making firms in Mumbai. He also cautioned that if the industry will not innovate, its future is worrisome. The industry will have to keep pace with the changing lifestyle patterns besides demands and needs of the society and patents, Goyal said. He called upon the industry to come forward with

Piyush Goyal calls for robust AI regulatory framework to ensure ethical use

There is a need to create a robust regulatory framework with legal and policy support, to curb the unethical use of AI (artificial intelligence) while ensuring its effective deployment, Commerce and Industry Minister Piyush Goyal said on Friday. He also said that technology can become a tool but can never substitute the human mind. "...help us to navigate this journey to create the right regulatory framework, not necessarily only in copyrights, trademarks or patents, but through the various aspects of law that can be impacted through the use of AI and come up with robust regulations that can withstand both the misuse or unethical use of AI and which will also support ethical use of modern technology," Goyal said. He was speaking at the inaugural ceremony of 'Vidhi Pragati: National IP Moot Court Competition, 2025' here. The minister emphasised that the subject AI and coyright is "very" relevant at present as "we are seeing nearly perfect" counterfeits and copyrights these days. Ci

Lab-grown diamond industry to continue with self-regulation: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Friday ruled out additional regulations for the lab-grown diamond industry, stating the sector has flourished under the existing self-regulatory framework. Speaking during Question Hour in the Rajya Sabha, the minister said the Kimberley Process Certificate for natural diamonds is widely accepted in international markets. "Wherever we have given free hand, the industry has prospered. Bringing more regulation for this is not in the interest of the industry," Goyal said. He pointed out that the Kimberley Process provides international certification for natural diamond traceability, while separate certification systems exist for lab-grown and natural diamonds. The minister said the government maintains regular dialogue with industry stakeholders and has permitted self-regulation, which has proven effective. On G7 nations imposing traceability requirements, the minister said they have the right to put them in place. "However, to ensure o

India's exports likely to touch record $800 bn this year: Piyush Goyal

India's exports are growing significantly and would achieve a record USD 800 billion in 2024-25 fiscal year, Commerce and Industry Minister Piyush Goyal said on Friday. "Exports have been growing and have risen significantly in the last four years. This year also, there will be growth. We will end the year with over USD 800 billion exports for the very first time in India's history," Goyal said during Question Hour in the Rajya Sabha. He told Congress leader Rajeev Shukla that it is "not entirely accurate" that India's exports are declining. Goyal told him not to worry about falling forex reserves as they have consistently been above USD 600 billion for many months. The minister, however, informed the Upper House that certain imports -- petroleum products, coking coal, pulses and edibles oils -- are "unavoidable" due to domestic shortages and high demand. The growth in imports, which is a good sign for the economy, is due to a rise in domestic consumption. "It will take some year

India in talks with EU to resolve new trade regulations: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Friday said India is in talks with the European Union to resolve issues related to the new EU trade regulations. Responding to queries on EU trade barriers in the Rajya Sabha, Goyal said the EU has introduced new regulations for their own industries. "There is certainly an issue where the EU has come up with new regulations which we are actively discussing with them to resolve," he said. The government is having discussions on issues like the deforestation Act, he said, adding, "we will have to engage with them and find mutual resolution to make the process simple and ensure it does not hurt our industry." Goyal said if unfair trade barriers are imposed, the government will take up the matter strongly with India's counterparts through bilateral discussions and multilateral trade organisations. Asked if India has initiated any discussion with the EU regarding mutually agreed pacts in view of stringent regulations, the minister said thi

EFTA investor delegation to visit Delhi to explore business ties: Goyal

EFTA representatives will be in the national capital with more than 100 investors

Like Maharashtra and Haryana, BJP headed for victory in Delhi: Piyush Goyal

The BJP is headed for a massive victory in Delhi like those in the recent Maharashtra and Haryana polls, Union minister Piyush Goyal said on Monday. Addressing a press conference at the BJP headquarters here, Goyal accused the AAP government of depriving the people of the capital of clean drinking water, air and failing to fulfil its promises such as rejuvenating the Yamuna river. "All sections of people have faith in Narendra Modi and his guarantees. February 5 is going to be a milestone for the BJP and a golden day for the people of Delhi," he said. People now want a government that delivers and serves, rather than engaging in fights and obstructing development in Delhi, the Union commerce and industry minister said. "Like the victories in Maharashtra and Haryana, the BJP is poised for a massive mandate on all the seats in Delhi, including those that were earlier considered tough," Goyal said, citing the huge crowds seen at the meetings held by Prime Minister Modi, Union Home ...

Committee under manufacturing mission to look into issues in detail: Goyal

A committee will be set up under the national manufacturing mission to get into the details on issues like cutting cost of doing business; preparing future-ready workforce; and availability of technology to further promote Make in India initiative, Commerce and Industry Minister Piyush Goyal has said. Representatives from the Centre, states, and private sector are expected to be there in the committee. It would identify key focus areas, which are futuristic and where there is demand both in the domestic and foreign markets, and come up with recommendations on "what we should do". "A committee will be set up under the mission which will go into the details and examine all the issues in detail (like) the role of Centre, and states. Different ministries will be involved, private players will also be involved and they will inform about sectors which have huge competitive advantages in India and which have export potential," Goyal told PTI. Finance Minister Nirmala Sitharaman has announ

Will work out measures to help industry address non-tariff barriers: Goyal

The commerce and finance ministries are working as a team to see which are the sectors that require maximum support in terms of availability of capital, technology upgradation, marketing

Export Promotion Mission to help promote shipments, says Piyush Goyal

The commerce, MSME and finance ministries will work together to identify sectors which will really need support measures under the export promotion mission to boost the country's outbound shipments, Union Minister Piyush Goyal said on Saturday. Commerce and Industry Minister Piyush Goyal on Saturday said issues which could be part of the mission include ways to extend credit to the exporting community at affordable rates. The government on Saturday announced setting up of an Export Promotion Mission with an outlay of Rs 2,250 crore to promote the country's outbound shipments. The mission will driven jointly by the Ministries of Commerce, MSME, and Finance. It will facilitate easy access to export credit, cross-border factoring support, and support to MSMEs to tackle non-tariff measures in overseas markets. "The Finance Minister has given flexibility for export promotion. All three ministries will work together and design that which all sectors really need support," Goyal told PTI.

India, Oman agree to amend tax treaty to promote greater cooperation

DTAA is signed between nations to avoid double taxation and prevent fiscal evasion as far as taxes on income is concerned

Piyush Goyal to visit Oman to push forward India-Oman FTA discussions

The formal commencement of the India-Oman FTA negotiations began in November 2023. The negotiations on the text of most chapters were concluded by India and Oman by January 2024

Small tea growers urge Centre for restrictions on sub-standard imports

Small tea growers (STGs) have urged the Union Commerce Ministry to take steps to curb import of sub-standard crop from countries like Kenya and Nepal and protect the domestic industry. The Confederation of Indian Small Tea Growers' Association (CISTA), the apex body of STGs, in a letter to Union Commerce minister Piyush Goyal, claimed that more than 53 per cent of the domestic production is contributed by them. Tea Board has defined STGs as planters whose area of cultivation is within 25 acres and mostly scattered across the tea-growing regions. According to CISTA, the number of STGs is estimated at three lakh in the country. The association claimed that between January and October 2024, Kenya Tea Board data revealed that India imported 13.71 million kilogramme of tea from that country, as compared to 3.53 million kilogramme in the similar period of 2023. CISTA said that the quality of tea imported from the African country was cheap and of sub-standard which is often blended and s

Target to register 10,000 GI products by 2030 from current 605: Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday set a target to register 10,000 GI (geographical indication) products by 2030 from the current 605. A GI is primarily an agricultural, natural or a manufactured product (handicrafts and industrial goods) originating from a definite geographical territory. Typically, such a name conveys an assurance of quality and distinctiveness, which is essentially attributable to the place of its origin. Once a product gets this tag, any person or company cannot sell a similar item under that name. This tag is valid for a period of 10 years following which it can be renewed. The other benefits of GI registration include legal protection for that item, prevention against unauthorised use by others, and promoting exports. "We have a very ambitious plan going forward...we have set a target that we should have 10,000 GI registrations," Goyal said here at GI Samagam. He said that a committee will be set up to oversee this effort, to take the

India to safeguard interests of SMEs in diamond industry: Piyush Goyal

Union Minister of Commerce and Industry Piyush Goyal, who is in Brussels, met with the delegation of Antwerp World Diamond Centre (AWDC) on Monday and asserted that India will safeguard the interests of its small and medium enterprises and individuals in the diamond industry.In a post on X, Goyal said, "Met with the delegation of Antwerp World Diamond Centre (AWDC) led by their President and other stakeholders from the diamond industry. Conveyed India's stand on safeguarding the interests of our Small & Medium Enterprises and individuals in the diamond industry."During the meeting, Goyal requested the European Commission trade commissioner to extend the deadline for technology-based certification in the diamond sector."Also, deliberated on the progress of the request made to the Trade Commissioner regarding an extension of the deadline for technology-based certification, highlighting its crucial role in supporting Indian small businesses and protecting consumer interests in the .

India-Oman FTA likely on agenda during Goyal's Muscat visit next week

Issues pertaining to the proposed free trade agreement (FTA) between India and Oman are expected to figure during the visit of Commerce and Industry Minister Piyush Goyal to Muscat next week, an official said. Though the negotiations for the proposed agreement were concluded, Oman has sought revision of its market access offers on some products. On January 14, India and Oman held the fifth round of talks for the agreement, which is aimed at boosting bilateral economic ties. The negotiations for the agreement, officially dubbed as Comprehensive Economic Partnership Agreement (CEPA), formally began in November 2023. In such agreements, two trading partners either significantly reduce or eliminate customs duties on a maximum number of goods traded between them. They also ease norms to promote trade in services and attract investments. The official said the Union minister is visiting the West Asian nation for the eleventh session of the India-Oman Joint Commission Meeting (JCM). The .

India to work with EU on developing modern tech, says Piyush Goyal

Commerce and Industry Minister Piyush Goyal has said that India would work with the European Union to develop cutting-edge technologies and secure critical raw material supply chains to strengthen economic ties. These issues were discussed during a meeting between Goyal and Maros Sefcovic, European Commissioner for Trade and Economic Security on January 18-19 in Brussels. The two leaders also agreed to build a commercially meaningful trade agenda and work towards a mutually beneficial Free Trade Agreement (FTA). The commerce and industry ministry in a statement on Sunday said that India would build a commercially meaningful trade agenda with the EU, which is fair and equitable, addressing the tariff and non-tariff barriers through simplification and cost competitiveness for benefits of businesses from both sides. "India would work together with the EU for developing cutting edge technologies, secure critical raw material supply chains and build resilient supply chains- reducing ...