Page 14 - Piyush Goyal

PM Modi to embark on visit to UK, Maldives from today; what's on agenda

His visit to the UK will primarily focus on the formalisation of the India-UK Free Trade Agreement (FTA). Besides holding wide-ranging talks with Starmer, PM Modi will also be meeting King Charles III

Explained: What the India-UK free trade deal means for both economies

India and the UK are likely to sign a long-awaited free trade deal during PM Modi's visit to London on July 24, aiming to boost trade, cut tariffs, and deepen economic ties

India-UK signing of trade pact on Jul 24; Piyush Goyal to accompany PM Modi

Commerce and Industry Minister Piyush Goyal will accompany Prime Minister Narendra Modi to London for the signing of the free trade agreement between India and the UK on July 24, an official said on Monday. The two countries announced the conclusion of the negotiations for the trade agreement on May 6. The trade pact proposes to remove taxes on the export of labour-intensive products such as leather, footwear and clothing, while making imports of whisky and cars from Britain cheaper, in a bid to double trade between the two economies to USD 120 billion by 2030. Prime Minister Narendra Modi will pay a four-day visit to the United Kingdom and the Maldives beginning Wednesday with an aim to shore up bilateral ties in areas of trade, investment and defence. The commerce minister will accompany the Prime Minister during the visit, the official said. Once the free trade agreement is signed, it will require approval from the British Parliament and India's Cabinet before it can take effec

India-EFTA trade pact to come into force from Oct 1: Piyush Goyal

To generate $500 billion investment in India likely in brownfield or greenfield projects, and maybe in some cases, even mature assets

India eyes tariff advantage in key US sectors over China, Canada, Mexico

Indian exporters are poised to strengthen their presence in the US market as rivals like China, Mexico, and Canada face higher tariffs ranging up to 50%, as against India's 10%, says NITI Aayog report

India-US trade talks moving fast as fresh deadline nears: Piyush Goyal

India and US negotiators are in Washington for intense discussions, with the interim trade pact facing a critical deadline and pressure from the US on tariff concessions

Govt to soon issue new guidelines to promote exports in new markets: Goyal

The government will soon issue new guidelines to promote the country's shipments in new markets and support first-time exporters, Commerce and Industry Minister Piyush Goyal said on Monday. He said that the ministry will partner with districts to promote one district one product (ODOP) goods. "The commerce ministry will soon be coming out with some more guidelines on how we can promote (exports in) new markets, new products and new exporters, first-time exporters," Goyal said while addressing the National One District One Product (ODOP) 2024 Award ceremony here. He said that India is like an oasis in a desert in a tumultuous world and is the fastest-growing large economy in the world today. India will become the third-largest economy in 2027, the minister said, adding, "we have so many diverse products that can take India globally". Citing examples of Wayanad's coffee, Ratnagiri mangoes, and saffron from Pulwama, he said that these represent the wide range of products that can tak

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 ...

Resilient supply chains needed for agri sector, says Piyush Goyal

While the minister did not refer to any country, the statement came at a time when China has reduced exports of a critical fertiliser - di-ammonium phosphate - creating a global supply squeeze

India allocates additional ₹10,000 crore to support deep tech sector

The additional tranche part of Fund of Funds scheme to promote innovation, absorption of newer technologies and the deployment of newer tech in contemporary fields

'Modi will meekly bow to Trump': Rahul Gandhi slams PM over tariff deadline

Rahul Gandhi targets PM Narendra Modi over looming US tariff deadline as India continues trade talks; failure to finalise a deal by July 9 could trigger 26 per cent duty on key Indian exports to US

India ready to sign deals that protect its interests, says Piyush Goyal

Ahead of July 9 tariff deadline, Piyush Goyal emphasises that India will protect its national interest in ongoing trade negotiations, reiterates stance on sensitive sectors like agriculture and dairy

Govt to introduce scheme to boost toy industry, says Piyush Goyal

The commerce and industry minister said the scheme will look to enhance design capabilities, ensure quality manufacturing, strengthen packaging and support brand-building

No trade deal under pressure; India's interest first, says Goyal on US pact

India does not enter into any trade agreement based on deadlines and will accept the proposed trade deal with the US only when it is fully finalised, properly concluded and in the national interest, Commerce Minister Piyush Goyal said on Friday. He also said that India is negotiating free trade agreements (FTAs) with different countries, including European Union, New Zealand, Oman, the US, Chile, and Peru. FTAs are possible only when both sides get benefitted and it should be a win-win agreement, he told reporters when asked about the proposed interim trade agreement with the US. "National interest should always be supreme. Keeping that in mind, if a deal is made then India is always ready to deal with developed countries," Goyal said. When asked if an interim trade agreement between the two countries is possible by July 9, he said, "India never does any trade deal based on deadline or time frame. When the deal is done properly, and is completely finalised and is in the country's .

India extends curbs on low-ash met coke imports for six more months

India has extended import curbs on low-ash metallurgical coke, a key steelmaking input, from July 1 to December 31, 2025, to regulate supply and trade

Govt will protect textile sector in US trade deal: Goyal tells export body

Commerce and Industry Minister Piyush Goyal has assured industry bodies that the government will protect the interests of the textiles and apparel sector in the proposed trade agreement with the US, AEPC said on Friday. Apparel Export Promotion Council (AEPC) Chairman Sudhir Sekhri said he, along with TEXPROCIL (Cotton Textiles Export Promotion Council) Chairman Vijay Agarwal, met the minister to apprise him of key concerns related to the proposed agreement. "The minister gave a patient hearing to the concerns raised and assured the delegation that the government is committed to protecting labour-intensive sectors during the ongoing negotiations under the India-US Bilateral Trade Agreement," the council said in a statement. The minister also reiterated that all necessary steps would be taken to ensure that India's interests, especially those of vulnerable sectors like textiles and apparel, are safeguarded. It further said that if the US will go ahead with the additional 26 per cent

India on track to be $5 trn economy by 2027 despite global risks: Goyal

Union Commerce and Industry Minister Piyush Goyal on Tuesday said India is firmly on track to become a USD 5 trillion economy by 2027 despite global turbulence, driven by a collective national effort and strong leadership under Prime Minister Narendra Modi. Speaking at a virtual session organised by the Merchants' Chamber of Commerce and Industry (MCCI), Goyal also hailed the government's decade-long economic reforms as transformational rather than incremental. "We are well on track to achieve the USD 5 trillion economy goal in the next three years. This will be the first milestone on our journey to 'Viksit Bharat' by 2047," Goyal said. Taking note of the global economic volatility and geopolitical headwinds, the minister said India must navigate turbulent waters with unity and determination. "Great economies aren't built in calm waters. This is India's time. We must seize the moment and work together to claim our rightful place among the world's leading nations," he said. Goyal .

Govt holds wide FTA talks to protect domestic industry: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Monday said the government holds extensive stakeholder consultations on the free trade agreements (FTAs) and is pursuing these pacts while keeping in mind the interests of the domestic industry. He said that India is keeping in mind both the offensive and defensive interests of industry while negotiating these agreements. "We do all our FTAs after holding extensive stakeholder consultations and meetings. We address their (industries) concerns and needs," he told reporters here on the sidelines of an event commemorating the third anniversary of the opening of Vanijya Bhawan. He added that India is negotiating FTAs with those trading partners which do not compete with the country but rather complement its economy so that industry and people get benefitted from that. "Going forward also, we will do FTAs which will keep in mind national and public interests," he added. Talking about the Bhawan, Goyal said it is a symbol of modern, efficie