Page 16 - Piyush Goyal

EV firms agree to end subsidy after current benefits end: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Friday said the electric vehicle (EV) companies present in the meeting have unanimously agreed that they would no longer need subsidies once the existing subsidy regime ends. Stakeholders from the EV sector held deliberations with the minister here on issues pertaining to development of battery charging and swapping infrastructure. The minister also said that companies are free to choose their own business models. Whether they prefer to collaborate and share resources for battery swapping or sell vehicles with their own batteries, the decision is entirely up to them, he said. "Everybody was unanimous in the room that once the existing subsidy regime comes to an end, none of them requires the subsidy to grow further...Each sector has one or the other model which makes it self-sustaining and does not call for further subsidies," Goyal told reporters when asked about the views of companies on subsidies. In a bid to woo global EV makers i

PM Narendra Modi lauds ONDC for revolutionising digital commerce in India

ONDC has contributed to empowering small businesses and revolutionising e-commerce, thus playing a vital role in furthering growth and prosperity

India-EFTA trade pact may come into force before end of 2025: Goyal

The implementation process of free trade agreement (FTA) between India and the four-nation European bloc EFTA is progressing fast and is expected to come into force before the end of this year, Commerce and Industry Minister Piyush Goyal said. The two sides signed the Trade and Economic Partnership Agreement (TEPA) on March 10, 2024. Under the pact, India has received an investment commitment of USD 100 billion in 15 years from the grouping while allowing several products such as Swiss watches, chocolates and cut and polished diamonds at lower or zero duties. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. "Yes, EFTA is progressing very fast," Goyal told PTI when asked if the agreement would come into effect this year. The minister said the Swiss Council of States has approved the agreement and now will go to their National Council for approval. "So this overwhelming support in political circles in Switzerland for the TEPA wi

CAIT writes to Piyush Goyal, seeks action against quick commerce firms

CAIT national president BC Bhartia accused quick commerce platforms like Zomato-owned Blinkit, Instamart (Swiggy), and Zepto of misusing funds received through foreign direct investment

Piyush Goyal flags trade barriers in first meet with EU trade chief

During the meeting, Goyal also emphasised the 'need to address long-pending issues as a confidence-building measure'

Integration of industry, govt platforms can improve logistics: Piyush Goyal

He also urged the logistics industry to work on following sustainable and green practices to cut carbon footprint in the sector

India raises barriers issue faced by domestic industry with European Union

India has flagged barriers being faced by domestic industry in the European Union (EU) markets and urged to address the issue, an official statement said on Friday. The issue besides the progress of proposed free trade agreement between the two was discussed during the meeting of Commerce and Industry Minister Piyush Goyal and European Commissioner for Trade and Economic Security Maros Sefcovic last night virtually. "Minister Goyal underlined that non-tariff barriers were impeding trade and emphasized the need to address long pending issues as a confidence building measure," the commerce ministry said. Both sides agreed to explore a balanced, equitable, ambitious and mutually beneficial FTA, it added. Following nine rounds of intensive negotiations, FTA (Free Trade Agreement) discussions require strategic political guidance to conclude a commercially significant and mutually beneficial agreement, with due consideration given to each side's sensitivities, the ministry said.

Govt plans up to 25% temporary tax to curb cheap Chinese steel imports

The proposal gained broad support at a meeting chaired by commerce minister Piyush Goyal on Tuesday after small industries dropped initial opposition once they received assurances

India's economic growth by end of this fiscal will be back on track: Goyal

Commerce and Industry Minister Piyush Goyal on Thursday expressed confidence that India's economic growth by end of this fiscal will be back on track despite global uncertainties. He said that this year also India will be the world's fastest growing economy. "We had an election in the first quarter and during the election, obviously policy making and decisions on next steps of growth or infrastructure spending does slow down and there is a lag effect. "But from what the initial numbers for this quarter, the third quarter show, the festive spending, the rebound in rural growth, the way banks are now seeing traction back again, the way infrastructure spending has come back on track, I think by the time we close the year in March, we will be back on track," Goyal said at Times Network's India Economic Conclave here. The minister was replying to a question whether the 5.4 per cent GDP growth in the July-September quarter of this fiscal worries him. The latest government data showed ..

India-EU trade pact talks need political directions for meaningful deal

The proposed free trade agreement (FTA) negotiations between India and the European Union (EU) need political directions to reach a commercially meaningful deal while understanding each other's sensitivities, an official statement said on Thursday. The pact came up for discussion during an interaction between Commerce and Industry Minister Piyush Goyal and Ambassadors of the European Commission delegation. Goyal said that both sides are aiming for a balanced, ambitious, comprehensive and mutually beneficial FTA. "The FTA negotiations, after 9 rounds of intense engagement, need political directions to arrive at a commercially meaningful deal while understanding the sensitivities of each other," the commerce and industry ministry said. The minister also noted that any sustainability discussions must appreciate the principle of 'Common But Differentiated Responsibility (CBDR)' and implementation of such measures should take into account differing paths of development. These remarks

India not re-considering joining mega trade agreement RCEP, says Goyal

India in 2019 decided not to join the mega free trade agreement RCEP as the pact was not addressing its concerns and since then there has been no change in that position, Commerce and Industry Minister Piyush Goyal said on Friday. The RCEP (Regional Comprehensive Economic Partnership) agreement is being negotiated among 10 ASEAN members (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam) and their six free-trade pact partners Australia, China, India, Japan, South Korea and New Zealand. In a written reply to the Rajya Sabha, Goyal said that the structure of RCEP did not adequately address the ambitions and concerns of India's stakeholders. Due to that, India decided not to join the bloc, in its current form. Accordingly, during the third RCEP Leaders Summit held on November 4, 2019, in Bangkok, India conveyed its position that current structure of RCEP did not address the outstanding issues and concerns of the country. "There ha

Open to the idea of alternate financing models for MSMEs: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Thursday urged the industry to share specific issues they are facing in accessing bank credit and suggested that the government is open to exploring alternate financing models for MSMEs. He also said the ministry can earmark particular areas in the proposed industrial townships for the MSMEs (Micro, Small, and Medium Enterprises). Exporters have raised concerns over declining bank credit, particularly to the MSME segment. While exports grew by 15 per cent in the rupee terms between 2021-22 and 2023-24, the outstanding credit in March 2024 dropped by 5 per cent over the same month in 2022, according to exporters. "Give me specific details (as in) what kinds of problems they (MSMEs) face. Is too much collateral being asked? Suppose an ECGC (Export Credit Guarantee Corporation) cover is available, do they (banks) still ask for collateral, what kind of interest they charge when a 90 per cent guarantee is taken by ECGC in the event of any ..

Rajya Sabha passes Bill seeking to replace 100-year-old Boiler Act

The Rajya Sabha on Wednesday took up a discussion on The Boilers Bill, 2024, which seeks to repeal over 100 years old the Boilers Act, 1923, to provide for the regulation of boilers, safety of life and property of persons from the danger of explosions of steam-boilers and uniformity in registration. Union Minister Piyush Goyal moved the bill to the House for consideration and passing. The bill was moved amid some uproar by opposition members, who were protesting and demanding that they be allowed clarifications on the statement of External Affairs Minister S Jaishankar on recent relations with China. Chairman Jagdeep Dhankhar, however, disallowed any clarifications that led to opposition protests and later a walkout. Moving the bill, Goyal said it will help ensure regulation of boilers, ensure the safety of life and property of persons from the danger of explosions of steam-boilers and for bringing uniformity in registration and inspection during manufacture, erection and use of ..

Longer ship routes causing delays, impacting global trade: Piyush Goyal

The long voyage time due to ships taking longer routes through Cape of Good Hope has impacted global trade, including Indian exports, Commerce and Industry Minister Piyush Goyal said on Tuesday. This has resulted in increased time for goods to reach international markets, he said. "No shortage of containers has been, however, reported on account of the longer voyage time or the Red Sea conflicts issues and Russia-Ukraine War," the minister said adding regular interactions are done with shipping lines, port/ terminal, and export/import associations to assess for possible interventions. He added that there is limited demand for containers manufactured in India and accordingly the limited manufacturing capacity for containers in India. The container manufacturing industry is dominated by economies of scale that favour established manufacturers from other countries, who benefit from lower production costs, advanced technologies, and immediate cargo loading opportunities. "The long voy

Goyal calls for promoting sustainable consumption to cut carbon footprint

Commerce and Industry Minister Piyush Goyal on Monday called for promoting sustainable consumption patterns to cut carbon footprint and resolve issues of environment. He said that people of the world would have to focus on consuming products which are environmentally sustainable. "We need to be conscious of the waste and carbon footprint due to our current lifestyle patterns. This is going to be a core of a better future for the world. Unless we address the consumption patterns, we are not going to resolve sustainability and environmental challenges," Goyal said. The minister was addressing CII's Partnership Summit here. He added that environmental challenges are not a function of the carbon emitted through manufacturing, but "it is a greater function of the carbon caused by (our) consumption because manufacturing comes only because there is a consumption demand". He suggested managing that demand in a better and more sustainable way. Speaking at the event, M K Nir Barkat, Minist

Goyal calls for sustainable consumption pattern to cut carbon footprint

Commerce and Industry Minister Piyush Goyal on Monday called for promoting sustainable consumption patterns to cut carbon footprint and resolve issues of environment. He said that people of the world would have to focus on consuming products which are environmentally sustainable. "We need to be conscious of the waste and carbon footprint due to our current lifestyle patterns. This is going to be a core of a better future for the world. Unless we address the consumption patterns, we are not going to resolve sustainability and environmental challenges," Goyal said. The minister was addressing CII's Partnership Summit here. He added that environmental challenges are not a function of the carbon emitted through manufacturing, but "it is a greater function of the carbon caused by (our) consumption because manufacturing comes only because there is a consumption demand". He suggested managing that demand in a better and more sustainable way. Speaking at the event, M K Nir Barkat, Minist

Embrace challenges, transform every crisis into opportunity: Piyush Goyal

In his speech, Piyush Goyal reflected on the aspirations for India as it moves toward celebrating 100 years of independence in 2047

Piyush Goyal interacts with representatives of tea industry in Guwahati

Union Minister of Commerce and Industry Piyush Goyal on Saturday interacted with representatives of the tea industry, and assured them that the Centre will take necessary steps to resolve the issues faced by the sector. Assam Chief Minister Himanta Biswa Sarma and Industry Minister Bimal Bora were also present on the occasion along with stakeholders, including buyers, producers and small tea growers from various states. Goyal said he has taken cognisance of the challenges faced by the industry, and he will hold further consultations to resolve the issues. Sarma said the state government is cognisant of the macro challenges confronting Assam's tea industry and its solutions require a collaborative approach. I am extremely grateful to Hon'ble Union Minister Shri @PiyushGoyal ji for patiently hearing the stakeholders of the tea industry and taking a positive approach to resolve their issues. Thank you Piyush Goyal ji for your valuable time, the chief minister wrote on X. North Easter

No discussion yet on investments by Tesla, Starlink in India, says Goyal

Commerce and Industry Minister Piyush Goyal on Thursday said that no discussion has taken place with regard to investments by American tech billionaire Elon Musk-owned Tesla and Starlink. Goyal, who was addressing a press conference here in the Capital, stated that as both issues were handled by different ministries, he had no personal knowledge of what was happening. "We haven't had any discussions to the best of my knowledge...," the minister said while responding to a query regarding any update on possible investment by Tesla and Starlink. Goyal further said, "...but both these subjects are handled in different ministries. The Heavy Industries Ministry looks after automobiles and Starlink will be handled by the Space Department. So, I don't have personal knowledge of what is happening ..." Earlier in April, Musk had pulled out from a much-hyped planned visit to India, including a meeting with Prime Minister Narendra Modi, at the last moment citing "very heavy Tesla obligations".

Trump friend of India, don't foresee any problem after his takeover: Goyal

The Union minister's comments come amid apprehensions that the new US administration may impose some tariffs on Indian goods