Page 19 - Piyush Goyal

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 ...

Piyush Goyal discusses FTA with EU Commissioner during Brussels visit

Goyal is on a visit to Brussels for a High-Level Dialogue with Maros Sefcovic from January 18-20

Piyush Goyal to travel to Brussels on Saturday for FTA talks with EU

Meeting to give 'political direction' to expedite India-EU FTA negotiations

Piyush Goyal asks auto component industry to reduce import dependency

The minister said that certain companies in India that are still importing automobile components will be out of competition as domestic products are more competitive than foreign ones

India's share in global mobility supply chains growing: Piyush Goyal

India's share in the global mobility supply chains is increasing due to the sector's cost-competitiveness and focus on product quality, Commerce and Industry Minister Piyush Goyal said on Friday. Speaking at the Bharat Mobility Global Expo 2025 here, he said by the next year this expo will become the biggest auto show in the world and will emerge as the one-stop destination for the automobile sector for the world. At present, it is the second-largest automotive expo in the world. The expo, he said, will serve as a call to action for global partnerships, inviting international investors to tap into India's growing consumer base and business-friendly ecosystem. "Innovation and sustainability have become the focus of the mobility sector and India's share in the mobility global supply chains is also increasing. India's mobility sector is cost-competitive and is also focussing on product quality," he said. Goyal also said that electric vehicles are shaping the mobility sector and India

Piyush Goyal assures 'excellent' support for startups in growth push

Commerce and Industry Minister Piyush Goyal on Thursday assured "excellent" support to startups and said domestic investors are now also recognising capabilities and the value proposition of investing in these enterprises. As per estimates, he said Indian startups have attracted about Rs 13 lakh crore funding in the last nine years, that is about USD 150 billion. On average, startups are receiving about USD 15 billion of funds every year and in a good year, it can go up to USD 22-25 billion, he said at the celebration event of nine years of Startup India here. "I promise you we are going to have excellent support, now also from domestic investors who are more and more aligning themselves with the startup India vision, who are more and more understanding the capabilities of young India and they are recognising the value proposition that you bring to the table," he said. He added that funding instruments like the Fund of Funds Scheme (FFS), which is administered by SIDBI and financed

National Startup Day 2025: Govt launches Bharat Startup Grand Challenge

The government aims to launch 75 similar challenges by the 2026 anniversary of the Startup India initiative

Depraved minds try to disturb social harmony: Goyal on school bomb threats

The accused, a public school student, was identified and apprehended after a thorough technical investigation by the Cyber Cell of the South District police

India to become world's third-largest economy by 2027: Piyush Goyal

Union Minister of Commerce and Industry, Piyush Goyal on Tuesday said that by 2027, India will be the world's third-largest economy, ahead of Japan and Germany. Addressing the annual meeting of Tamil magazine 'Thuglak' here, Goyal said, "What did Mr Modi do in ten years? He took India from the 11th largest GDP to the fifth-largest GDP." Further, the minister said that the then Union Finance Minister P Chidambaram in his interim budget of 2014 had predicted that in the next 3 decades, India's nominal GDP would take the country to the third rank, after US and China. Chidambaram had predicted in 2014, a 30-year duration for India to become the third-largest GDP, he noted. "What did Mr Modi do? He said I will do it in less than half that time and I assure you friends, by 2027, India will be the world's third-largest economy, ahead of Japan and Germany; in only 13 years and not 30 (years), that is Prime Minister Modi's commitment and courage of conviction," Goyal asserted. Also, he sai

We are doing FTAs only after extensive stakeholder consultations: Goyal

Commerce and Industry Minister Piyush Goyal on Tuesday said India is finalising free trade agreements (FTAs) only after extensive consultations with all the concerned stakeholders. He said that unlike in the past, these pacts are now fair, equitable and balanced. "We are not doing FTAs like in the past. Every agreement is after extensive stakeholder consultation," he said at the Thuglak Annual Meet in Chennai. Citing the agreement with the four-European nation bloc EFTA, he said that for the first time in the history of FTAs, India has received a commitment of USD 100 billion FDI (foreign direct investment) in this pact. The Modi government has implemented these pacts with countries like Australia and the UAE. He also said that India's decision to opt out of RCEP (Regional Comprehensive Partnership Agreement) demonstrates its commitment to safeguarding national interests. "It was not in the interest of MSMEs, and it would have opened a floodgate for Chinese goods into the country

Looking to double turmeric production to 2 million in 5 years: Piyush Goyal

The National Turmeric Board will help develop new markets internationally to promote exports and double production to about 20 lakh tonnes in the next five years, Commerce and Industry Minister Piyush Goyal said on Tuesday. Inaugurating the Board, he also said that it will promote research and development into new products and develop on the country's traditional knowledge for value-added turmeric products. "Turmeric is also called as golden spice. India accounts for 70 per cent of global turmeric production... We are looking to double the production to 20 lakh tonnes in five years," he told reporters here. The government in October notified the constitution of the National Turmeric Board. It will focus on the development and growth of turmeric and turmeric products in the country. India is the largest producer, consumer and exporter of turmeric in the world. In the year 2022-23, an area of 3.24 lakh hectares was under turmeric cultivation in India with a production of 11.61 lakh

We aim to boost organic product exports to Rs 20,000 cr in 3 years: Goyal

India has the potential to increase exports of organic products up to Rs 20,000 crore in the next three years, Commerce and Industry Minister Piyush Goyal said on Thursday. He said this while releasing the eighth edition of National Programme for Organic Production (NPOP) with new regulations aimed at enhancing clarity and transparency in organic product standards as well as aligning with global standards. "Currently, our organic product exports are at Rs 5,000-6,000 crore. In the next three years, we can easily achieve Rs 20,000 crore exports, about 3-3.5 times increase from the current level," Goyal said at an event organised in partnership with industry body Ficci. He said the global demand for these products is about Rs 1 lakh crore, which can grow up to Rs 10 lakh crore in the coming years, a unique opportunity India should not miss. India already has one of the largest numbers of farmers in the world undertaking organic farming. He also asked startups to come out with soluti