Page 19 - Piyush Goyal

India will take a multi-pronged approach to boost exports: Piyush Goyal

Our national interest will always be paramount. We'll calibrate and balance our policies based on needs of the country, says Piyush Goyal

May retaliate if Asean non-trade barriers persist, says Piyush Goyal

As for the fast-growing quick commerce segment, Goyal said that while the government had not studied potential violations, the industry department would examine their compliance with the law

Govt plans to liberalise procurement rules for new, innovative products

Investments under PLI may hit Rs 2 trillion by next year, says Piyush Goyal

Investments in sectors under PLI schemes may hit Rs 2 trn in coming years

The 14 sectors covered under the production linked incentive (PLI) schemes have witnessed investments of Rs 1.46 lakh crore till August and the capital infusion is expected to reach Rs 2 lakh crore in the coming years, the commerce and industry ministry said on Sunday. Commerce and Industry Minister Piyush Goyal has held detailed discussions with companies that are getting fiscal benefits under the schemes to seek inputs and feedback. The minister engaged with 140 companies out of the 1,300 manufacturing units across 14 sectors, which have been the beneficiaries of the scheme. "Overall achievement of PLI schemes was also discussed during the meeting. Actual investment of Rs 1.46 lakh crore has been realised (till August 2024) and is likely to reach Rs 2 lakh crore in the next year or so," the ministry said in a statement. This has resulted in production/sales worth Rs 12.50 lakh crore and employment generation of around 9.5 lakh (direct and indirect), which is expected to reach 12

Goyal holds discussions with 140 firms getting production-linked incentives

Commerce and Industry Minister Piyush Goyal on Sunday held a detailed discussions with companies that are getting fiscal benefits under the production linked incentive (PLI) scheme. The minister engaged with 140 companies out of the 1,300 manufacturing units across 14 sectors, which have been the beneficiaries of the scheme. "We had estimated that in the 14 sectors, about Rs 1.46 lakh crore would be invested...Our estimate is that we could look at an investment of upward of Rs 2 lakh crores being seeded through the production linked incentive scheme (throughout the scheme period)," Goyal told reporters here after the meeting. At the job front, he added that originally it was estimated about 8.5 lakh jobs will be created under the PLI scheme, but looking at the numbers that some of them are saying, "we could easily look at about 12 lakh (jobs)". "It was also our expectation that we'll see additional production of about Rs 11 lakh crore. But hearing some of the numbers today, my own

India, America to discuss pact to boost collaboration in critical minerals

India and the US are negotiating a pact to enhance collaboration in essential critical minerals, and the issue will figure during the visit of Commerce and Industry Minister Piyush Goyal to Washington this week. At the invitation of the US Secretary of Commerce Gina Raimondo, Goyal will undertake a visit from September 30-October 3. The commerce ministry said, in a statement on Sunday, that Goyal and Raimondo will also discuss steps to expand and diversify critical minerals supply chains between India and the US. "The two sides are negotiating a MoU which intends to enhance bilateral collaboration to increase and diversify essential critical mineral supply chains and leverage their complementary strengths," it said. Critical minerals, such as cobalt, copper, lithium, nickel and rare earths, play a crucial role in the production of clean energy technologies, from wind turbines to electric cars. They are particularly in demand for the production of batteries for electric cars. Goyal

Goyal urges to use made in India goods to cut imports, boost manufacturing

Commerce and Industry Piyush Goyal on Saturday called for increased usage of made-in-India goods in order to promote domestic manufacturing and cut the country's imports. Speaking at the UP International Trade Show at Greater Noida, Goyal also said that out of the 20 approved industrial townships, one is coming up at Greater Noida and in that, the first phase is already sold out. For next phase, talks are on with the state. "Manufacturing and selling of made-in-India products within the country and abroad will reduce imports, boost MSMEs, help 'One District One Product' scheme to grow," he said. Last month, the Union Cabinet approved setting up of 12 industrial smart cities including in Uttar Pradesh and Bihar, with an overall investment of Rs 28,602 crore. Goyal also said that India's intellectual property rights (IPR) regime has improved so much so that in 2014, only 6,000 patents were granted in 2014 but last year, the number has jumped to one lakh patents. Noting that India's

Sisters won't face issue buying 'Mangalsutras' post gold duty cut: Goyal

Union Commerce Minister Piyush Goyal on Friday said our sisters will not have a problem in buying mangalsutras after the steep cut in gold import duties. Speaking at an event organised by a south-based Malabar Gold and Diamonds, the minister said that our sisters can now have heavier mangalsutras as well. "I am told the business has shot up after that (the duty cut). Business has gone up like anything. Now, our sisters will not have a problem with (buying) their mangalsutras, I think, and you can have a heavier mangalsutra," he said. It can be noted that earlier this month, Finance Minister Nirmala Sitharaman announced a steep cut in customs duty on gold to 6 per cent from 15 per cent earlier. Goyal said the duty cut used to dominate every discussion within the gold industry, and there was a demand for lowering duties. The minister also exhorted the Gold and Jewellery Export Promotion Council to help promote Indian tourist destinations from jeweller outlets abroad, stressing that

India climbs one position to 39th rank in Global Innovation Index 2024

India climbed one place to 39th rank out of 133 economies in the Global Innovation Index (GII) 2024 rankings, according to a report by the Geneva-based World Intellectual Property Organization. Last year, the country was ranked 40th. "India rises to 39th position among 133 global economies in the Global Innovation Index 2024," Commerce and Industry Piyush Goyal said in a post on social media platform X. India's innovation landscape continues to flourish, powered by our innovators and entrepreneurs, he said. The consistent improvement in the GII ranking is owing to the knowledge capital, vibrant start-up ecosystem, and the amazing work done by the public and private research organisations. The GII is a reliable tool for governments across the world to assess the innovation-led social and economic changes in their respective countries. Switzerland, Sweden, the United States, Singapore and the United Kingdom are the world's most innovative economies, while China, Turkiye, India, Vie

Bill to decriminalise minor biz offences may be tabled in Budget 2025

To further decriminalise minor offences, Jan Vishwas Bill 2.0 is expected to be tabled in the next Budget session, says Minister of Commerce and Industry Piyush Goyal

Dairy sensitive sector; no plans to open up in any FTAs: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday said dairy is a sensitive sector in India as it involves livelihood issues of small farmers and there are no plans at all to give any kind of duty concessions under any Free Trade Agreements (FTAs) in this area. He said that India has not given any duty concessions in the dairy sector even to Switzerland and Norway under the EFTA (European Free Trade Association) trade pact, which was signed in March. With Australia also, he said, that the sector was discussed but India clearly conveyed the sensitivities involved in this area. "Our average holding with the farmer is small. It is 2-3 acre farm with 3-4 live stocks whereas Australia's farm and their dairy farms are both very large and it would be near impossible for these large and small farms to compete with each other on a common footing. "We had discussed this issue even three years ago and on earlier occasions also and the dairy is such a sensitive sector that in any of our

India known as best place to invest and manufacture in: Piyush Goyal

''PLI has been a big boost to manufacturing in India, and we can hope to see a lot of activity and creation of jobs in the days to come"

Piyush Goyal promises to take up financing issues of realtors with RBI

Union Commerce and Industry Minister Piyush Goyal on Tuesday assured realtors that he would take up the issue of easy financing to the real estate sector like other industries with the Reserve Bank of India. The minister also assured that he would talk to state governments and urban local bodies for faster approvals for real estate projects, provided the builders pledge to do business in a transparent manner with zero corruption. Addressing a conference organised by reactors' apex body CREDAI, Goyal highlighted that the new realty law RERA has brought transparency and certainty in the real estate sector. "Clearly, your (real estate) sector is doing wonderful work and contributing immensely, whether it is to job creation, whether it is to building the needs of the nation..., contributing to taxes and the national GDP." Ever since RERA was introduced, he said, "you will appreciate that a lot of the disciplines that were brought in were good for honest and sincere developers..." "We

Need collaborations in areas of strength for IPEF's full potential: Goyal

Commerce and Industry Minister Piyush Goyal on Tuesday said the full potential of the IPEF can only be achieved if partner countries contribute their strengths, such as technology, investment, market potential and skilled workforce, to address supply chain challenges. The ministry said this in a virtual meeting of IPEF (Indo-Pacific Economic Framework for Prosperity) ministers. Goyal also said that healthcare, including pharmaceuticals and medical devices, is an "extremely" relevant area due to over concentration of global production of APIs and Key Starting Materials which can severely impair supply chain resilience and impact our capacity to address the healthcare needs of our economies. Besides, the multimodal transport systems, upgrades of logistics infrastructure, enhanced technological interoperability and data flows among freight and logistics enterprises, are some of the key areas which need to be focused upon, he said. He "emphasised that the full potential of IPEF can onl

Future bright for manufacturing as Make in India celebrates 10 yrs: Goyal

A series of measures to improve ease of doing business, zero tolerance for corruption and the focused effort on emerging sectors like electronics have helped promote 'Make In India' and boost both domestic and foreign investments in the country, Commerce and Industry Minister Piyush Goyal said on Tuesday. "We have achieved great success and a brilliant future is ahead for manufacturing in the country as the 'Make in India' programme is celebrating its 10 years," he said. The 'Make in India' initiative was launched on September 25, 2014, to facilitate investment, foster innovation, build world-class infrastructure, and make India a hub for manufacturing, design, and innovation. It is one of the unique 'Vocal for Local' initiatives that promoted the country's manufacturing domain to the world. "We are seeing very big investment plans on the anvil which will create millions of jobs and expand our manufacturing contribution to the economy," Goyal told PTI. Recalling the journey of the

Goyal asks realtors to ensure ESIC, PF registrations for 70 mn people

Union Commerce and Industry Minister Piyush Goyal on Tuesday asked the real estate industry to provide guaranteed ESIC and provident fund registrations for 7 crore people working in this sector, besides adopting new form of construction process for fast project execution with less pollution. Addressing an event organised by realtors' apex body CREDAI here, he also asked India Inc, including realty firms, to set up manufacturing facilities for construction equipment to make India self-reliant. "I urge you to kindly think about this in very serious terms... can we ensure a guaranteed ESIC and provident fund registration of all these 70 million workmen and women (working in this sector)," Goyal told real estate players. He asked the CREDAI to come out with a resolution on November 25, when the association will celebrate its 25 years, after extensive stakeholder discussions with its 14,000 members. Goyal said there are many positive impacts if industry ensures guaranteed ESIC and PF ..

Goyal seeks investment from Australian pension funds across various sectors

Commerce and Industry Minister Piyush Goyal on Monday sought investments from Australian pension funds in sectors such as renewable energy, manufacturing, education, fintech, and agritech. The minister is in Australia to participate in the Joint Ministerial Commission of the two countries. He also held a meeting with Tania Constable, CEO of the Minerals Council of Australia, regarding ways to strengthen collaboration in the critical minerals sector between India and Australia. "Minister met senior representatives from the Australian pension funds. Discussions focused on the robust policies and reform agenda of the Government of India which have boosted investor confidence. Minister encouraged greater investments into the emerging sectors in the Indian market," the commerce ministry said in a statement. Critical minerals, such as cobalt, copper, lithium, nickel and rare earths, play a crucial role in the production of clean energy technologies, from wind turbines to electric ...

Plan to open offices abroad to assist foreign investors: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Sunday said there are plans to open offices in different countries in the coming months to hand-hold foreign investors looking at opportunities to invest in India. The first such office of Invest India -- the national agency to promote investments into the country -- was inaugurated by the minister in Singapore. It will act as a dedicated point of contact for companies from the region looking to invest here. This move reinforces India's commitment to deepening investment partnerships and making it easier for global investors to engage with India. "The Singapore office will serve as a dedicated point of contact for companies from the region looking to invest in India, fostering collaboration across sectors," the commerce and industry ministry said in a statement. Within the Invest India Singapore office is the National Industrial Corridor Development Corp Ltd. Speaking at the event, Goyal said Singapore is a key strategic partner for

India-Asean FTA talks: Goyal calls for addressing local industry's concerns

India on Friday called for addressing the concerns of its domestic industries affected by the existing free trade agreement (FTA) with the 10-nation bloc ASEAN as the two regions negotiate a review of the pact. Commerce and Industry Minister Piyush Goyal has also emphasized the need to rectify the inequitable tariff liberalization under the agreement. Goyal said this during the stock-taking exercise of the progress of review talks for the India-ASEAN free trade agreement in goods (AITIGA) in Laos. All the ministers took note of the progress in negotiations for the review of the agreement. "Minister Goyal in his intervention stressed the need for addressing injury to industries from the existing FTA and the inequitable tariff liberalisation during the review. He also cited India's ongoing efforts of integrating with other economies through FTAs and highlighted the urgency in upgrading AITIGA which otherwise may lead to diversion of bilateral trade to other regions, the commerce ...

Piyush Goyal to review India-ASEAN trade pact talks' progress in Laos

The progress of talks for the review of the India-ASEAN Free Trade Agreement in goods will figure during the visit of Commerce and Industry Minister Piyush Goyal to Laos, an official statement said on Friday. The two-day visit of Goyal to Vientiane, Laos, started from Friday. He is there to participate in the 21st ASEAN-India Economic Ministers (AEM-India) meeting and the 12th East Asia Summit Economic Ministers Meeting (EAS EMM). These annual meetings of ASEAN (Association of South East Asian Nations) with their dialogue partners are being hosted by Laos, the ASEAN Chair for this year. "In the AEM-India meeting, the ministers will review the progress in negotiations for review of ASEAN-India Trade in Goods Agreement (AITIGA), the ministry said. The review is high on India's priority to make it more user-friendly, simple and trade facilitative for businesses, it said. It added that Goyal will have a number of bilateral meetings with his counterparts from participating countries o