Page 20 - Piyush Goyal

Food, beverage, marine exports could hit $100 bn in 4-5 yrs: Piyush Goyal

There is a potential to increase exports of food, beverages and marine products to USD 100 billion in the next 4-5 years as huge demand is there for these goods in the global markets, Commerce and Industry Minister Piyush Goyal said on Friday. Interacting with the food and beverage industry players, the minister also suggested the companies focus on quality, nutrition and sustainability. "I hope to see a 3-digit mark, a USD 100 billion mark, in our food, beverages, marine products and agri exports in the next 4-5 years," Goyal said. He further said this is not an ambitious target and the industry should work together to take the exports to this level. To enhance the quality of production, the government is looking at expanding testing laboratories in the country. The interaction was held on the sidelines of the Indusfood 2025 exhibition in Greater Noida.

Working on strategy to push growth of exports in goods, services: Goyal

The government is working on an export strategy to further accelerate the country's goods and services shipments, Commerce and Industry Minister Piyush Goyal has said. He said the ministry is working on a "very" targeted manner to take the exports to USD 2 trillion by 2030 by addressing concerns of exporters and identifying areas of India's competitive advantages and strengths. "Export of both goods and services are doing good despite global challenges... We are working on an export strategy to see how we can fast track growth of exports of both goods and services," Goyal told PTI. In 2024-25, the exports are expected to cross USD 800 billion. It was USD 778 billion in the previous fiscal year. Asked about his expectations from the forthcoming Budget for exports, the minister said Prime Minister Narendra Modi has always been "very" supportive of the exporting community. "I am sure the Prime Minister and the finance minister (Nirmala Sitharaman) will always be proactive to support

FDI in India surging as global investors see top destination: Piyush Goyal

FDI inflows into the country are surging, with investors from the Middle East, Japan, European Union, and the US recognising India's status as a top investment destination, driving rapid economic growth and generating millions of new jobs, Commerce and Industry Minister Piyush Goyal has said. He said that global investors are showing keen interest in India as the country offers several advantages such as strong domestic market, skilled and talented workforce and rule of law. "I can clearly see FDI (foreign direct investment) in India once again growing rapidly and creating millions of jobs. Countries in the Middle East, EFTA region, Japan, and investors from the EU and the US are all realising that India continues to be the most preferred destination for FDI," Goyal told PTI. He added that India's stable and predictable regulatory framework, coupled with a favourable business environment and progressive policies aimed at enhancing ease of doing business, is attracting an increasing

Industry accepts quality norms on plywood, MDF after initial resistance

After initial resistance, the plywood and MDF board industry has agreed to implement the mandatory quality control norms as they have recognised the long-term benefits of adhering to high-quality standards, Commerce and Industry Minister Piyush Goyal has said. He said India is introducing modern standards that are often harmonised with prevailing standards in other parts of the world, particularly the developed countries. India's continuous focus on quality is now recoginsed and appreciated within the country and internationally as well, the minister said. The Department for Promotion of Industry and Internal Trade (DPIIT) had introduced quality control orders (QCO) for plywood, MDF boards, and other wooden products to boost domestic manufacturing and cut imports of sub-standard goods. Due to the opposition of the domestic industry, the implementation of the QCO was extended. These mandatory norms will be for domestic and foreign players. "Initially a lot of resistance was there f

States must develop logistics plans to boost investments: Piyush Goyal

He emphasised on implementation of measures to promote green logistics, workforce inclusivity and facilitation of Central Government projects

No fresh subsidy required for India's EV ecosystem, says Piyush Goyal

"India's electric mobility segment is ready and set to fly. There is no need for new incentives as the existing ones are sufficient to kick-start the ecosystem," Goyal said during a press event

Open to suggestions to ease start-ups' return to India: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Friday said the ministry is open to ideas for making it easier for start-ups that want to change their domicile back to India from abroad. The ministry, he said, will discuss with the National Start-up Advisory Council and take feedback "if any steps are required to make their journey back easier. We are open to ideas". The council was set up first in 2020 and it advises the government on measures needed to build a strong ecosystem for nurturing innovation and startups in the country to drive sustainable economic growth and generate large-scale employment opportunities. "It is a welcome sign and also very very satisfying that more and more start-ups come back home and register in India, list in India, and grow in India. India will be a preferred destination in the future," he told reporters here. Several start-ups had initially registered abroad for easy access to finance from international funds, enhanced valuations and relaxed ...

Piyush Goyal asks Blinkit to follow applicable laws for 10-min ambulance

Commerce and Industry Minister Piyush Goyal on Friday said quick-commerce companies like Blinkit, which is launching a 10-minute ambulance service, must make sure that they meet the law of the land. Blinkit on Thursday launched 10-minute ambulance service in select areas of Gurugram as a pilot project. Users will be able to see the option to call for an ambulance on the Blinkit app, according to a company statement. "As regard Blinkit doing ambulance services or medicines being delivered, my only submission would be that they have to make sure that they meet the law of the land and whatever are the legal requirements should be properly taken care of. No laws of the land should be broken," Goyal told reporters when asked about the company's decision. Asked about issues raised by small retailers about quick-commerce or e-commerce firms, he said the government is monitoring that and the CCI (Competition Commission of India) has already taken actions in some cases and wherever the foun

India's exports to cross $800 billion this fiscal year: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Friday said despite global economic uncertainties, India's exports of goods and services are expected to cross USD 800 billion, which will be a record. Last fiscal year, the exports stood at USD 778 billion. He said though there will be stresses in the global system, but India's exports basket is large. "My estimate is that we will cross USD 800 billion in exports, another record given the world situation," he told reporters here. He added share in services exports is also growing at a rapid pace. On exports to developing and least developed countries (LDCs), he said those nations have been stressed because of the forex crisis they are facing after the COVID-19 pandemic. The Red Sea crisis too had impacted shipping lines. On the new US administration, the minister said: "We are looking forward to a deep and substantive engagement with the new US administration...we are looking forward to working with (Donald) Trump administration ag

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