Page 20 - Piyush Goyal

Electronic, electrical industry should aim for $100 bn exports: Goyal

The Indian electronics and electrical industry should look at increasing exports to USD 100 billion over the next 5-7 years, Commerce and Industry Minister Piyush Goyal said on Monday. He said the export volume of electronic goods ranks second in the country against 167th in 2015. In January, the export volume of electronic goods was USD 3 billion. Look at increasing exports to "USD 100 billion in the next 5-7 years", he said at the 16th Edition of ELECRAMA, organised by the Indian Electrical And Electronics Manufacturer's Association (IEEMA) here. The minister also said India's electronic goods industry must work together towards more resilient supply chains, upgrade quality standards and provide high-quality goods and services to the world at competitive rates. He urged the participants to work together to bring competitive advantages to the manufacturing sector. The minister stressed that the industry has a responsibility to ensure that consumers are provided better deals. He

BS Manthan: Top leaders to discuss India's global position on Feb 27-28

FM Sitharaman, Piyush Goyal, Ashwini Vaishnaw, Bhupender Yadav among those who will discuss India's position in a new world order at the second edition of Business Standard Manthan

Tesla, other cos welcome to invest, manufacture in India, says Piyush Goyal

India welcomes Tesla and also all the other global companies which want to invest and manufacture in the country, Union Minister Piyush Goyal said on Saturday. Replying to a question on Elon Musk-promoted EV maker Tesla's speculated entry into India, Goyal said the American company is welcome to set up a presence in India. It is the give and take which creates mutually beneficial partnerships, the minister said, making it clear that India is not anti-imports. "We welcome Tesla and also all the other global companies who want to invest and manufacture in India," Goyal said. The minister also said that construction activity and vehicle exhaust are the prime reasons for pollution in cities. He assured that the government is committed to reducing pollution, citing efforts like encouraging usage of electric vehicles as a step in the same direction. "In cities, the main reason for pollution is construction and vehicular pollution," Goyal, who handles the Commerce portfolio, said. Switch

Efforts on to balance India-Japan trade by boosting exports: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Friday said efforts are underway to balance bilateral trade between India and Japan by increasing exports. India's exports to Japan during April-January this fiscal rose by 21.12 per cent to USD 5.1 billion, while imports grew by 9.1 per cent to USD 15.92 billion, leaving a trade deficit of USD 10.82 billion in favour of Japan. In 2023-24, the country's export to Japan was USD 5.15 billion and imports were USD 17.7 billion. The trade gap was USD 12.55 billion. "Efforts are being made to balance trade between India and Japan, with a focus on increasing Indian exports to ensure reciprocal benefits," the commerce ministry said in a statement quoting the minister. This was stated by Goyal in his keynote address at the India-Japan Economy and Investment Forum. He also invited Japanese firms to increase collaboration in areas such as green energy, renewable energy, high-tech manufacturing of semiconductors, electronic goods, and artificial

Centre working in tandem with states for economic growth: Piyush Goyal

The Centre is working in tandem with all states to make India a USD 30-35 trillion economy by 2047, Union minister Piyush Goyal said on Friday, as he highlighted the investment opportunities in the country. The Commerce and Industry Minister, speaking at the Invest Kerala Global Summit (IKGS) here, sought to woo investors and will soon start talks with Bahrain for a Free Trade Agreement (FTA). There are "unmatched opportunities for growth, development and economic opportunities" in the country, Goyal said. "We are working in tandem with all states," on taking the country's economy to USD 30-35 trillion by 2047 from the current USD 4 trillion, the minister emphasised. There are differences between the BJP-led Centre and the Kerala government, which is headed by the Left Democratic Front (LDF) on various issues. Against this backdrop, Goyal said he is here to show solidarity with Kerala and also mentioned about various strides made by the state in different sectors. He urged invest

In UPA decade, trade gap with China ballooned from $2 bn to $40 bn: Goyal

He noted that in the 1990s one of the biggest mistakes that countries worldwide, including India, committed was to accept China as a market economy and a member of the World Trade Organisation (WTO)

Rupee performed well due to strong forex reserves, says Piyush Goyal

Union Commerce Minister Piyush Goyal on Thursday said the Indian rupee has performed well compared to other global currencies due to the country's strong foreign currency reserves. He also said that a skill development centre and a startup incubation centre will come up at AURIC (the industrial node of Shendra and Bidkin) in the near term. Goyal held a meeting with representatives of the industrial association at the AURIC hall on Wednesday to discuss issues related to industrial zones. He addressed the press on Thursday regarding the issues raised in the meeting. While talking about the downfall of the Indian rupee, he said, "The Indian rupee has strengthened in comparison to the emerging economies of the country. After US elections almost all the currencies across the globe have come down. But India had good reserves of foreign exchange so the Indian rupee performed better than that of other currencies". Goyal said, "We had a conversation with the industrial representatives on

India-US trade deal on the horizon: Piyush Goyal hints at talks soon

During Prime Minister Narendra Modi's recent visit to Washington, both countries announced an ambitious plan to more than double their trade by 2030

Qatar ready to fast-track investment promotion, protection deal with India

Qatar on Tuesday said it is ready to take steps to speed up the negotiations for a new bilateral investment promotion and protection agreement with India. Qatar's Commerce and Industry Minister Sheikh Faisal bin Thani bin Faisal Al Thani said India has become its third largest trading partner. He added that businesses in both countries need to push the boundaries for further strengthening investment and industrial collaboration. "We have modernised our investment ecosystem...we invite Indian investors and entrepreneurs to explore the true potential of Qatar's economy...We are ready to take steps to fast track negotiations for a new bilateral investment promotion and protection agreement," Faisal Al Thani said at CII's India-Qatar Business Forum meet. Qatar's ministry is here with a business delegation. They are accompanying Amir of Qatar Sheikh Tamim Bin Hamad Al-Thani, who arrived here yesterday on a two-day visit. India received USD 1.5 billion of foreign direct investments from

India, US complement each other, can offer mutual trade concessions: Goyal

India and the US are committed to increasing bilateral trade to USD 500 billion and negotiating a "strong" trade agreement within the next 6-8 months, Commerce and Industry Minister Piyush Goyal said on Tuesday. During the recent visit of Prime Minister Narendra Modi to Washington, India and the US announced to more than double the two-way commerce to USD 500 billion by 2030 and negotiate the first tranche of a mutually beneficial, multi-sector bilateral trade agreement (BTA) by fall of 2025. Goyal said once his US counterpart takes charge, both countries will discuss the contours of the pact. "...In the next 6-8 months, by establishing a strong trade agreement, we are committed to increasing trade to USD 500 billion," Goyal told reporters here on the sidelines of CII's India-Qatar Business Forum meet. He added businesses of both the countries are excited about the agreement. When asked if the pact would have chapters related to goods, services and investments, he said, "My ...

NRAI meets Union Minister Piyush Goyal over private labelling concerns

Representatives of NRAI highlighted challenges faced by the restaurant and food industry, minister assures support

Announcement on India-US trade pact has lifted business confidence: Goyal

Both countries will hold talks to increase market access, reduce tariff and non-tariff barriers, and deepen supply chain integration

Announcement of India-US trade agreement has boosted biz confidence: Goyal

The announcement to negotiate a bilateral trade agreement between India and the US has boosted business confidence in both countries, as it can help further strengthen economic ties by leveraging their competitive strengths, Commerce and Industry Minister Piyush Goyal said on Sunday. During the recent visit of Prime Minister Narendra Modi to Washington, India and the US announced to more than double the two-way commerce to USD 500 billion by 2030 and negotiate the first tranche of a mutually beneficial, multi-sector bilateral trade agreement (BTA) by fall of 2025. "The Prime Minister has brought back with him an agreement or an understanding to enter into a trade deal by fall of this year. I think, it gives a lot of confidence and a lot of relief to every business person in the US and in India who believe that together, we can truly transform world trade, together with our competitive strengths in different areas, we can truly work as two friends, as two partners for progress and ...

Can look at 10x growth in India-Israel bilateral trade: Piyush Goyal

The Israel-India Business Forum saw participation from industry members of both countries

By end of 2026, entire country will operate exclusively on 5G: Piyush Goyal

Union Minister highlights rapid advancements in telecom, infrastructure, and public welfare, positioning India as a global leader in tech and development

Hoping to increase govt-registered startups to 1 million in 10 years: Goyal

Commerce and Industry Minister Piyush Goyal on Tuesday expressed hope that the number of government-registered startups would increase to 10 lakh in the next ten years due to the steps taken to promote growth of these budding entrepreneurs in the country. At present, there are 1.57 lakh registered startups as compared to 450 in 2016. With an intent to build a strong ecosystem of the country for nurturing innovation and promoting startups, the government launched the Startup India initiative on January 16, 2016. As per the government's eligibility conditions, entities are recognised as 'startups' under the Startup India initiative. These units are eligible to avail tax and non-tax incentives under the Startup India action plan. Under the initiative, the government through its flagship schemes Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme and Credit Guarantee Scheme for Startups, has provided financial assistance to eligible recognised startups across sectors and .

Demand from states for funds based on taxes 'petty thinking': Piyush Goyal

Union Commerce Minister Piyush Goyal on Saturday said the demand by some states that they should get central funds in proportion to their contribution of taxes to the central kitty was "petty thinking" and "unfortunate." Prime Minister Narendra Modi is of the view that if the country is to prosper, the eight states of the Northeast and eastern Indian states like Bihar, West Bengal, Odisha and Jharkhand must develop, he said. The BJP leader was speaking at the 'Rashtriya Ekatmata Yatra 2025', an event organised here by the Akhil Bharatiya Vidyarthi Parishad (ABVP) and the 'Students Experience in Inter-State Living (SEIL)' initiative. In the last 11 years, the Modi government's "laser focus", like that of Arjuna of the Mahabharata, was on the Northeast and eastern states, the minister added. "It is unfortunate that some states and some leaders...I don't want to politicise it but some leaders from Maharashtra used to say....leaders of the earlier government which was there for two and

Pharma industry's success relies on innovation, else it will extinct: Goyal

Commerce and Industry Minister Piyush Goyal on Saturday emphasised on the crucial role of innovation in driving the growth of the Indian pharmaceutical industry and warned that without innovation, the industry will be "finished". He also expressed concern that the industry often relies on government incentives to conduct research and development in the sector. "Sadly, our country's mindset has become so weak that for everything we are looking up to the government... we think that only after getting a tax incentive then only we will do research. This is the industry where innovation determines success, whoever will not innovate will be finished," he said, while addressing members of the drug making firms in Mumbai. He also cautioned that if the industry will not innovate, its future is worrisome. The industry will have to keep pace with the changing lifestyle patterns besides demands and needs of the society and patents, Goyal said. He called upon the industry to come forward with

Piyush Goyal calls for robust AI regulatory framework to ensure ethical use

There is a need to create a robust regulatory framework with legal and policy support, to curb the unethical use of AI (artificial intelligence) while ensuring its effective deployment, Commerce and Industry Minister Piyush Goyal said on Friday. He also said that technology can become a tool but can never substitute the human mind. "...help us to navigate this journey to create the right regulatory framework, not necessarily only in copyrights, trademarks or patents, but through the various aspects of law that can be impacted through the use of AI and come up with robust regulations that can withstand both the misuse or unethical use of AI and which will also support ethical use of modern technology," Goyal said. He was speaking at the inaugural ceremony of 'Vidhi Pragati: National IP Moot Court Competition, 2025' here. The minister emphasised that the subject AI and coyright is "very" relevant at present as "we are seeing nearly perfect" counterfeits and copyrights these days. Ci

Lab-grown diamond industry to continue with self-regulation: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Friday ruled out additional regulations for the lab-grown diamond industry, stating the sector has flourished under the existing self-regulatory framework. Speaking during Question Hour in the Rajya Sabha, the minister said the Kimberley Process Certificate for natural diamonds is widely accepted in international markets. "Wherever we have given free hand, the industry has prospered. Bringing more regulation for this is not in the interest of the industry," Goyal said. He pointed out that the Kimberley Process provides international certification for natural diamond traceability, while separate certification systems exist for lab-grown and natural diamonds. The minister said the government maintains regular dialogue with industry stakeholders and has permitted self-regulation, which has proven effective. On G7 nations imposing traceability requirements, the minister said they have the right to put them in place. "However, to ensure o