Page 21 - Piyush Goyal

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

Parliament Session: Unfortunate that Opposition is not letting Parliament function; Piyush Goyal

Union Minister Piyush Goyal on Thursday said it was 'unfortunate' that Opposition parties were not letting Parliament function and are trying to defame India abroad

New guidelines on laptop import policy still under deliberation: Goyal

Union Minister Piyush Goyal on Thursday said the new guidelines on India's laptop import policy are still under deliberation by the Ministry of Electronics and Information Technology. Asked about the import authorisation system for IT hardware products and what kind of guidelines the government is looking at, Goyal said, "I think, this is still under deliberation. It is handled by the Ministry of Electronics and Information Technology. I am not privy to what is in their mind for the future". It is pertinent to mention here that in September this year, the government extended the approval system for the import of certain IT hardware products, including laptops and tablets, for three months till December 31. These imports stood at USD 8.4 billion in 2023-24 against the authorisation of about USD 9.5 billion. Most of these imports were coming from China. "It is clarified that the importers are allowed to apply for import authorisations, which will be valid up to December 31, 2024. ...

Expressed 'deep disappointment' at EU's unilateral green regulations: Goyal

Union Minister Piyush Goyal on Thursday expressed India's "deep disappointment" with the European Union's "unilateral" green economy regulations, stating they are unfair and violate the principle of "common but differentiated responsibilities". Under the proposed EUDR, operators or traders placing specified commodities on the EU market or exporting them must prove their products do not come from recently deforested land or contribute to forest degradation. Carbon Border Adjustment Mechanism (CBAM) are tariffs that will apply on energy-intensive goods imported into the European Union (EU). India has concerns that the CBAM could result in higher tariffs on imports of carbon-intensive goods like cement, aluminium, iron, and steel from India, acting as a unilateral trade barrier. Addressing a press conference here, the commerce and industry minister said he raised the issue with his French counterpart during talks held a day earlier. On Wednesday, Goyal held discussions with Sophie ...

India-France trade balanced but 'suboptimal', it should grow: Piyush Goyal

He called for a greater collaboration with France in the defence sector and also underlined that India's robust patent-protected regime does not insist on technology transfer

Nation marks 75 years of Constitution, leaders extend greetings and tribute

Odisha CM Mohan Charan Majhi paid floral tribute to BR Ambedkar in Bhubaneswar on the occasion of 'Samvidhan Diwas'. CM Majhi along with state ministers is also holding a padayatra in Bhubaneswar

Goyal asks real estate developers to adopt environment-friendly techniques

Amid concerns over high pollution levels in the national capital, Union Minister Piyush Goyal on Monday asked real estate developers to adopt environment-friendly construction techniques and suggested CREDAI to set up a team to study the adverse impact of construction activities on air quality of 20 major cities. Addressing realtors' apex body CREDAI's 25th foundation day, the Union Commerce and Industry Minister also asked developers to build affordable rental housing projects to prevent the proliferation of slums in urban centres. Goyal also suggested CREDAI members to consider venturing into overseas markets to tap opportunities in real estate development and redevelopment. "I had asked CREDAI to consider setting up a team to study whether, at least in the metropolitan cities or the 20 top towns of the country, where we can see the impact of construction leading to pollution, leading to air quality deteriorating." He stressed the need to adopt better construction techniques usin

Proud of the way PM has united 1.4 bn people with Constitution, says Goyal

Goyal said We are very happy to know that the youth is celebrating 75 years of formation of the Constitution

Maharashtra rejected appeasement politics: Piyush Goyal after Mahayuti win

He further highlighted that the victory reflected the people have supported the good work done by leaders like Prime Minister Narendra Modi, Devendra Fadnavis, Eknath Shinde, and Ajit Pawar

India ready for global challenges, set to be third-largest economy: Goyal

The Indian currency has held its position as one of the least volatile among major currencies, and the forex reserves stand at about $675 billion-among the five largest in the world, the minister said

Govt to come out with legal framework to ensure data privacy: Piyush Goyal

India will come out with a legal framework to ensure data privacy that will encourage free data flow among trusted partners, Commerce and Industry Minister Piyush Goyal on Thursday said, as he sought investment in technology and innovation. Speaking at the UK India Business Council's 'UK-India Technology Futures Conference', the minister said India and the UK can collaborate on technology in the fields of AI education, telemedicine, climate modelling, precision agriculture and organic chemical, electronic and food industries. Goyal pointed out that it will be important to understand how in the future the digital world and sustainability issues will intersect. A major portion of energy will be consumed by systems that will churn out data and that will have an impact on sustainability issues, he said, adding that there are very few places in the world where there is an interconnected grid in the way that India has. The minister said that by 2030, India would have a thousand-gigawatt