Page 21 - Piyush Goyal

India's exports likely to touch record $800 bn this year: Piyush Goyal

India's exports are growing significantly and would achieve a record USD 800 billion in 2024-25 fiscal year, Commerce and Industry Minister Piyush Goyal said on Friday. "Exports have been growing and have risen significantly in the last four years. This year also, there will be growth. We will end the year with over USD 800 billion exports for the very first time in India's history," Goyal said during Question Hour in the Rajya Sabha. He told Congress leader Rajeev Shukla that it is "not entirely accurate" that India's exports are declining. Goyal told him not to worry about falling forex reserves as they have consistently been above USD 600 billion for many months. The minister, however, informed the Upper House that certain imports -- petroleum products, coking coal, pulses and edibles oils -- are "unavoidable" due to domestic shortages and high demand. The growth in imports, which is a good sign for the economy, is due to a rise in domestic consumption. "It will take some year

India in talks with EU to resolve new trade regulations: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Friday said India is in talks with the European Union to resolve issues related to the new EU trade regulations. Responding to queries on EU trade barriers in the Rajya Sabha, Goyal said the EU has introduced new regulations for their own industries. "There is certainly an issue where the EU has come up with new regulations which we are actively discussing with them to resolve," he said. The government is having discussions on issues like the deforestation Act, he said, adding, "we will have to engage with them and find mutual resolution to make the process simple and ensure it does not hurt our industry." Goyal said if unfair trade barriers are imposed, the government will take up the matter strongly with India's counterparts through bilateral discussions and multilateral trade organisations. Asked if India has initiated any discussion with the EU regarding mutually agreed pacts in view of stringent regulations, the minister said thi

EFTA investor delegation to visit Delhi to explore business ties: Goyal

EFTA representatives will be in the national capital with more than 100 investors

Like Maharashtra and Haryana, BJP headed for victory in Delhi: Piyush Goyal

The BJP is headed for a massive victory in Delhi like those in the recent Maharashtra and Haryana polls, Union minister Piyush Goyal said on Monday. Addressing a press conference at the BJP headquarters here, Goyal accused the AAP government of depriving the people of the capital of clean drinking water, air and failing to fulfil its promises such as rejuvenating the Yamuna river. "All sections of people have faith in Narendra Modi and his guarantees. February 5 is going to be a milestone for the BJP and a golden day for the people of Delhi," he said. People now want a government that delivers and serves, rather than engaging in fights and obstructing development in Delhi, the Union commerce and industry minister said. "Like the victories in Maharashtra and Haryana, the BJP is poised for a massive mandate on all the seats in Delhi, including those that were earlier considered tough," Goyal said, citing the huge crowds seen at the meetings held by Prime Minister Modi, Union Home ...

Committee under manufacturing mission to look into issues in detail: Goyal

A committee will be set up under the national manufacturing mission to get into the details on issues like cutting cost of doing business; preparing future-ready workforce; and availability of technology to further promote Make in India initiative, Commerce and Industry Minister Piyush Goyal has said. Representatives from the Centre, states, and private sector are expected to be there in the committee. It would identify key focus areas, which are futuristic and where there is demand both in the domestic and foreign markets, and come up with recommendations on "what we should do". "A committee will be set up under the mission which will go into the details and examine all the issues in detail (like) the role of Centre, and states. Different ministries will be involved, private players will also be involved and they will inform about sectors which have huge competitive advantages in India and which have export potential," Goyal told PTI. Finance Minister Nirmala Sitharaman has announ

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