Page 22 - Piyush Goyal

Goyal urges industry to raise quality standards, appoint representatives

Calls on industry leaders to partner government in easing compliance and decriminalising biz laws

Assembly elections updates: 58.43% voter turnout recorded till 5 pm in Maharashtra, 68% in Jharkhand

Maharashtra, Jharkhand Election Voting: Catch all the updates on the Assembly elections here

UPPSC exam, PM Modi receives Dominica’s highest honour & more

The Uttar Pradesh Public Service Commission has agreed to conduct the PCS preliminary exam in a single day following protests by aspirants in Prayagraj.

Piyush Goyal wants RBI to cut rates, questions food inflation-driven policy

RBI's Monetary Policy Committee has kept the repo rate at 6.5% since February 2023. Retail inflation hit a 14-month high in October

Collective effort required to achieve $2 trn exports target by 2030: Goyal

Commerce and Industry Minister Piyush Goyal on Monday said collective effort is required to achieve the "big" exports target of USD 2 trillion by 2030. Addressing the annual convocation of IIFT (Indian Institute of Foreign Trade) through video conference, he expressed confidence in achieving the target. "Let us partner to achieve the export target of USD 2 trillion by 2030, given that we will cross USD 800 billion this (fiscal) year. We will have to really put in a lot of effort collectively to achieve USD 2 trillion. It will not happen by chance, it will happen by choice and I am confident that we can achieve this big target," Goyal said. In 2023-24, India's exports of goods and services stood at USD 778 billion. He urged the students and faculty of the institute to contribute to studying the non-tariff barriers being faced by Indian products in other countries so that the officers can flag those. The ministry also announced that soon the IIFT will have its new campus in ...

India will become $35 trillion economy in next 25 years: Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal on Friday said India's growth story will take the country's USD 3.5 trillion economy now to USD 35 trillion in the next 25 years. Addressing the inaugural session of Amazing Goa Global Business Summit 2024, Goyal said that the 21st century belongs to India and it was on track to become the third largest world economy in three years. Chief Minister Pramod Sawant, former Union minister Suresh Prabhu and others were present during the inaugural function of the summit, an initiative of the Vibrant Goa Foundation. "Prime Minister Narendra Modi has rightfully said the 21st century is India's century. He also said that the 21st century has stopped being small. What we do today is the best and the biggest," Goyal said. "We are working with a focused approach to make India a developed and prosperous nation by 2047 when we celebrate 100 years of Independence," he said. He said India's growth story will take the economy from USD 3.5 trillion

Auto Expo 2025 to be held under Bharat Mobility from Jan 17-22 at 3 places

India's flagship motor show Auto Expo will be held under the umbrella of Bharat Mobility, the government's initiative bringing all mobility-related trade shows under one platform, from January 17 next year here. The six-day Bharat Mobility Global Expo 2025 will be held between January 17 and 22 next year at Bharatmandapam; Yashobhoomi (India International Convention and Expo Center) Dwarka, and India Expo Center & Mart, Greater Noida, simultaneously. Bharat Mobility Global Expo is an annual event and it appears that now on Auto Expo is likely to be held every year. Auto Expo is a biennial event. Commerce and Industry Minister Piyush Goyal told reporters that this will be the second largest expo in the world in this segment and the industry should take it to the top position. Munich in Germany hosts the the world's largest auto show. Goyal urged the industry to involve sectors which are not yet represented such as chemicals, testing agencies, regional transport officers and ...

India, Saudi Arabia exploring collaboration in fintech, energy efficiency

India and Saudi Arabia are exploring collaboration in emerging fields like fintech, new technologies, energy efficiency, clean hydrogen, textiles and mining to further boost trade and investment ties, an official statement said on Friday. These areas were discussed during the recent visit of Commerce and Industry Minister Piyush Goyal to Riyadh. He co-chaired the second meeting of the economy and investment committee under the India-Saudi Strategic Partnership Council (SPC) along with Minister of Energy, Saudi Arabia, Abdulaziz bin Salman Al-Saud on October 30 in Riyadh. "Both countries are exploring collaboration in emerging fields like fintech, new technologies, energy efficiency, clean hydrogen, textiles, mining," the commerce and industry ministry said. During the Future Investment Initiative (FII) event, the minister urged global investors to seize emerging opportunities in India, particularly in high-growth sectors such as artificial intelligence, renewable energy, digital ..

Goyal meets Schneider Electric CEO in Riyadh to discuss investment plans

Commerce and Industry Minister Piyush Goyal on Wednesday held a meeting with Peter Herweck, CEO of energy management and automation major Schneider Electric, in Riyadh and discussed the company's investment plans for India. The minister is in Saudi Arabia to discuss ways to further deepen the strategic partnership between the two countries and explore new avenues of trade, investment and economic cooperation. "Held a meeting with Mr Peter Herweck, CEO of @SchneiderElec, a global company specialising in energy management and digital automation with a strong presence in our country. Discussed the company's investment plans for India and how it can leverage the nation's talent pool and government support to provide high-tech, sustainable, and energy-efficient solutions to the world," Goyal said in a post on social media platform X. In March this year, Schneider Electric said that it will invest Rs 3,200 crore by 2026 to make India its manufacturing hub for domestic sales as well as ...

No trade pact if EU insists on opening up dairy biz, says Piyush Goyal

Goyal also said that extraneous issues such as labour and climate change should be discussed on international forums

No FTA if EU insists on opening up of India's dairy business: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Friday emphasised on understanding and respecting mutual sensitivities to fast-track India-EU free trade agreement talks, and said there would be no pact if the European Union insists on opening the dairy sector. Speaking at the Asia-Pacific Conference of German Business, the minister also said that "extraneous" issues like labour and climate change should be discussed at international forums. He added that the two sides have to understand, listen and appreciate the sensitivities of each other. "You (EU) are 27 countries, who have different priorities; India has 27 states. I may be growing apples in one state which does not permit me to open apples," he said, adding that the per capita income of EU member countries is much higher than that of the Indian states. He also said that there is a need to focus the energies on trade and on promoting investments and deeper strategic partnerships to push the talks. It will have to be a politica

India wants to keep its dairy industry out of EU free-trade deal: Goyal

A trade deal could be concluded swiftly if sensitivities were respected on both sides, Goyal told the Asia-Pacific conference of German business in the Indian capital

Focus on quality, export competitiveness won't come from subsidies: Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday asked the industry to focus on making high quality products to tap global markets as export competitiveness will not come from government subsidies or support. He also said that the government is putting its effort to nudge industry to get into the manufacturing of high quality products as it is a "tough" task to get industry to accept that they should be making quality goods. Initially, the government faced a huge amount of opposition from the industry on quality control orders. "Our export competitiveness is not going to come from subsidies or government support. It is not going to come from our closing the doors to the rest of the world. If we are looking at self-reliant India, it can only happen when India will be self-confident and that confidence will only come when we all decide that quality is not our job, it is our duty," the minister said. He added that if the Indian industry is not competitive in any product, that

Goyal launches district master plan under PM GatiShakti for infra planning

Commerce and Industry Minister Piyush Goyal on Tuesday launched a district master plan under the PM GatiShakti initiative for infrastructure planning in 27 aspirational districts of the country. A national master plan portal is there under the initiative for efficient planning and implementation of infrastructure projects. Goyal said that the district master plan will be expanded to cover more than 750 districts across the country in the next 18 months. The minister also launched the guidelines for preparing logistics plans to help cities tailor their logistics planning. He added that the PM GatiShakti is India's offering to the world of tomorrow where over 1,600 layers of data have been accumulated at the central and state levels for faster, better, and cost-effective planning of world class infrastructure. "This is going to be the technology that the world will use for their infra planning in the years to come," he said, adding India's urban planners, architects, engineers, ...

European Union's deforestation regulation, carbon tax unfair: Piyush Goyal

The European Union's (EU) deforestation regulation and carbon tax are unfair and would impact Indian industries, Commerce and Industry Minister Piyush Goyal said on Friday. He also said the EU's safeguard measures on some steel products are irrational too. Addressing industry and representatives of EU here on the launch of Federation of European Business in India (FEBI), he said Indian industries are "confronted with unfair rules of deforestation, rules around CBAM (Carbon Border Adjustment Mechanism) and various other measures". Major agriculture-exporting countries, including Brazil, India, Indonesia and the US, have raised objections to the EU Deforestation Regulation (EUDR). The EUDR was adopted on May 16, 2023, and seeks to prevent the import of specified goods contributing to deforestation and forest degradation in the EU market. The covered products include coffee, leather, oil cake, wood furniture, paper, and paperboard, with plans to expand the product list further. How

India reduces arbitration time for foreign investors in UAE agreement

Investment pact to increase investor confidence: Goyal

Govt to open Invest India office in Dubai to attract UAE investments: Goyal

The government has decided to open an office of Invest India in Dubai to serve as a dedicated point of contact for potential UAE investors seeking to invest in India, Union Minister for Commerce and Industry Piyush Goyal said on Monday. Goyal, who was addressing the media after the 12th meeting of India-UAE High-Level Task Force on Investment held here, also announced that the first overseas campus of the Indian Institute of Foreign Trade (IIFT) will be set up in Dubai, which will be a boon for the 3.5 million-strong Indian community residing in the UAE. During the meeting, co-chaired by Goyal and Sheikh Hamed bin Zayed Al Nahyan, Managing Director of Abu Dhabi Investment Authority, the two sides reviewed progress on several key initiatives and expressed satisfaction at the rapid pace of implementation. These initiatives include bilateral trade in local currencies, the integration of payment systems of India and the UAE, cooperation on Central Bank Digital Currencies, the launch of

India, UAE to set up food corridor at $2 bn investment: Piyush Goyal

India and the UAE will set up a food corridor with an expected investment of USD 2 billion which will cater to the UAE market and beyond and help Indian farmers earn higher income and create more jobs, Union Minister Piyush Goyal said on Monday. Addressing a press conference on the 12th meeting of India-UAE High-Level Task Force on Investment here, Goyal, who is the Minister for Commerce and Industry, said that a small working group comprising central government, state governments involved and the UAE has also been set up to take forward the establishment of food corridor between the two countries on a mission mode basis. "... Another area which was discussed in great detail was the setting up of food parks in India. The background work is largely completed, (this is) another area which will help farmers with higher income, provide jobs in food processing to thousands if not lakhs of our youth and will also ensure the food security of UAE," Goyal said. The minister said that ...

Social security agreement with US to take time, says Piyush Goyal

According to the minister, the social security coverage details that have been shared with the US cover about 930 million people in India

India to continue dialogue with US on totalisation pact: Piyush Goyal

Commerce and Industry Minister Piyush Goyal has said that India will continue to engage with the US on the proposed social security or totalisation pact and it will take time. The proposed agreement seeks to do away with the requirement for an expatriate in either country to pay for social security schemes of the host country. He said that the issue should have been resolved earlier when the dimensions were manageable. "Now the dimension of the money collected by the (US) Treasury is so large that for any government, this will be a major decision," he told reporters here. He added that when the Prime Minister Narendra Modi-led government came to power in 2014, the country held discussions with the US on the matter. "The subject that has festered far too long and is not going to resolve over night...So we will continue to have the dialogue with the US...It's going to take time, we recognise that," Goyal said. He noted that the President Joe Biden administration has sent some "very