Page 22 - Piyush Goyal

G7 trade ministers' meet: Union min Goyal discusses FTA with UK, EU

Goyal was attending the G7 Trade Ministers' meeting in Italy to discuss ways to enhance global trade relations and economic cooperation

Regulatory framework to push exports via e-comm likely by Sep: Comm secy

A regulatory framework to push the country's exports through e-commerce medium is expected to be ready by September, a top government official said on Tuesday. Commerce Secretary Sunil Barthwal said that at present India's exports through this medium are only about USD 5 billion as compared to China's USD 300 billion, annually. He said there is a huge potential to boost these exports. In this regard, a meeting was held in the ministry on Tuesday with concerned departments such as revenue and industry representatives from areas like logistics and marketplace platforms. "We are working on setting up e-commerce export hubs in the country. We discussed on its framework. It is in our 100-day agenda," Barthwal told reporters here. When asked about the timeline for the framework to be ready, he said by September. There is a potential to take it to USD 50-100 billion in the coming years. Through these hubs, small producers will be facilitated to sell to aggregators and then that aggregat

'Huge potential': Piyush Goyal asks Swiss firms to invest in India

Commerce and Industry Minister Piyush Goyal has asked Swiss companies to invest in India as several sectors hold huge potential, an official statement said on Tuesday. The minister was on an official visit to Switzerland at the invitation of his Swiss counterpart Federal Councillor Guy Parmelin. "The two ministers had engaging and fruitful discussions with prominent Swiss and Indian captains of industry over the breakfast meeting on July 15," the commerce ministry said. He encouraged Swiss companies to become part of India's growth story and invest in its growing and dynamic market. A 12-member Indian business delegation also had networking opportunities with Swiss entrepreneurs. The key objectives of the visit were to discuss next steps for the implementation of the historic India-EFTA Trade and Economic Partnership Agreement (TEPA) which was signed on March 10. Switzerland ranks as India's 20th largest trading partner globally with bilateral trade of USD 21 billion in 2023. It

Huge investment opportunities in India: Piyush Goyal to Swiss investors

Commerce and Industry Minister Piyush Goyal on Monday held discussions with potential investors in Zurich and informed them about huge investment opportunities in India. The minister is in Switzerland regarding implementation of the India-EFTA Trade and Economic Partnership Agreement (TEPA). On March 10, India and EFTA signed a free trade agreement under which New Delhi 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. Goyal engaged in a series of meetings, highlighting India's growth story and met leading business figures and potential investors, including representatives from MSC Cargo, the commerce and industry ministry said in a statement. They discussed potential collaborations and investment opportunities in various secto

Exports positive in April-June quarter despite challenges: Piyush Goyal

India's exports have recorded healthy growth in May and remained in the positive zone in June and the first quarter of the current fiscal despite global challenges, Commerce and Industry Minister Piyush Goyal has said. He also said that growth in the services sector is helping the country's outbound shipments to register positive growth rates. "In May, exports were positive, the figure for June is also positive. The first quarter is also in the positive territory," Goyal told PTI. India's merchandise exports rose 9.1 per cent to USD 38.13 billion in May. During April-May this fiscal, the outbound shipments grew by 5.1 per cent to USD 73.12 billion. The commerce ministry will officially release the export data for June on July 15. "Despite the ongoing two wars (Russia-Ukraine and Israel-Hamas), the Red Sea crisis, and container shortage issues, our exports are in a positive zone. One more advantage that we have is the fast pace growth in the services exports," the minister said. H

Piyush Goyal to hold meetings with G7 trade ministers in Italy next week

Commerce and Industry Minister Piyush Goyal will hold bilateral meetings at Reggio Calabria in Italy next week with his counterparts from G7 nations and discuss ways to boost trade and investments, an official statement said on Saturday. Reggio Calabria is a coastal city in southern Italy. The Group of Seven (G7) industrialised nations are Canada, France, Germany, Italy, Japan, the UK, and the US. These meetings aim to explore new avenues for trade and investment, resolve bilateral trade issues, and deepen economic cooperation, it said. Goyal will hold these deliberations on the sidelines of the outreach session of the G7 Trade Ministers' Meeting (July 16-17) in Italy. "During this visit, Goyal will also engage in bilateral meetings with the trade ministers of G7 countries and other participating nations in the outreach session, reinforcing India's commitment to global trade and investment partnerships," the commerce and industry ministry said. It added that India would showcase t

Deeply committed to reforms; pained by EV sales drop: Piyush Goyal

Sales of EVs during April-June contracted 7 per cent year-on-year to 346,024 units, data from the Ministry of Road Transport and Highways' VAHAN portal showed

India-EFTA FTA: Goyal to meet Swiss investors on on $100-bn FDI commitment

The minister's visit to Switzerland will also see discussions on the ratification of the trade deal by both sides

Labour Party's electoral victory renews hope for India-UK trade deal

Keir Starmer became Britain's Prime Minister on Friday after his Labour Party's landslide electoral victory against Rishi Sunak-led Conservatives

PESO to draft safety norms for petrol pumps near habitation, says Goyal

Commerce and industry minister Piyush Goyal has directed PESO to formulate template of safety measures to allow petrol pumps to operate in areas with habitation within 30-50 metres. Petroleum and Explosives Safety Organisation (PESO), a subordinate office under DPIIT, plays a pivotal role in administering regulatory frameworks established under the Explosives Act, 1884 and Petroleum Act, 1934. The minister also announced 80 per cent concession for women entrepreneurs and 50 per cent for MSMEs in licensing fees for licences granted by PESO. On Wednesday, Goyal had chaired a stakeholder consultation meeting to solicit insights and feedback from petroleum, explosives, fireworks and other related industry leaders, aimed at enhancing efficiency in the functioning of PESO. "He (Goyal) directed PESO to formulate guidelines in consultation with the Central Pollution Control Board (CPCB) and Ministry of Petroleum and Natural Gas (MoPNG) for creating a template of safety measures allowing ..

Stock market has risen 4 times during Modi govt's tenure: Piyush Goyal

Stock market has risen four times in the last ten years during the Narendra Modi-led government's tenure with India making rapid progress in a virtuous growth cycle, Union Minister Piyush Goyal said on Thursday. "Stock market during our 10-year tenure has risen four times. The Nifty was at around 5,700 when Modi government came to power. Now perhaps it has crossed 23,000-24,000," Goyal said. "Let me tell you, this is a very merciless market. It only looks at numbers and the future... India is making rapid progress in the virtuous cycle of growth and due to this progress the stock market is moving ahead," he added. Benchmark Sensex on Thursday closed at a record high of 80,049.67 points while Nifty settled at 24,302.15 points. The Minister of Commerce & Industry during his address at an event organised by the PHD Chamber of Commerce & Industry (PHDCCI) said that Prime Minister Narendra Modi's government is ready to promote the drone industry that has seen rapid growth in the ...

Govt committed to create biz friendly environment for industry: Goyal

The Centre is committed to create a business-friendly environment for industry and innovation, Commerce and Industry Minister Piyush Goyal has said. Interacting with industry leaders in Hyderabad on Sunday, the minister said such interactions are key for understanding the challenges faced by the industry and policy-making. "Goyal emphasised the government's commitment towards fostering a robust industrial ecosystem that supports innovation, sustainable growth, and global competitiveness," the commerce ministry said on Monday, quoting the minister. He hailed Telangana for actively promoting investments across various sectors, making it a favourable destination for businesses and investors. The interaction saw a participation of more than 200 stakeholders, including women entrepreneurs, MSMEs, industry associations, export promotion councils and startups, from various sectors.

Tobacco farmers ask govt to include sector under duty refund scheme Rodtep

Tobacco exporters have asked the government to extend the duty refund scheme RoDTEP to the sector to boost outbound shipments. In a meeting with Commerce and Industry Minister Piyush Goyal in Hyderabad on June 29, traders submitted that tobacco exporters are not covered under any scheme that provides export incentives. They "requested to extend support to tobacco exporters by including them under the RoDTEP scheme," the ministry said in a statement. They also requested the government help in curtailing the unauthorized production and use of chewing tobacco in India due to which there is a huge loss to the government exchequer, it added. They also informed that there is an increase in illicit cigarette sales. The scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) provides for refund of taxes, duties and levies that are incurred by exporters in the process of manufacturing and distribution of goods and are not being reimbursed under any other mechanism at the cen

Good, services exports expected to surpass $800 bn in FY25, says Goyal

'Hope to make progress in India-UK FTA irrespective of elections'

Exporters' body urges Piyush Goyal to restore IES benefits for all

A body of exporters has written to Union Commerce and Industry Minister Piyush Goyal, expressing concerns over the extension of the Interest Equalisation Scheme (IES) for only two months and exclusively for MSMEs. Federation of Indian Export Organisations (FIEO) president Ashwani Kumar highlighted that the scheme has so far benefitted not only MSMEs but also merchant exporters and large manufacturing companies at a lower rate of two per cent for 410 tariff lines, covering labour-intensive products. The current scheme, valid till June, provides pre and post-shipment rupee export credit, offers a two per cent interest equalisation rate for manufacturers and merchant exporters dealing with specified 410 export items, and a higher rate of three per cent for MSME manufacturers exporting under any of these items. Kumar pointed out that the exclusion of these categories from the extended scheme will severely impact labour-intensive exports, which have already been struggling in recent ...

Piyush Goyal meets exporters; reviews trade scenario, non-tariff barriers

Exporters asked the government to firm up a strategy to deal with the issue of non-tariff barriers imposed by trade partners that ultimately hurts India's exports

Gear up for Maha assembly polls to ensure victory: Goyal urges BJP cadres

Senior BJP leader and Union minister Piyush Goyal has said that active participation of party members was crucial to start preparing for the upcoming Maharashtra assembly polls to fix shortcomings in the party system. He also emphasised the importance of encouraging people to come out and vote, given the low response in the recently held Lok Sabha elections. "I am confident that the (party) system will be better ahead of the next state polls. If we start making efforts now, there will be no shortcomings ahead of the Maharashtra assembly elections that will be held in the next 3-4 months," Goyal said during a public function late Wednesday evening. "We need to encourage people again to come out and vote. This time, we need to win all the six assembly seats under the Mumbai North Lok Sabha seat," the Union Commerce Minister said. Of the six assembly constituencies under the Mumbai North Lok Sabha seat, the BJP won four in the 2019 elections, while the Shiv Sena and Congress bagged ..

Need to build on success of PLI schemes, recent FTAs: Piyush Goyal

Goyal was convening a review meeting with senior officers from the commerce and industry department

Piyush Goyal takes charge amid export decline and FDI contraction

Over the last decade, Goyal, 59, handled key and diverse portfolios, including power, renewable energy, coal, mines and railways during the first term of National Democratic Alliance (NDA)

Piyush Goyal returns as Union minister in new avatar as 1st time LS member

Piyush Goyal, who handled key ministries, including Commerce and Industry, in the second Modi government, won his debut Lok Sabha poll from the Mumbai North constituency with an impressive vote margin. Goyal, 59, who has been a Rajya Sabha member since 2010, eloquently articulated the government's position on different occasions during debates on various issues in the Upper House of Parliament. Before the polls, Goyal hit out at the opposition leaders for labelling him an outsider, and said he was born in Mumbai, studied in the H R College and Government Law College, started his Chartered Accountancy practice in Lalbaug and worked as an investment banker on Nepean Sea Road. "There can be nobody more Mumbaikar than me," Goyal, who hails from an illustrious political family, told PTI last month. On Sunday, he again became the Union cabinet minister, this time as a Lok Sabha member. In the recently-concluded Lok Sabha polls, Goyal won against Congress candidate Bhushan Patil from the