Page 23 - Piyush Goyal

Manufacturing to determine India's growth path, says Piyush Goyal

Goyal argued some of the issues faced by companies in India revolve around land and lack of infrastructure

Supporting, buying goods from each other to help Indian firms: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Friday urged domestic companies to support and buy goods from each other as it would benefit them in the long run and provide protection against any disruptions like the Pandemic. He also suggested India inc to explore business opportunities in the recently approved 12 industrial townships in the country as it would help boost manufacturing. The minister added that the manufacturing sector will play a key role in making India a developed nation by 2047. "We need to brand India, we need to support each other. Industry needs to be a partner not only with international players, but also be a partner with each other. All of you need to support each other. "An Indian company buying products from another Indian company will actually help create that ecosystem, help insulate and secure itself in the long run from any disruptions. Two wars, the Red Sea crisis, Mpox (Monkeypox), a new pandemic hovering around, we have enough to be worried about

Indian ISMR delegation calls on Singapore Prez, PM, discuss bilateral ties

External Affairs Minister S Jaishankar, Finance Minister Nirmala Sitharaman, Commerce Minister Piyush Goyal and Railway Minister Ashwini Vaishnaw on Monday called on Singapore President Tharman Shanmugaratnam and Prime Minister Lawrence Wong and discussed ways to further take forward the bilateral strategic partnership. The four ministers are here for the second India-Singapore Ministerial Roundtable (ISMR) to be held on Monday to discuss bilateral cooperation and exchange views on issues of mutual interests. "Honoured to jointly call on President @Tharman_S of Singapore. Conveyed the warm greetings of President Droupadi Murmu and Prime Minister @narendramodi. Value his guidance on ways to further take forward the India-Singapore Strategic Partnership," Jaishankar said in a post on X after the meeting. They also met Prime Minister Wong. "Delighted to call on Prime Minister @LawrenceWongST of Singapore today morning along with my colleagues @nsitharaman, @PiyushGoyal and ...

FM Sitharaman, Goyal to attend India-Singapore ministerial meet on Monday

ISMR is a mechanism established to set a new agenda for India-Singapore bilateral relations. Its inaugural meeting was held in New Delhi in September 2022

Four union ministers to attend India-Singapore ministerial meet on Aug 26

Four union ministers - Nirmala Sitharaman, Piyush Goyal, S Jaishankar and Ashwini Vaishnaw, will attend the India-Singapore ministerial meet on Monday with a view to further strengthen trade and economic ties between the two countries. The commerce and industry ministry on Sunday said the India-Singapore Ministerial Roundtable (ISMR) is scheduled to take place in Singapore on August 26. Goyal will engage with leading global business figures in Singapore, including DBS Bank, Temasek Holdings, OMERS, Keppel Infrastructure, and the Owners Forum. The minister will explore strategies to bolster bilateral trade and investment, capitalising on India's burgeoning market opportunities and its dynamic growth trajectory, it said. "Commerce and Industry Piyush Goyal will participate in the second ISMR along with Finance Minister Nirmala Sitharaman, External Affairs Minister Subrahmanyam Jaishankar and Minister for Railways, Information and Broadcasting, and Electronics and Information Technolo

Quality control orders protect MSMEs from unfair competition: Piyush Goyal

The quality control orders (QCOs) issued by the government for different products will protect MSMEs from unfair competition and help cut the import of sub-standard goods, Commerce and Industry Minister Piyush Goyal said on Saturday. He said that through these orders, the government is supporting the MSMEs (micro, small and medium enterprises). "We are giving time to MSMEs to meet the QCO requirements," he said, adding that MSMEs will benefit from these orders as "it stops substandard goods imported at strange rates from outside the country and thus helps the MSME sector by protecting it from unfair competition". MSMEs should not be looked upon as merely a small enterprise, he added. The entire ecosystem around big industries and enterprises comprises thousands of MSMEs, without whom they cannot succeed, he said, adding that MSMEs act both as suppliers and customers of big industries. The sector also plays an important role in the tourism and infrastructure development of the coun

Not opposed to e-commerce, only want fair competition: Piyush Goyal

Says government aims to balance online and offline businesses, not stifle digital growth

India, Africa should target $200 bn trade in next 7 years: Piyush Goyal

There is a huge potential to increase economic cooperation between India and Africa as both regions can look at doubling two-way trade to USD 200 billion in the next seven years, Commerce and Industry Minister Piyush Goyal said on Wednesday. Speaking at CII's India-Africa business conclave, Goyal said the main sectors where businesses of the two sides can collaborate include agriculture, pharmaceuticals, mining, tourism, auto, critical minerals, and renewable energy. "I would like to suggest six areas for collaboration and cooperation as a way forward to take this relationship to the next level," he said, adding, "can we look at doubling our trade. So far we have only a few African countries who trade with India". He said as many as 33 countries do not participate in the duty free tariff preference (DFTP) scheme of India. "Can we look at getting more and more countries to enjoy the fruits of this partnership and set a benchmark to double this trade number from USD 100 billion to US

'Smells of predatory pricing': Piyush Goyal red-flags e-commerce boom

Questions Amazon's India investment strategy, says it is to make up for losses

Rapid growth of e-comm matter of concern, not source of pride: Piyush Goyal

Union Commerce Minister Piyush Goyal raised concerns over the rapid growth of e-commerce in India, questions predatory pricing strategies employed by online retail giants

Maruti Suzuki's export of Indian SUV to Japan to boost 'Brand India': Goyal

Commerce and Industry Minister Piyush Goyal on Tuesday said the commencement of Maruti Suzuki India's export of its sports utility vehicle Fronx to Japan has further strengthened the 'Brand India' image on the global stage. The first consignment of over 1,600 vehicles left for Japan from Gujarat's Pipavav port, the country's largest carmaker said in a statement. Fronx will be the first SUV from the Maruti Suzuki stable to be launched in Japan, it added. The company rolls out the model exclusively from its Gujarat plant. "Samay badal raha hai (time is changing). A truly proud moment as a consignment of over 1,600 Made In India SUVs from @Maruti_Corp is exported for the first time to Japan," Goyal said on the social media platform X (formerly twitter). He said that the Modi government has implemented several policies to boost domestic Indian manufacturing over the last decade. "With an emphasis on producing world-class quality products locally, it has helped 'Brand India' become a

Fadnavis to negotiate with allies for Maha polls: BJP Mumbai unit chief

The BJP announced on Sunday that its senior leader and Deputy Chief Minister Devendra Fadnavis will take the decisions over seat-sharing and negotiations with allies for the upcoming assembly polls in the state. BJP's Mumbai unit chief Ashish Shelar told reporters, The core committee (of the state unit) convened in Mumbai to delegate all decision-making powers concerning seat-sharing and the selection of assembly constituencies to Fadnavis. The move aims to prevent undesired delays by streamlining the preparations for the assembly elections due in a few months, he said. Party observer and Union minister Bhupendra Yadav, BJP national secretary Vinod Tawde, Union minister and Mumbai North MP Piyush Goyal also attended the meeting in Mumbai. Of the 288 assembly seats in Maharashtra, the BJP had won 104 in 2019. Shelar confirmed the finalisation of the formula for winning besides the planning and seat-sharing arrangements with the allies. Fadnavis has been granted full authority in t

Goyal states restoring Diamond Imprest Licence for gems, jewellery sector

Commerce and Industry Piyush Goyal on Saturday announced restoration of Diamond Imprest Licence, which allows import duty exemption on cut and polished diamonds up to a specified limit. The gems and jewellery exporters were demanding for this licence. In the absence of this licence, the cut and polished diamonds were getting imported in Dubai and getting assorted there and re-exported, impacting India's exports and jobs in the sector. The minister announced the restoration of the licence during a session at the India International Jewellery Show (IIJS) 2024 here. It was organised by the Gem and Jewellery Export Promotion Council (GJEPC). "Shri Piyush Goyal, Minister of Commerce and Industry announced the introduction of the Diamond Imprest Licence," the GJEPC said in a statement. The licence allows eligible exporters to import cut and polished diamonds, including semi-processed, half-cut, and broken diamonds. Exporters can import diamonds up to 5 per cent of their average turnover

India always cares for, looks after interests of Global South: Piyush Goyal

India has always looked upon itself as a responsible nation, which cares for and looks after the interests of the Global South, Commerce and Industry Minister Piyush Goyal said on Wednesday. He also said that the welfare of all the people of the world is a collective responsibility of every nation. The Global South broadly includes developing and least developed countries of regions such as Africa and Asia. "We do believe that we would like to be a friend to every country in the world, more so the member states of BIMSTEC, the seven nations who collectively make up a very large number of people, almost 22 per cent of the world population," Goyal said. The minister was speaking at CII's BIMSTEC Business Summit 2024 here. The remarks assume significance as India's neighbouring country Bangladesh is facing political turmoil. "We are all deeply concerned about the evolving situation in Bangladesh and we wish the people of Bangladesh well. We will all collectively convey our best wish

Piyush Goyal suggests Bimstec group members to relook proposed FTA

Commerce and Industry Minister Piyush Goyal on Wednesday suggested the seven member countries of the BIMSTEC bloc to relook at the progress of Free Trade Agreement talks which are moving at a very slow pace. He said that the members can think of negotiating a preferential trade agreement instead of a full-fledged free trade pact. BIMSTEC stands for the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation. Its seven members are five South Asian countries (Bangladesh, Bhutan, Nepal, India, and Sri Lanka) and two Southeast Asian countries (Myanmar and Thailand). The bloc has been negotiating a proposed Free Trade Agreement (FTA) since 2004. So far over 20 rounds of talks have been held. The last one was held in 2018. "I would like to raise a few fundamental issues about where we stand and what are the possibilities of making this FTA a reality," Goyal said here at CIIs BIMSTEC Business Summit 2024. He said that so far 22 rounds of talks have been held for t

Goyal shows hope, says right steps would make India $55 trn economy by 2047

Commerce and Industry Minister Piyush Goyal on Wednesday expressed hope that steps such as focus on self-sufficiency, technology, stronger currency and fundamentals would help India become a USD 55-trillion economy by 2047. He said that the government is also focusing on areas such as moving from oil to electric vehicles and bringing quality in the manufacturing. He was replying to a question about feasibility to reach USD 55 trillion economy by 2047, which is the theme of K V Subramanian's book Bharat@100: Envisioning Tomorrow's Economic Powerhouse. "All this will collectively help us and a stronger currency...stronger fundamentals of economy from where we are today and hopefully will help us to (reach) USD 55 trillion economy," he said. Goyal added that EV focus, and reduction in imports of goods, oil seeds, rubber and pulses would help further strengthen the domestic currency.

No rethinking on support for Chinese for investments in India: Piyush Goyal

European Union has suggested India devise its own mechanism instead of paying carbon tax for imports, says Commerce Minister

Goyal says industry's demand for protection may derail UK, EU FTA talks

India and the UK have been negotiating a trade agreement for over two-and-a-half years

Will consider EU suggestion; come up with whatever good for industry: Goyal

The EU has suggested that India can devise its own mechanism instead of paying the carbon tax to the European Union, Commerce and Industry Minister Piyush Goyal said on Tuesday. Goyal said the ministry would consider the EU's suggestion and come up with whatever is good for the Indian industry and for the people. He added India is in dialogue with the European Union (EU) on the tax or Carbon Border Adjustment Mechanism (CBAM). The minister said he feels the CBAM will hurt the EU "very" badly, as infrastructure, cost of living, industrial and consumer products will become expensive. The EU's economy will also face further distress that is "my reading of CBAM", Goyal said. "They (EU) are very keen to pursue that and they have offered that India could instead of paying CBAM tax to the EU, devise its own mechanism. We will consider their suggestion and come up with whatever is good for the Indian industry and for the people of India," he told reporters here. As per reports, an EU ...

No rethinking on supporting Chinese investments in India: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Tuesday said there is no rethinking in the government to support foreign direct investments (FDI) from China as was pitched by the Economic Survey recently. He said it was a report that always speaks about new ideas and gives out their own thinking. The Survey, he said, is not at all binding on the government and there is no thinking on supporting Chinese investments in the country. "There is no rethinking at present to support Chinese investments in the country," the minister told reporters here. In 2020, the government made its approval mandatory for FDI from countries that share landed border with India. Countries which share land borders with India are China, Bangladesh, Pakistan, Bhutan, Nepal, Myanmar, and Afghanistan. The minister was responding on a pitch made by the pre-Budget Economic Survey on July 22 for seeking FDI from China to boost local manufacturing and tap the export market. As the US and Europe are shifting their