Page 23 - Piyush Goyal

US, India hold 6th ministerial-level Commercial Dialogue, signs MoU

Minister of Commerce and Industry Piyush Goyal and US Commerce Secretary Gina Raimondo held the 6th Commercial Dialogue here on Thursday during which they reviewed the progress made in semiconductors supply chains, innovation handshake, energy-industry network and the Indo-Pacific Economic Framework for Prosperity. A day earlier, the two leaders signed a new memorandum of understanding (MoU) to expand and diversify critical minerals supply chains, with the aim of leveraging the two countries' complementary strengths to ensure greater resilience in the critical minerals sector. Priority areas of focus include identifying equipment, services, policies and best practices to facilitate the mutually-beneficial commercial development of the US and Indian critical minerals exploration, extraction, processing and refining, recycling and recovery, a media release said. During the commercial dialogue, Goyal and Raimondo praised the two sides' continuing efforts to facilitate resilient, secure

'People responsible for China's influence in Indian industry defending it'

At a time when the entire world recognises that China is a non-transparent and opaque economy, some people, possibly responsible for its growing influence in the India industry, are choosing to continue to praise or defend the China story, Commerce and Industry Minister Piyush Goyal said on Thursday. Slamming the previous Congress-led government, he said it is a matter of "shame" that India allowed substandard and opaquely-priced Chinese goods to flood the Indian markets and kill Indian manufacturing. "As regards China, it is very sad that some people, possibly responsible for the growing influence of China in the India industry, are choosing to continue to praise or defend the China story, whereas the whole world today recognises that China is a non-transparent and opaque economy," Goyal told Indian journalists at a news conference here. He was responding to a question on recent remarks by Leader of Opposition in the Lok Sabha Rahul Gandhi during his US trip last month, alleging th

Goyal delivers keynote on 'India's Evolving Manufacturing Landscape' in US

Goyal discussed how historic reforms, diversification, and localised supply chains are transforming India into a global manufacturing powerhouse

India, US ink pact to cooperate on critical battery mineral supply chains

Goyal, speaking at Center for Strategic and International Studies in Washington after signing, described the MOU as a multi-dimensional partnership that would include open supply chains for materials

There will be no change in policy on multi-brand retailing: Goyal in US

Union Minister of Commerce and Industry Piyush Goyal on Thursday categorically ruled out the entry of multi-brand retailing in India as such a move would destroy pop-and-mom stores like that of the US. Except for this, he said, India is open to all kinds of economic reforms necessary to take the country on an accelerated growth. "If the need arises, we can re-look at any of these (policies) or the government has the authority through cabinet approval to allow greater percentages (of foreign stakes in various sectors). Or we can go to Parliament and change it also, not a problem, though I do not think any of these requires parliamentary changes," Goyal said in response to a question at the Centre for Strategic and International Studies think-tank here. "The important area where sometimes, and particularly in countries like the US, I hear voices is about multi-brand retail. And that is a no-no. I want to make it loud and clear that there will be no change in our policy on multi-brand .

India, US discuss ways to strengthen critical minerals supply chain

Goyal and Raimondo also discussed opportunities to increase US investments in India, particularly in some of the new industrial cities being planned

New updates: Oil prices jump 5% on concerns over West Asia, say reports

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Piyush Goyal meets US Secretary of Commerce at India-US CEO Forum

Washington DC [US], October 3 (ANI): Union Minister of Commerce and Industry, Piyush Goyal met US Secretary of Commerce Gina Raimondo on Thursday on the sidelines of the India-US CEO Forum.Goyal said that they discussed on prospects of tech and research and development collaboration in various sectors.In a post on X, he said, "Held a productive meeting with the US Secretary of Commerce Gina Raimondo, over lunch on the sidelines of the India-US CEO Forum. Our discussions focused on prospects of tech and R & D collaboration in critical sectors such as defence, space, semiconductors, telecom, AI and clean energy. We also discussed opportunities for US investments in upcoming 20 industrial cities in India to foster mutual growth."Goyal commenced his four-day visit to the United States on September 30. He began the tour with discussions with existing and potential US investors highlighting to them the avenues for cooperation in various sectors, a statement by the Ministry of Commerce ..

Piyush Goyal meets Warburg Pincus and Blackstone; seeks investments

Commerce and Industry Minister Piyush Goyal on Tuesday held bilateral meetings with global private equity firm Warburg Pincus and global investment company Blackstone here to discuss investment opportunities in India in sectors like electronics and renewable energy. At the invitation of United States Secretary of Commerce Gina Raimondo, Goyal is in the US till October 3, 2024. He will co-chair with Raimondo the India-USA CEO Forum on October 2, and the 6th India-USA Commercial Dialogue on October 3 in Washington D.C. In a series of posts on social media platform X, Goyal said that he met Timothy F Geithner, Chairman of Warburg Pincus, and discussed the efforts made by India to facilitate business entry, ease of doing business, single-window clearances and industrial infrastructure. "We explored new ideas and collaboration opportunities in sectors such as renewable energy, data infrastructure and R&D," he said. He also met Stephen A Schwarzman, Chairman, CEO and Co-Founder of ...

Make in India played tremendous role in latest GVA numbers: Piyush Goyal

Goyal further remarked that the world is increasingly viewing India as a manufacturing hub

India will take a multi-pronged approach to boost exports: Piyush Goyal

Our national interest will always be paramount. We'll calibrate and balance our policies based on needs of the country, says Piyush Goyal

May retaliate if Asean non-trade barriers persist, says Piyush Goyal

As for the fast-growing quick commerce segment, Goyal said that while the government had not studied potential violations, the industry department would examine their compliance with the law

Govt plans to liberalise procurement rules for new, innovative products

Investments under PLI may hit Rs 2 trillion by next year, says Piyush Goyal

Investments in sectors under PLI schemes may hit Rs 2 trn in coming years

The 14 sectors covered under the production linked incentive (PLI) schemes have witnessed investments of Rs 1.46 lakh crore till August and the capital infusion is expected to reach Rs 2 lakh crore in the coming years, the commerce and industry ministry said on Sunday. Commerce and Industry Minister Piyush Goyal has held detailed discussions with companies that are getting fiscal benefits under the schemes to seek inputs and feedback. The minister engaged with 140 companies out of the 1,300 manufacturing units across 14 sectors, which have been the beneficiaries of the scheme. "Overall achievement of PLI schemes was also discussed during the meeting. Actual investment of Rs 1.46 lakh crore has been realised (till August 2024) and is likely to reach Rs 2 lakh crore in the next year or so," the ministry said in a statement. This has resulted in production/sales worth Rs 12.50 lakh crore and employment generation of around 9.5 lakh (direct and indirect), which is expected to reach 12

Goyal holds discussions with 140 firms getting production-linked incentives

Commerce and Industry Minister Piyush Goyal on Sunday held a detailed discussions with companies that are getting fiscal benefits under the production linked incentive (PLI) scheme. The minister engaged with 140 companies out of the 1,300 manufacturing units across 14 sectors, which have been the beneficiaries of the scheme. "We had estimated that in the 14 sectors, about Rs 1.46 lakh crore would be invested...Our estimate is that we could look at an investment of upward of Rs 2 lakh crores being seeded through the production linked incentive scheme (throughout the scheme period)," Goyal told reporters here after the meeting. At the job front, he added that originally it was estimated about 8.5 lakh jobs will be created under the PLI scheme, but looking at the numbers that some of them are saying, "we could easily look at about 12 lakh (jobs)". "It was also our expectation that we'll see additional production of about Rs 11 lakh crore. But hearing some of the numbers today, my own

India, America to discuss pact to boost collaboration in critical minerals

India and the US are negotiating a pact to enhance collaboration in essential critical minerals, and the issue will figure during the visit of Commerce and Industry Minister Piyush Goyal to Washington this week. At the invitation of the US Secretary of Commerce Gina Raimondo, Goyal will undertake a visit from September 30-October 3. The commerce ministry said, in a statement on Sunday, that Goyal and Raimondo will also discuss steps to expand and diversify critical minerals supply chains between India and the US. "The two sides are negotiating a MoU which intends to enhance bilateral collaboration to increase and diversify essential critical mineral supply chains and leverage their complementary strengths," it said. Critical minerals, such as cobalt, copper, lithium, nickel and rare earths, play a crucial role in the production of clean energy technologies, from wind turbines to electric cars. They are particularly in demand for the production of batteries for electric cars. Goyal

Goyal urges to use made in India goods to cut imports, boost manufacturing

Commerce and Industry Piyush Goyal on Saturday called for increased usage of made-in-India goods in order to promote domestic manufacturing and cut the country's imports. Speaking at the UP International Trade Show at Greater Noida, Goyal also said that out of the 20 approved industrial townships, one is coming up at Greater Noida and in that, the first phase is already sold out. For next phase, talks are on with the state. "Manufacturing and selling of made-in-India products within the country and abroad will reduce imports, boost MSMEs, help 'One District One Product' scheme to grow," he said. Last month, the Union Cabinet approved setting up of 12 industrial smart cities including in Uttar Pradesh and Bihar, with an overall investment of Rs 28,602 crore. Goyal also said that India's intellectual property rights (IPR) regime has improved so much so that in 2014, only 6,000 patents were granted in 2014 but last year, the number has jumped to one lakh patents. Noting that India's

Sisters won't face issue buying 'Mangalsutras' post gold duty cut: Goyal

Union Commerce Minister Piyush Goyal on Friday said our sisters will not have a problem in buying mangalsutras after the steep cut in gold import duties. Speaking at an event organised by a south-based Malabar Gold and Diamonds, the minister said that our sisters can now have heavier mangalsutras as well. "I am told the business has shot up after that (the duty cut). Business has gone up like anything. Now, our sisters will not have a problem with (buying) their mangalsutras, I think, and you can have a heavier mangalsutra," he said. It can be noted that earlier this month, Finance Minister Nirmala Sitharaman announced a steep cut in customs duty on gold to 6 per cent from 15 per cent earlier. Goyal said the duty cut used to dominate every discussion within the gold industry, and there was a demand for lowering duties. The minister also exhorted the Gold and Jewellery Export Promotion Council to help promote Indian tourist destinations from jeweller outlets abroad, stressing that

India climbs one position to 39th rank in Global Innovation Index 2024

India climbed one place to 39th rank out of 133 economies in the Global Innovation Index (GII) 2024 rankings, according to a report by the Geneva-based World Intellectual Property Organization. Last year, the country was ranked 40th. "India rises to 39th position among 133 global economies in the Global Innovation Index 2024," Commerce and Industry Piyush Goyal said in a post on social media platform X. India's innovation landscape continues to flourish, powered by our innovators and entrepreneurs, he said. The consistent improvement in the GII ranking is owing to the knowledge capital, vibrant start-up ecosystem, and the amazing work done by the public and private research organisations. The GII is a reliable tool for governments across the world to assess the innovation-led social and economic changes in their respective countries. Switzerland, Sweden, the United States, Singapore and the United Kingdom are the world's most innovative economies, while China, Turkiye, India, Vie

Bill to decriminalise minor biz offences may be tabled in Budget 2025

To further decriminalise minor offences, Jan Vishwas Bill 2.0 is expected to be tabled in the next Budget session, says Minister of Commerce and Industry Piyush Goyal