Page 24 - Piyush Goyal

Dairy sensitive sector; no plans to open up in any FTAs: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday said dairy is a sensitive sector in India as it involves livelihood issues of small farmers and there are no plans at all to give any kind of duty concessions under any Free Trade Agreements (FTAs) in this area. He said that India has not given any duty concessions in the dairy sector even to Switzerland and Norway under the EFTA (European Free Trade Association) trade pact, which was signed in March. With Australia also, he said, that the sector was discussed but India clearly conveyed the sensitivities involved in this area. "Our average holding with the farmer is small. It is 2-3 acre farm with 3-4 live stocks whereas Australia's farm and their dairy farms are both very large and it would be near impossible for these large and small farms to compete with each other on a common footing. "We had discussed this issue even three years ago and on earlier occasions also and the dairy is such a sensitive sector that in any of our

India known as best place to invest and manufacture in: Piyush Goyal

''PLI has been a big boost to manufacturing in India, and we can hope to see a lot of activity and creation of jobs in the days to come"

Piyush Goyal promises to take up financing issues of realtors with RBI

Union Commerce and Industry Minister Piyush Goyal on Tuesday assured realtors that he would take up the issue of easy financing to the real estate sector like other industries with the Reserve Bank of India. The minister also assured that he would talk to state governments and urban local bodies for faster approvals for real estate projects, provided the builders pledge to do business in a transparent manner with zero corruption. Addressing a conference organised by reactors' apex body CREDAI, Goyal highlighted that the new realty law RERA has brought transparency and certainty in the real estate sector. "Clearly, your (real estate) sector is doing wonderful work and contributing immensely, whether it is to job creation, whether it is to building the needs of the nation..., contributing to taxes and the national GDP." Ever since RERA was introduced, he said, "you will appreciate that a lot of the disciplines that were brought in were good for honest and sincere developers..." "We

Need collaborations in areas of strength for IPEF's full potential: Goyal

Commerce and Industry Minister Piyush Goyal on Tuesday said the full potential of the IPEF can only be achieved if partner countries contribute their strengths, such as technology, investment, market potential and skilled workforce, to address supply chain challenges. The ministry said this in a virtual meeting of IPEF (Indo-Pacific Economic Framework for Prosperity) ministers. Goyal also said that healthcare, including pharmaceuticals and medical devices, is an "extremely" relevant area due to over concentration of global production of APIs and Key Starting Materials which can severely impair supply chain resilience and impact our capacity to address the healthcare needs of our economies. Besides, the multimodal transport systems, upgrades of logistics infrastructure, enhanced technological interoperability and data flows among freight and logistics enterprises, are some of the key areas which need to be focused upon, he said. He "emphasised that the full potential of IPEF can onl

Future bright for manufacturing as Make in India celebrates 10 yrs: Goyal

A series of measures to improve ease of doing business, zero tolerance for corruption and the focused effort on emerging sectors like electronics have helped promote 'Make In India' and boost both domestic and foreign investments in the country, Commerce and Industry Minister Piyush Goyal said on Tuesday. "We have achieved great success and a brilliant future is ahead for manufacturing in the country as the 'Make in India' programme is celebrating its 10 years," he said. The 'Make in India' initiative was launched on September 25, 2014, to facilitate investment, foster innovation, build world-class infrastructure, and make India a hub for manufacturing, design, and innovation. It is one of the unique 'Vocal for Local' initiatives that promoted the country's manufacturing domain to the world. "We are seeing very big investment plans on the anvil which will create millions of jobs and expand our manufacturing contribution to the economy," Goyal told PTI. Recalling the journey of the

Goyal asks realtors to ensure ESIC, PF registrations for 70 mn people

Union Commerce and Industry Minister Piyush Goyal on Tuesday asked the real estate industry to provide guaranteed ESIC and provident fund registrations for 7 crore people working in this sector, besides adopting new form of construction process for fast project execution with less pollution. Addressing an event organised by realtors' apex body CREDAI here, he also asked India Inc, including realty firms, to set up manufacturing facilities for construction equipment to make India self-reliant. "I urge you to kindly think about this in very serious terms... can we ensure a guaranteed ESIC and provident fund registration of all these 70 million workmen and women (working in this sector)," Goyal told real estate players. He asked the CREDAI to come out with a resolution on November 25, when the association will celebrate its 25 years, after extensive stakeholder discussions with its 14,000 members. Goyal said there are many positive impacts if industry ensures guaranteed ESIC and PF ..

Goyal seeks investment from Australian pension funds across various sectors

Commerce and Industry Minister Piyush Goyal on Monday sought investments from Australian pension funds in sectors such as renewable energy, manufacturing, education, fintech, and agritech. The minister is in Australia to participate in the Joint Ministerial Commission of the two countries. He also held a meeting with Tania Constable, CEO of the Minerals Council of Australia, regarding ways to strengthen collaboration in the critical minerals sector between India and Australia. "Minister met senior representatives from the Australian pension funds. Discussions focused on the robust policies and reform agenda of the Government of India which have boosted investor confidence. Minister encouraged greater investments into the emerging sectors in the Indian market," the commerce ministry said in a statement. 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 ...

Plan to open offices abroad to assist foreign investors: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Sunday said there are plans to open offices in different countries in the coming months to hand-hold foreign investors looking at opportunities to invest in India. The first such office of Invest India -- the national agency to promote investments into the country -- was inaugurated by the minister in Singapore. It will act as a dedicated point of contact for companies from the region looking to invest here. This move reinforces India's commitment to deepening investment partnerships and making it easier for global investors to engage with India. "The Singapore office will serve as a dedicated point of contact for companies from the region looking to invest in India, fostering collaboration across sectors," the commerce and industry ministry said in a statement. Within the Invest India Singapore office is the National Industrial Corridor Development Corp Ltd. Speaking at the event, Goyal said Singapore is a key strategic partner for

India-Asean FTA talks: Goyal calls for addressing local industry's concerns

India on Friday called for addressing the concerns of its domestic industries affected by the existing free trade agreement (FTA) with the 10-nation bloc ASEAN as the two regions negotiate a review of the pact. Commerce and Industry Minister Piyush Goyal has also emphasized the need to rectify the inequitable tariff liberalization under the agreement. Goyal said this during the stock-taking exercise of the progress of review talks for the India-ASEAN free trade agreement in goods (AITIGA) in Laos. All the ministers took note of the progress in negotiations for the review of the agreement. "Minister Goyal in his intervention stressed the need for addressing injury to industries from the existing FTA and the inequitable tariff liberalisation during the review. He also cited India's ongoing efforts of integrating with other economies through FTAs and highlighted the urgency in upgrading AITIGA which otherwise may lead to diversion of bilateral trade to other regions, the commerce ...

Piyush Goyal to review India-ASEAN trade pact talks' progress in Laos

The progress of talks for the review of the India-ASEAN Free Trade Agreement in goods will figure during the visit of Commerce and Industry Minister Piyush Goyal to Laos, an official statement said on Friday. The two-day visit of Goyal to Vientiane, Laos, started from Friday. He is there to participate in the 21st ASEAN-India Economic Ministers (AEM-India) meeting and the 12th East Asia Summit Economic Ministers Meeting (EAS EMM). These annual meetings of ASEAN (Association of South East Asian Nations) with their dialogue partners are being hosted by Laos, the ASEAN Chair for this year. "In the AEM-India meeting, the ministers will review the progress in negotiations for review of ASEAN-India Trade in Goods Agreement (AITIGA), the ministry said. The review is high on India's priority to make it more user-friendly, simple and trade facilitative for businesses, it said. It added that Goyal will have a number of bilateral meetings with his counterparts from participating countries o

One startup per district: Digital portal BHASKAR launched to push growth

Union Minister Piyush Goyal launched the BHASKAR portal to connect startups, investors, and service providers, a move aimed at pushing the Centre's efforts to promote the startup sector

Startup India should move out of Invest India's ambit, says Piyush Goyal

The minister said that the company can be industry-led, similar to Invest India-a key body that pushes investments

Govt to set up section 8 firm for startups to strengthen ecosystem: Goyal

Commerce and Industry Minister Piyush Goyal on Monday said a decision has been taken to set up a not-for-profit company under section 8 of the Companies Act to include all initiatives and bodies of Startup India under one roof. Goyal said the company can be industry-led, similar to Invest India, which can manage its affairs. At present, Startup India is housed in Invest India, which is a national body to promote investments. "We will support it as a catalyst so that policy-wise, it is on the right track. It will have an independent board and organisation structure and we would do a little oversight. The National Startup Advisory Council can also be a part of it," Goyal said. The Startup India initiative was launched on January 16, 2016. Under this, several programmes have been rolled out to support entrepreneurs, build a robust startup ecosystem and transform India into a country of job creators instead of job seekers. These programmes are managed by a dedicated Startup India Team

Piyush Goyal to launch Bharat Startup Knowledge Access Registry on Monday

Commerce and Industry Minister Piyush Goyal will on Monday launch the Bharat Startup Knowledge Access Registry (BHASKAR) initiative which will serve as a central hub where startups, investors, service providers, and government bodies can come together to collaborate, exchange ideas, and accelerate growth. According to an official statement, it will also enhance collaboration among key stakeholders within the entrepreneurial ecosystem, including startups, investors, mentors, service providers, and government bodies. The primary goal of BHASKAR is to build the world's largest digital registry for stakeholders within the startup ecosystem. To achieve this, the platform will offer several key features such as networking and collaboration. providing centralized access to resources, creating personalized identification, enhancing discoverability, and supporting India's global brand. "BHASKAR will bridge the gap between startups, investors, mentors, and other stakeholders, allowing for ..

BJP MP Khandelwal asks Goyal to suspend festival sales of e-commerce giants

BJP MP Khandelwal urges Goyal to suspend festival sales of ecommerce players

Goyal launches two portals for timely delivery of services to exporters

One of the portals launched today is named Jan Sunwai, which serves as an online platform to provide all information and services, including grievance redressal, to the stakeholders

Bihar a 'hidden gem' not discovered by the world, says Piyush Goyal

Union Commerce Minister Piyush Goyal on Friday termed Bihar a "hidden gem", which has not been discovered by the world. Exuding confidence that the state will do well in the future, Goyal said the image related to law and order issues, loot, and arson held back its progress in the past. The issue of corruption for which the former Chief Minister had gone to jail is history, and transparency is the buzzword now, Goyal said, speaking at an event organised by industry chamber CII ahead of an investor summit in December. He credited Chief Minister Nitish Kumar for having "changed the face of Bihar" by completely transforming the reality on the ground and also the image of the state. "Bihar is one of those hidden gems which has not been discovered by the world," the minister said, asking the industry to go to Bihar soon and not miss the bus. He said the Kumar-led administration backed by the BJP has demonstrated the huge potential of Bihar to the industry and exuded confidence that ...

Trade Connect e-Platform aims to raise India's exports market share: Goyal

The minister said the newer version of the platform will incorporate Hindi and other official languages of India

Goyal urges auto component makers to cut imports, target $100 bn exports

Commerce and Industry Minister Piyush Goyal on Monday asked Indian auto component makers to explore ways to cut reliance on imports and boost local manufacturing to make the country a net exporter of these products. The minister also urged these companies to target USD 100 billion in exports by 2030. Addressing the auto component industry here, he expressed his concern over the continued reliance on foreign suppliers and encouraged domestic manufacturers to enhance local production capabilities. "Many of our component manufacturers still import, I do not know whether (due to) any compulsion or voluntarily, their needs of inputs from Korea, Japan, Taiwan and one of the neighbours. "I do not understand why even two or three levels down, we cannot plan to become indigenous suppliers and manufacturers so that we can then start supplying those components to other countries," Goyal said. With the huge Indian market and global opportunities, the industry can increase the exports to USD 1

Declining bank credit may feature in Piyush Goyal's meet with exporters

The declining bank credit to exporters will hurt the sector, and traders will flag the issue prominently during their meeting with Commerce and Industry Minister Piyush Goyal on September 11, an industry official said on Sunday. While exports grew by 15 per cent in the rupee terms between 2021-22 and 2023-24, the outstanding credit in March 2024 dropped by 5 per cent over the same month in 2022, according to exporters. Apex exporters body Federation of Indian Export Organisation (FIEO) said the export credit growth is not keeping pace with rising exports of the country. "We have seen a decline in export credit between March 2022 and March 2024 despite the need for more credit for longer duration due to hike in prices of commodities, sharp spurt in freight (both sea and air) and the Red Sea crisis, leading to longer voyage time and delayed payment," FIEO Director General Ajay Sahai told PTI. According to FIEO, the value of export credit outstanding has come down to Rs 2,17,406 crore