Page 25 - Piyush 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

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