Page 27 - Piyush Goyal

PM GatiShakti helping in better planning of infrastructure projects: Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday said the interconnectivity of data layers is helping in better planning, monitoring, and implementation of infrastructure projects through PM GatiShakti. Speaking at the Vibrant Gujarat Global Summit 2024 at Gandhinagar, the minister said that delayed infrastructure projects lead to cost overruns, affecting citizens' finances. He noted the significant contribution of PM GatiShakti for faster, more efficient, and cost-effective infrastructure development to deliver maximum benefits to citizens. The PM GatiShakti initiative was launched to develop an integrated infrastructure to reduce logistics costs. Citing the Mumbai Trans Harbour Link project, Goyal highlighted the immense benefit that the PM GatiShakti initiative has brought to the efficient planning of large-scale infrastructure development projects.

Reduction of logistics cost is a big macro turnaround for India

The country will create jobs and encourage consumption and demand by reducing logistic cost

Agricultural exports to rise despite curbs on wheat, rice, sugar: Goyal

These restrictions are likely to cause a shortfall of about $4 billion to $5 billion this year, Reuters reported last month.

India-US forum to discuss import monitoring system for laptops, PCs

The US has sought clarification once again even as India cited national security concerns as a rationale behind its August 2023 decision

World wants to engage with India on FTAs: Union minister Piyush Goyal

Union Minister Piyush Goyal on Sunday said the world today wants to engage with India for free trade agreements (FTA), and to expand trade and diplomatic relations with India. Speaking at the inaugural of the maiden Global Investors Meet of the DMK government, the Commerce and Textiles Minister said India's young population has given demographic dividend which has become the envy of the world. Batting for women joining the formal workforce in the country, he said, when women go to work, it will not only add to the GDP but will also add twice to the country's GDP as the work they are now doing will be replaced by technology. Elaborating, he said, ... as more and more women come into formal workforce, the work what they are now doing, which is unfortunately not reflecting in our GDP will be replaced by technology as India will become the largest market for washing machines, dishwashers.. India will become the largest market for goods and services, he said. Underscoring that women led

Bengal's role to be crucial in growth; Modi's support to increase: Goyal

Union minister Piyush Goyal on Saturday highlighted the contribution of West Bengal in the upcoming phase of growth as India moves towards becoming a developed nation. He also predicted that the support for Prime Minister Narendra Modi will increase in the next polls. "In the last election, Bengal provided substantial support. Now, with greater backing, we believe that Bengal aspires to foster rapid growth for India and exercise control over inflation," Goyal pointed out at a programme. Over the last 10 years, significant reforms have been implemented transforming a weak economy into one of the top five globally, the union commerce and industry minister said. "Previously, corruption had plagued the nation, eroding confidence and trust," Goyal said. "The GDP, which previously grew at a rate of 4-4.5 per cent, now exceeds 7 per cent, establishing us as the fastest-growing large economy worldwide. International agencies predict that in the coming years, India will become the 3rd larg

Jute fibre of the future, need for expanding sector, says Piyush Goyal

Union Minister Piyush Goyal on Saturday termed jute as the fibre of the future, and underscored the importance of expanding the sector and giving it the place it deserves. Goyal was speaking at the inauguration of Patsan Bhawan' at New Town, which will serve as the new base for offices of the Jute Commissioner, the headquarters of the Jute Corporation of India and the National Jute Board, an official release said. Jute is fibre of the future... we need to expand the jute sector and give it the place it deserves. India produces more than 50 per cent jute in the world, out of which over 50 per cent is produced in West Bengal, he said. The minister was also present at a meeting of jute mill owners and stakeholders, industry sources said. During the meeting, Goyal urged officials concerned to resolve long-pending pricing issues, including court cases related to jute pricing, they said. Goyal also formed an informal jute advisory group to comprehensively address issues concerning the .

Optimistic about $2 trillion export target by 2030, says Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal on Saturday expressed optimism that the country will meet its ambitious USD 2 trillion export target by 2030, notwithstanding geopolitical headwinds and inflationary concerns. Speaking at the inauguration of the Patsan Bhavan, which houses the Jute Commissioner's office and headquarters of Jute Corporation of India and National Jute Board, in New Town, Kolkata, Goyal acknowledged the challenging global situation. He cited the Ukraine war, the Israel conflict and issues related to the Red Sea as factors impacting trade. "To address low food grain production and curb domestic inflation, we have implemented restrictions. However, despite all these challenges, India's exports will continue to grow, aiming at reaching USD 2 trillion by 2030 from the current USD 770-775 billion," Goyal said. He highlighted the potential of the jute industry, stating that with "contribution from the jute sector and concerted efforts from the Centre and sta

Govt to bring more products under mandatory quality norm: Piyush Goyal

Consumer Affairs Minister Piyush Goyal on Saturday said the government will bring more products under the mandatory quality norm as India moves towards becoming a developed nation by 2047. Addressing virtually the 77th foundation day of the Bureau of Indian Standards (BIS), Goyal said complying with high quality standards in products and services will help India achieve high goals and become a developed nation. Towards this direction, the BIS should become an ambassador of quality standards. "It should not just become an adopter of standards, but should be a pioneer of standards," he said. That apart, the BIS should frame quality standards comparable to international standards wherever possible. "For example in products like lift, air filters and medical devices, I think India can be a front-runner and set international standards." He also urged for much greater stakeholder engagement for making quality standards and asked the industry to be more demanding to set labs for testing t

UK looks for greater share in India auto sector under FTA: Official

Countries which are negotiating free trade agreements (FTAs) with India, including the UK, want a greater share in the country's fast-growing automobile sector, Commerce Secretary Sunil Barthwal said on Friday. He said that India has come to the centre stage of auto manufacturing not only in assembling but also in the whole value chain. The industry has strengthened itself in all areas, including making auto grade steel, components and tyres, besides exporting these goods, he said. The auto sector is now being shifting from conventional ICE (internal combustion engines) to Electric Vehicle (EV) battery-based systems. "When we look at our present strength and the future potential in India, I think it is going to be huge. "In fact when we are doing our FTAs, I remember that country after country, they are focusing on how they can get a pie out of the Indian automobile sector and when we are negotiating FTA with the UK...saying that this much of market share should be available to th

Keen to expand ECGC cover, form committee to boost jewellery export: Goyal

Union minister Piyush Goyal on Thursday said the government is keen to expand ECGC cover and asked gems and jewellery industry leaders to form a committee to help exporters in the sector. "We have started giving ECGC (formerly Export Credit Guarantee Corporation of India) cover for the whole turnover...we are keen to expand, and I ask the captains of the industry to see how we can have an industry-ECGC-government partnership, which will ensure the baggage of the past can be erased. "If the industry and the government can come together and work together, I am sure we can look at individual policies also for individual exports," Goyal said while addressing the inaugural session of the 4-day IIJS (India International Jewellery Show) Signature 2024 Gem and Jewellery Trade Show. The commerce and industry minister suggested forming a committee consisting of ECGC, the government and GJEPC representatives to develop a certain mechanism that will help the industry to cross the hump and start

We will maintain export figures of last year despite global slowdown: Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday exuded confidence that during this fiscal, the country will maintain the last year's export figures despite slowdown in global trade. He said that India's exports of goods and services rose to USD 776 billion in 2022-23 from USD 500 billion two years ago. "Globally growth has been negative, international trade is in the negative territory, estimates are that this year international trade may fall, and in that perspective after having grown so rapidly we are looking at a phase of consolidation... "and I expect that the current year, we will maintain our figures of last year and strengthen our processes and our domestic capacities, capabilities to be able to grow at much faster rates in the years to come," Goyal told reporters here. Cumulatively, the country's merchandise exports in April-November 2023-24 contracted by 6.51 per cent to USD 278.8 billion. The estimated value of services export during the eight-month period stood

Mega events lined up ahead to elevate India's position globally: Goyal

A series of mega-events are slated in the coming months to elevate India's position as a global economic powerhouse, Commerce and Industry Minister Piyush Goyal has said. The planned lineup of mega events commences with the Aatmanirbhar Bharat Utsav scheduled from January 3-10 at Bharat Mandapam in the national capital. This event aims to exhibit a rich array of offerings -- including products from artisans, weavers, khadi, tribal crafts, MSMEs (Micro, Small and Medium Enterprises), and cottage industries -- and provide a direct interface between producers and consumers. Following this, the 'Indus Food' exhibition will be held at India Exposition Mart, Greater Noida, from January 8-10. The Bharat Mobility Global Expo 2024 will take place on February 1-3 at Bharat Mandapam. "Covering a sprawling 10 lakh square feet, this extensive mobility exposition will feature stakeholders across the automobile and mobility sector, showcasing their strengths and innovations. The expo will highli

Govt to extend RoDTEP benefits to e-commerce exports: Piyush Goyal

The RoDTEP scheme, which came into effect three years ago, refunds the embedded non-creditable central, state, and local levies paid on inputs to exporters

National e-commerce policy in final stages, may be announced soon: Goyal

The proposed national e-commerce policy being formulated by the commerce and industry ministry is in the final stages and expected to be announced very soon, Union Minister Piyush Goyal said on Thursday. In August, the Department for Promotion of Industry and Internal Trade (DPIIT) held a detailed discussion with representatives of e-commerce firms and a domestic traders' body on the proposed policy. "It is at the final stages of discussion at the highest level in the government. We hope to come out very soon," the commerce and industry minister told reporters here when asked about the policy. Earlier, the ministry issued two draft national e-commerce policies. The 2019 draft proposed to address six broad areas of the e-commerce ecosystem - data, infrastructure development, e-commerce marketplaces, regulatory issues, stimulating domestic digital economy and export promotion through e-commerce. Domestic traders body CAIT has time and again demanded roll out of the policy as they ..

Govt took many pro-active steps to control prices of food items: Goyal

Food and Consumer Affairs Minister Piyush Goyal on Sunday noted that the Centre has taken many pro-active steps in last few years to control retail prices of food items and said the government will keep inflation under control while ensuring country's economic growth. He was addressing an event, organised by the ministry here, to celebrate National Consumers Day. "Today, India has become the fastest growing large economy. Going forward, we will keep inflation under check and also ensure economic growth," Goyal said. Retail inflation inched up to a three-month high of 5.55 per cent in November driven by higher food prices, according to latest official data. The retail inflation based on the Consumer Price Index (CPI) was at 4.87 per cent in October. Inflation had been declining since August when it touched 6.83 per cent. On steps taken by the central government, Goyal highlighted that 140 new price monitoring centres have been set up to keep a close watch on wholesale and retail

Zerodha's Nithin Kamath joins Centre's reconstituted startup advisory panel

Kamath said that he was excited to join the council and that India needs to unlock its domestic capital to nurture startups

Piyush Goyal discusses progress of FTA deal during EFTA delegation meet

The primary objective of these negotiations is to establish a "fair, mutually beneficial, and comprehensive" trade deal between India and EFTA

Union minister Piyush Goyal to chair Board of Trade meeting on Dec 17

Commerce and Industry Minister Piyush Goyal will chair a meeting of the Board of Trade on December 17 to discuss ways to boost exports, an official said. Headed by the minister, the board includes participants from various states, union territories, and senior officials from public and private sectors. The official said that representatives of export promotion councils will present their views on the exports, besides the team of Government e-marketplace (GeM) will give a detailed presentation about the public procurement portal. The procurement of goods and services from the government portal has crossed Rs 2 lakh crore in November due to higher buying activities by different ministries and departments. The board provides an opportunity to have regular discussions and consultations with trade and industry and advise the government on policy measures related to FTP to achieve the objective of boosting India's trade. It also provides a platform for state governments and union ...

Govt working to ensure export sector becomes self-sustaining: Piyush Goyal

India is aiming to achieve the $2 trillion export target by 2030 and in the process it is moving this industry out of the government support to make it self-sustaining and cost competitive, Union minister Piyush Goyal said on Saturday. Addressing Infinity Forum 2.0 virtually at Gujarat Finance Tec-City (GIFT City), he said the International Financial Services Centre (IFSC) at GIFT City has become a lynchpin in propelling India's export-led growth. GIFT City will play a pivotal role in powering India's exports to $2 trillion by 2030, and then onwards to up to $10 trillion that it envisages to see by 2047, said the Union Commerce and Industry Minister. "During the next 2-3 decades we hope to see sustained, inclusive growth, during which we are confident of offering sustainable and inclusive development for every single person in the country. In that story, our international engagements will play a very important role," he said. He said India's target of crossing a $1 trillion economy