Page 27 - Piyush Goyal

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

IMEC to cut logistics costs and boost maritime security, says Piyush Goyal

IMEC aims to boost economic development by fostering connectivity and economic integration between Asia, the Persian Gulf, and Europe

Piyush Goyal for border adjustment tax to safeguard steel industry

Union Commerce and Industry Minister Piyush Goyal's statement comes at a time when the steel industry is seeking protection from imports at predatory prices

Kerala wins top performer award in lists of business-centric reforms

In a huge endorsement of its highly conducive business ecosystem and transparent and inclusive service delivery mechanism, Kerala has emerged as the country leader in two categories of business-centric reforms and seven categories of citizen-centric reforms in the ranking of the Union Ministry of Commerce and Industry. The award was presented at the Conference of State Industries Ministers held on Thursday at Palash Hall (Grand Ball Room) of the Yashobhumi Convention Centre, New Delhi, according to an official release here. Union Minister of Commerce Piyush Goyal presented the Business Reforms Action Plan '22 (BRAP 22) award of the Department for Promotion of Industry and Internal Trade (DPIIT) to P Rajeeve, Minister for Industries, Law and Coir, Government of Kerala, at the conference, Udhyog Sangam 2024, said the release issued by the Kerala State Industrial Development Corporation (KSIDC). Union Minister of State for Commerce & Industry and Electronics & Information ...

Goyal suggests talks on carbon tax issue with top steel industry leaders

Commerce and Industry Minister Piyush Goyal on Thursday suggested discussions on carbon border adjustment tax with top steel industry leaders to promote sustainable manufacturing in the sector. He also asked the industry to target 500 million tonnes steel production by 2047. At present, the industry is eyeing 300 million tonnes by 2030. The minister suggested the industry find newer and better ways on lowering carbon emission and promoting high productivity and quality steel in the country. "Let's try and utilise AI (artificial intelligence) to optimise our production, reduce waste, and improve efficiency across the value chain and work towards a circle economy in a bigger way," he said, while addressing a steel conclave virtually. On carbon tax, he suggested that 4-5 top leaders of the steel industry can sit with him on this important subject for deliberations. The minister added that the government was not able to extend the benefits of the Remission of Duties and Taxes on Expor

Piyush Goyal to chair meet with states on Sept 5, discuss industrial growth

Commerce and Industry Minister Piyush Goyal would chair a meeting of state industry ministers on September 5 to discuss ways to promote industrial growth of the country, an official said. As industry is a state subject, they are key stakeholders in promoting the sector, the official said. "Issues like ways to promote manufacturing, promotion of industries and state issues may come up for deliberations on September 5 here," the official added. The Centre is already taking a number of measures in this direction and that includes reducing compliance burden, promoting ease of doing business and setting up of industrial townships. Recently, the Government of India approved 12 new industrial cities in 10 states on the lines of Greater Noida in Uttar Pradesh and Dholera in Gujarat to boost domestic manufacturing with an estimated investment of Rs 28,602 crore. These industrial areas will be in Khurpia in Uttarakhand, Rajpura-Patiala in Punjab, Dighi in Maharashtra, Palakkad in Kerala, Ag

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