Page 28 - Piyush Goyal

Confident of growth in export this year despite global uncertainties: Goyal

Commerce and Industry Minister Piyush Goyal on Friday said there will be growth in the country's exports despite global uncertainties. He, however, indicated that the growth may slow down. India has been able to increase exports of goods and services by almost 55 per cent -- from USD 500 billion in 2021 to USD 776 billion last year, he said. "Current year, with two conflicts going on around the world, recession setting in the developed economies, we may see that the growth may slow down, but nevertheless, we are confident of growth in the export numbers even in the current year," Goyal said at a function. A conflict between Israel and Hamas is continuing in the Middle East, while the Ukraine-Russia war is still going on. Besides, inflation in developed countries is impacting global demand for goods. India's merchandise exports rose 6.21 per cent to USD 33.57 billion in October this year, even as the trade deficit widened to a record high of USD 31.46 billion during the ...

BJP leader from backward community will become CM: Goyal exudes confidence

Assembly elections in Telangana are scheduled to be held in a single phase on November 30

Govt, Amazon partner to leverage 'districts as export hubs' initiative

The commerce ministry on Thursday said it has inked an agreement with US-based Amazon to provide training to MSMEs in 20 identified districts in areas such as making digital catalogues and tax-related issues with a view to promoting exports through e-commerce medium. The capacity building session will allow MSMEs to learn about imaging, digital cataloguing of their products, tax advisory amongst others, it said in a statement. The MoU was signed in the presence of Director General of Foreign Trade (DGF) Santosh Sarangi; Chetan Krishnaswamy (Vice President, Public Policy Amazon); and Bhupen Wakankar (Director Global Trade Amazon India). DGFT is an arm of the commerce ministry which deals with import and export-related issues of the country. "To enable micro, small and medium enterprises (MSMEs) and boost e-commerce exports from the country, DGFT is collaborating with the various e-commerce players to leverage the Districts as Export Hubs initiative and promote e-commerce exports f

India closer to agreement with Tesla to import EVs, set up facility

Tesla would commit an initial minimum investment in any plant of around $2 billion and would look to increase purchases of auto parts from the nation to as much as $15 billion

India-UK FTA: Issues to be resolved in coming weeks, says Piyush Goyal

Goyal said both sides had several rounds of negotiations, and 20 out of 26 chapters have been sealed

Global south nations need to discuss ways to make supply chains open: Goyal

Global south countries need to discuss ways to make supply chains open, secure, trusted and equitable, Commerce and Industry Minister Piyush Goyal said on Friday. Speaking at the second Voice of Global South Summit, he said the crisis of the COVID-19 pandemic, the impact of climate change and raging geopolitical tensions have disrupted and underscored the fragility of global supply chains. These disruptions have created monumental challenges of food and energy security, cost of living and achievement of the sustainable development goals, Goyal added. "We would like to discuss ways and means for countries of the global south to cooperate and act together to make our supply chains open, secure, trusted, stable, and equitable, thereby making them more resilient," he said. During India's G-20 presidency, the G20 generic framework for mapping global value chains (GVCs) was adopted to make these chains resilient and inclusive, he noted. This framework has been prepared, keeping in mind

Climate action not a burden but opportunity for innovation, growth: Goyal

Commerce and Industry Minister Piyush Goyal has called upon the world leaders to join hands as a global community to construct a future where climate action is not a burden but an opportunity for innovation and growth. While speaking at the APEC Informal Leader's Dialogue in San Francisco on November 16, the minister also highlighted India's environmental leadership in meeting the renewable energy target of 175 gigawatts nine years ahead of the target. "He called upon the world leaders to join hands as a global community to construct a future where sustainability is not a distant aspiration but a way of life and where climate action is not a burden but an opportunity for innovation and growth," the commerce ministry said. Goyal also participated in the Investor Forum of the Partnership for Global Infrastructure and Investment (PGII). The Forum was co-hosted by US Secretary of Commerce Gina Raimondo and Senior Advisor to the President Amos Hochstein with the discussion centred on ..

India granted record 41,010 patents in 2023-24 so far: Piyush Goyal

The Indian patent office has granted "highest" number of 41,010 patents till November 15 this fiscal year, Commerce and Industry Minister Piyush Goyal has said. In 2013-14 fiscal year, 4,227 patents were granted. "It's a record. Highest ever number of patents granted so far in 2023-24," he said in a post on social media platform X. On this, Prime Minister Narendra Modi said this is a "notable feat" and it marks a milestone in India's journey towards an innovation-driven knowledge economy. " India's youth will be great beneficiaries of such strides," he said. The prime minister recently stated that the rise in patent applications in India demonstrates the rising innovative zeal of its youth and is a very positive sign for the times to come. According to a World Intellectual Property Organization report, patent applications by Indians grew 31.6 per cent in 2022, extending an 11-year run of growth unmatched by any other country among the top 10 filers.

Goyal meets YouTube CEO, discusses opportunity to collaborate in India

Union Minister of Commerce and Industry Piyush Goyal on Wednesday (local time) met YouTube CEO Neal Mohan. The two sides discussed how India presents a huge opportunity for YouTube to further expand its collaboration.Taking to X, Piyush Goyal stated, "Delighted to meet Mr. @NealMohan, CEO of YouTube. We discussed how India presents a huge opportunity for @YouTube to further expand collaboration & footprint in the country with its: Thriving digital ecosystem Growing content space Young & diverse demography."Meanwhile, Piyush Goyal, who is on a four-day visit to US, earlier held a meeting with the CEO of Micron Technology Sanjay Mehrotra and discussed how India's growing semiconductor ecosystem presents vast opportunities for company to collaborate and expand its footprint in India.Taking to X, he stated, "Met Mr. Sanjay Mehrotra, CEO & President of @MicronTech. Discussed how India's growing semiconductor ecosystem presents vast opportunities for the company to ...

Goyal meets Micron CEO, discusses options in India semiconductor ecosystem

Union Commerce and Industry Minister Piyush Goyal held a meeting with the CEO of Micron Technology Sanjay Mehrotra on Wednesday (local time) and discussed how India's growing semiconductor ecosystem presents vast opportunities for company to collaborate and expand its footprint in India.Taking to X, Piyush Goyal stated, "Met Mr. Sanjay Mehrotra, CEO & President of @MicronTech. Discussed how India's growing semiconductor ecosystem presents vast opportunities for the company to collaborate & expand its footprint in the country."Earlier this July, Mehrotra had met with Prime Minister Narendra Modi in Gujarat's Gandhinagar and they discussed US chip giant's plans to bolster the semiconductor manufacturing ecosystem within India.In June this year, Micron Technology had announced its plans of investing USD825 million in a new chip assembly and testing plan in Gujarat. India hopes to become a major global hub in semiconductor manufacturing over the next 10 years.Meanwhile, Goyal,

Tesla on way to double its components imports from India: Piyush Goyal

In September, Goyal had said the company is looking to source components worth $1.9 billion from India this calendar year, compared to $1 billion in 2022

'My apologies': Elon Musk unable to meet Piyush Goyal at Tesla facility

Elon Musk was unable to meet with Piyush Goyal in person as he was unwell and could not travel to California

Piyush Goyal, US trade rep Katherine Tai discuss trade boost in key meet

Commerce and Industry Minister Piyush Goyal met the US Trade Representative (USTR) Katherine Tai and discussed ways to further boost trade and investments between the two countries. Goyal is in the US for a four-day visit. He reached San Francisco on November 13. He also met Dukgeun Ahn, Minister of Trade, Korea, and Gan Kim Yong, Minister of Trade and Industry, Singapore. These ministers are in the US for the Indo-Pacific Economic Framework (IPEF) meeting. "Wonderful meeting my friend Ambassador Katherine Tai, the US Trade Representative. We discussed ways to further deepen our trade & investment ties along with convergence on key WTO issues for a favourable outcome at MC13," Goyal said on the social platform X. The 164-member World Trade Organization (WTO) is holding its 13th ministerial conference (MC) at Abu Dhabi in February next year. During the ministerial meetings in San Francisco, Goyal discussed potential collaboration under the Indo-Pacific Economic Framework (IPEF), .

Tesla to double its components imports from India, says Piyush Goyal

He said in September Tesla was aiming to source components worth between $1.7 billion and $1.9 billion from India this year, having bought $1 billion of components last year

Goyal arrives in San Francisco; begins bilateral with IPEF partner nations

During the meeting, the leaders emphasised ways of enhancing cooperation between India and Singapore in emerging and futuristic areas

Piyush Goyal to attend IPEF next week, meet execs for India investment

The IPEF ministerial meeting is scheduled to take place during November 13-14, which is likely to see 'significant updates' on the progress of negotiations

Tesla to import completely made electric cars from Germany into India

Earlier this month, Reuters reported that Tesla is planning to build a $26,838 car at its factory near Berlin

Piyush Goyal to meet Tesla's Musk amid market entry talks: Report

Tesla and India have been in talks for several months with the US carmaker open to setting up a factory but also keen to get lower import taxes for some of its high-end vehicles

Looking at liberalising some restrictions on SEZ units, says Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday said the government is looking at easing certain restrictions for units in the special economic zones (SEZ) to promote the sector's growth. SEZs in India are treated as foreign territories for trade and customs duties, with restrictions on duty-free domestic sales. "We are looking at ways and means to liberalise some of these restrictions on SEZ units. It's under consideration...We are discussing it with all the stakeholders and hopefully that itself will give a significant boost to the SEZ units," Goyal said here at an industry chamber function. Regarding the industry's demand to extend benefits of the Remission of Duties or Taxes on Export Products (RoDTEP) Scheme to SEZs, he said the ministry will go about it "cautiously". "At some point in time we will consider it once we are very confident that it will not lead to WTO non-compliance," he added. In these zones, the largest areas of exports are petroleum products and ...

Will not accept unfair taxes on steel, aluminum industry: Piyush Goyal

Expressing serious concerns over the European Union's move to impose carbon tax on imports from certain sectors like steel, Commerce and Industry Minister Piyush Goyal on Tuesday assured the domestic industry that India will not accept such unfair taxes and will fight to get a fair deal for producers and exporters. He said India has already flagged its concerns over the carbon tax with the European Union (EU) and in the WTO (World Trade Organization). The CBAM (Carbon Border Adjustment Mechanism) or carbon tax (a kind of import duty) will come into effect from January 1, 2026, but from October 1 this year, domestic companies from seven carbon-intensive sectors, including steel, cement, fertiliser, aluminium and hydrocarbon products, will have to share data with regard to carbon emissions with the EU. "I will assure you that we are extremely concerned about CBAM...We are taking it up with the WTO very very seriously. We shall try to work and fight to get a fair deal for the Indian ..