Page 30 - Piyush Goyal

India will address EU's carbon tax issue; will retaliate if required: Goyal

India will address the issue of the European Union's plan to impose a carbon tax on certain imported goods, Commerce and Industry Minister Piyush Goyal on Friday said, adding that "I will retaliate" if required. The CBAM (Carbon Border Adjustment Mechanism) or carbon tax (a kind of import duty) will come into effect from January 1, 2026. However, 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. "Bharat will address the problem of CBAM with confidence, and we will find solutions. We will see how we can convert CBAM to our advantage if it comes in. Of course, I will retaliate. You need not worry about it," Goyal said here at an industry chamber event. According to a report of the think tank Global Trade Research Initiative (GTRI), CBAM will translate into a 20-35 per cent tax on select imports into the EU, starti

Govt recognises 114,902 entities as startups as on Oct 31: Goyal tells LS

The government has recognised 1,14,902 entities as startups as on October 31, Parliament was informed on Wednesday. These eligible firms are allowed to seek fiscal incentives under the Startup India Action Plan, which was launched in January 2016, and that includes income tax exemption for three years. Replying to a question in the Lok Sabha, Commerce and Industry Piyush Goyal said the action plan includes 19 items spanning across areas such as simplification and handholding, funding support and incentives and industry-academia partnership and incubation. The Department for Promotion of Industry and Internal Trade (DPIIT) "has recognised 1,14,902 entities as startups as on 31st October 2023," he said. Replying to a separate question, Minister of State for Commerce and Industry Anupriya Patel said subdued demand in major export destinations such as the US, Hong Kong, the Middle East and China and availability of raw materials at competitive rates were some of the challenges faced by

Don't divide India on basis of north-south; Modi always unites: Goyal

Union Minister Piyush Goyal on Wednesday asked the opposition parties not to divide the country on the basis of north and south India and asked if the INDIA bloc constituents support the remarks against Hindi heartland states by a DMK MP. Replying to a question related to his Consumer Affairs Ministry during the Question Hour in the Lok Sabha, Goyal said Prime Minister Narendra Modi has come up with the idea of One Nation, One Ration Card so that the whole country could be united through a single transparent system of getting subsidised foodgrain anywhere. "The PM always works to unite the people. But the opposition is trying to divide the country. Some of them even talked about North and South India. Please stop dividing the country," he said amidst vocal objections by some opposition members. Unwilling to relent to the objections, the minister hit back, saying, Do you support the statement of a member made in this House yesterday. Do INDI alliance members support the statement of

US, Indian CEOs provide updates on advancing bilateral commercial ties

Top CEOs from India and the United States have provided updates on the status of their recommendations on advancing bilateral commercial ties during a meeting co-chaired by Commerce Secretary Gina Raimondo and Union Commerce and Industry Minister Piyush Goyal, an official statement said here. The virtual meeting of the India-US CEO Forum convened by Raimondo and Goyal on November 30 was a follow-up to the March 2023 forum meeting in New Delhi, according to the statement issued on Monday. During the meeting, US and Indian CEOs provided both governments with updates on the status of their recommendations on how to advance US-India commercial ties, it said. They also discussed topics pertinent across sectors, including supply chain resiliency, workforce development, regulatory and standards harmonization, and economic collaboration. Raimondo and Goyal highlighted recent government initiatives that were inspired by the CEOs' recommendations and encouraged the forum members to focus on

Govt to approve 10-11 testing labs set ups for cotton, textiles by Dec 16

The government is planning to approve setting up of 10-11 testing laboratories across the country to ensure high quality of cotton and textiles for both the domestic consumers as well as for the export markets, Union Minister Piyush Goyal said on Saturday. "I have discussed with the Textile Ministry, the Consumer Affairs Department, who will work together with the Bureau of Indian Standards (BIS) for setting up high quality cotton and textile testing laboratories," Goyal, the Union Minister for Textiles, Commerce and Industry, Consumer Affairs and Food and Public Distribution, said. "In the next 15 days, by December 16, we will approve a series of laboratories across the country with an investment of about USD 6-7 million," he said. Addressing the four-day 81st Plenary Meeting of the International Cotton Advisory Committee (ICAC) that started on Saturday, the minister said, "We want the most modern and high-quality testing laboratories to come up in different parts of the country, s

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