Page 35 - Piyush Goyal

India not considering import tax incentives for Tesla, says Piyush Goyal

Musk-led firm plans to source parts worth $1.9 billion from India this year, says Goyal

Use of green energy to help industry deal with EU's carbon tax: Goyal

The government's initiative to increase the use of green energy and some policy interventions would help the Indian industry tide over the impact of the EU's decision to impose a carbon tax on sectors like steel and aluminium, Commerce Minister Piyush Goyal said on Wednesday. He said that India is in dialogue with the European Union and with other countries to see how these new initiatives like CABM (carbon border adjustment mechanism) will impact Indian industry and manufacturers. The minister, however, assured the industry that the government will protect its interest. "Any amount of laws any country may bring out, we will ensure that it doesn't hurt any of your businesses. That you can rest assured...I personally look at all these not as an impediment but I am continuously examining to see how we can convert this so-called problem CBAM into an advantage for the Indian industry," he said here at an event of auto component makers. The EU is introducing the CBAM from October 1 this

India to draft new policy in push for EV investment, says Piyush Goyal

Piyush Goyal's comments come as US EV maker Tesla continues talks with Narendra Modi's administration on the possibility of building a factory in India.

Tesla looking at sourcing components worth $1.9 billion from India: Goyal

The minister said that going forward, demand for electric vehicles will increase and it will help in pushing the growth of the sector

India, Saudi Arabia can look at doubling bilateral trade to $100 bn: Goyal

India and Saudi Arabia can look at doubling bilateral trade to USD 100 billion in the coming years from about USD 52 billion at present, Commerce and Industry Minister Piyush Goyal said on Monday. He said the two countries can also look at a more balanced trade. The minister suggested Saudi Arabia to open an office of their sovereign wealth fund in GIFT city in Gujarat and industry chamber Ficci set up an office in Riyadh in partnership with Invest India, and the commerce ministry to facilitate investments. "Maybe this could be a way to kick-start a better flow of trade and investments and also to see how we can double our trade, which is currently about USD 52 billion. "Can we be more ambitious and take it to USD 100 billion, can we look at a more balanced trade, can we look at India becoming the provider of food security to Saudi Arabia, while Saudi Arabia helps us provide more energy security like oil and fertiliser. So, it will really be a win-win and complimentary relation," .

India's exports increased despite recession, with lowest inflation: Goyal

India's exports increased to 776 billion USD from 500 billion, two years ago, and this spectacular growth was achieved notwithstanding the recession, the Russia-Ukraine war, and the difficult pandemic times, Union Commerce and Industry Minister Piyush Goyal said on Thursday. This remarkable achievement in two years was due to the efforts of Prime Minister Narendra Modi, who felt that both the Centre and state governments should collectively work in the spirit of cooperative federalism for the better future of all the citizens, he said while addressing the Confederation of Indian Textile Industry (CITI's) 11th Asian Textile Conference, here. "Last year was a difficult period. Everybody felt that exports could not be sustained. But after growing from 500 billion dollars to 675 billion dollars in 2021-22, our exports rose to 776 billion dollars from 675 in 2022-23," he said and added that this was a record achievement registered in two years' time. "The Covid has not yet gone and despi

Projects worth Rs 12 trn planned under Gati Shakti initiative: Piyush Goyal

Gati Shakti also ensures that if an optical fibre cable or water pipeline has to be laid,it is done in advance, so that the road is not dug up repeatedly

Working on private sector access to non-sensitive data: Piyush Goyal

Business Standard Gati-Shakti connect: We have strong firewalls and cyber audits, says Piyush Goyal

Top headlines: Pharma likely to take 5-6% price hikes, FDI outflow soars

Business Standard brings the top headlines at this hour

Exporters capable of coming out as winners from global uncertainties: Goyal

Commerce and Industry Minister Piyush Goyal on Tuesday expressed hope that exporters will come out as winners from the impact of the current global uncertainties. He said there are challenges on the global trade front due to the ongoing geo-political situation, concerns on inflation, and slowing growth in key economies. "We do have challenges but our business people have the ability and agility to come out as winners from this adverse situation," he said here while addressing exporters at an event organised by the Federation of Indian Export Organisations (FIEO). He also exuded confidence that the country's goods and services exports would reach USD 2 trillion by 2030. The minister appealed to the industry to focus on quality and innovation with a view to increasing exports. India's exports contracted by 15.88 per cent in July, for the sixth month in a row, to USD 32.25 billion due to a global slowdown and fall in shipments of key sectors like petroleum, gems and jewellery, accord

India discusses launch of UPI in New Zealand to enable ease of doing biz

India's exports to New Zealand were $548 million in FY23, up from $487.6 million in FY22

Goyal, UK SoS Trade Bandenoch discuss further boosting trade relations

While appreciating the efforts of both the CNs, the Ministers desired a good pace of exchanges to be continued with a better understanding of each other's aspirations and sensitivities

India, US hold meeting to discuss ways to promote trade, investments

Commerce and Industry Minister Piyush Goyal and US Trade Representative Katherine Tai on Saturday discussed ways to promote trade and investments between the two countries. In a message on social media network X (formerly known as Twitter), Goyal said he held a bilateral meeting with the US counterpart Tai. "Discussed key bilateral issues of mutual interest and explored ways to give further impetus to the growing India-US partnership through enhanced trade and investments," he said. An official has recently said that both countries are looking at ending their last trade dispute related to poultry in the World Trade Organisation (WTO). Besides they are also looking at enhancing the partnership by permitting companies in both countries to participate in each others' government procurement. In July, India and the US mutually resolved six trade disputes pending at the WTO, in line with the commitment made by the two countries during the US visit of Prime Minister Narendra Modi in ...

Piyush Goyal quizzes Chinese trade minister Showen on dumping of goods

To the Chinese trade minister, Wang Showen, Goyal inquired whether China regretted India's decision not to join the Regional Comprehensive Economic Partnership (RCEP) trade deal

Value chains to MSMEs, G20 ministerial meeting lays out focus areas

The ministerial meeting occurred against the backdrop of the global challenges that international trade growth has been facing

India's heart with US rather than China-led trade pact RCEP: Piyush Goyal

At a session with Chinese and US trade ministers, Union Minister Piyush Goyal on Friday said India did not join China-led RCEP as its trade deficit would have widened and New Delhi's "heart" is with Washington, hinting at the trade surplus with the US. The Commerce and Industry Minister's remarks at the B20 summit in the national capital while moderating the 'Trade Ministers' Session' where Wang Shouwen, Vice Minister in the Ministry of Commerce of China and US Trade Representative Catherine Tie were present. Goyal asked Wang if Beijing regretted that India chose not to join the Regional Comprehensive Economic Partnership (RCEP). To this, Wang said China and India's trade relationship has been growing very fast and last year, the bilateral trade reached USD 130 billion. "If there had been an FTA agreement between China and India, either bilaterally or in RCEP context, the trade potential (that) exists between our two countries will be much further tapped in to the benefit of our tw

India-UK FTA negotiations going on, making good progress: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Friday said the negotiations between India and the UK for the proposed free trade agreement are progressing and both countries are committed to concluding the talks as early as possible. "We are working hard, we are all committed to a fair, equitable, and balanced trade agreement, respecting each other's sensitivities, respecting the different levels of developments that both the countries have and respecting the future potential that each country brings to the table," Goyal told reporters here. Keeping all of these circumstances in mind, the two countries have made "good" progress and the 12th round of talks is undergoing, he added. When asked about the deadline for concluding the negotiations, the minister said no country in the world works through specific deadlines. "But I would like to see it happen tomorrow, the faster the better We are both committed to a good outcome, at the fastest possible speed," he added. UK Business and

G20 trade and investment ministers' meet adopts outcome document: Goyal

Commerce and Industry Minister Piyush Goyal on Friday said the G20 trade and investment ministers' meeting has adopted an outcome document and chair's summary which talks about promoting global trade and support to MSMEs. After the conclusion of the two-day meeting here, the minister said that there are several new elements in the document. The outcome document talks about WTO reforms, future-ready global value chains and digitisation. However, he said that there is only one para of the 17-page statement where "we could not get consensus for obvious reasons".

Trade deficit falling at rapid pace, exports to see growth: Piyush Goyal

India's trade deficit is falling at a rapid pace and the exports are expected to see positive growth in the coming months, Commerce and Industry Minister Piyush Goyal said on Thursday. He said that countries in the world are facing a slowdown and global trade is relatively weak right now. Given the challenging situation, high interest rates, and cut down in discretionary spending have led to a fall in the exports of readymade apparel and the gem and jewellery sector, the minister said adding lower petroleum prices have resulted in lower export numbers. All in all, trade continues to be robust, our trade deficit is falling rapidly. And India will continue to benefit significantly from our global outreach, Goyal told PTI. When asked if he expects the country's merchandise exports to come in positive growth from September, he said, "I do believe it is possible". India's exports contracted by 15.88 per cent in July, the sixth straight month of decline, to USD 32.25 billion this year d

G20 meet: Piyush Goyal confident of broad consensus on trade issues

He also expressed confidence that the G20 ministers of trade and investment would achieve a broad consensus on all trade-related issues during the two-day meeting