Page 39 - Piyush Goyal

Goyal appeals freight forwarder industry to be honest, transparent in biz

Commerce and Industry Minister Piyush Goyal on Friday appealed to the freight forwarder industry to be transparent and honest in their work as it would help in promoting trade. He also suggested them to advise their clients to follow honest practices and become whistle-blowers if somebody is doing any wrong. "In our effort to clean up the system, we need your support...we wish to have a system where we can trust you blindly...Become transparent and honest in your business," he said at the event of the Federation of Freight Forwarders Associations in India (FFFAI). Goyal also said that the government is taking steps to boost economic growth. He added that huge forex reserves are there to bridge the current account deficit for the next 5-6 years. The minister said that the country's exports touched an all-time high in 2022-23 despite global uncertainties. Speaking at the event, CBIC Chairman Vivek Johri also asked the industry to do the KYC of their clients properly as they should

India is open to negotiate trade agreement with Africa: Piyush Goyal

India has expressed interest in negotiating a free trade agreement (FTA) with Africa with an aim to boost economic ties between the two regions. This was stated by commerce and industry Minister Piyush Goyal during his interaction with fifteen ambassadors from several countries of the Africa region here on Thursday. "India is open to FTA negotiations bilaterally or individually with African countries or Africa as a whole," he said. India would act as a trusted partner to expand trade, commerce, business, investment and opportunities with Africa, he said. In such agreements, two or more trading partners either significantly reduce or eliminate customs duties on maximum number of goods traded between them. Besides, they ease norms for promoting trade in services and attract investments. The 15 ambassadors are from countries, including Algeria, Botswana, Egypt, Ghana, Republic of Guinea, Kenya, Malawi, Mozambique, Morocco, Rwanda, South Africa, Tanzania, Togo, Uganda and Zimbabwe. T

Government accords priority to keep prices under check: Piyush Goyal

Commerce and industry minister Piyush Goyal on Wednesday said the government accords priority to keeping prices under check and that is the reason why inflation is low in India as compared to several developed nations. He said that a group of ministers regularly meets and discuss the price situation. "Prime Minister Narendra Modi gives priority to keep prices under check," Goyal told reporters here while briefing about increase of Rs 143 in the minimum support price (MSP) of paddy to Rs 2,183 per quintal for this year. He added that before 2014, the average inflation rate used to be at 10-12 per cent, but after the Modi government came to power the average rate of inflation in the last nine years has come down to 4.5 per cent. "On one side we are increasing MSP and on the other hand, we have kept the inflation under control," he said. The prices in India are much lower when compared to most of developed countries, where inflation is in double digits. Wholesale prices in India fel

Invest India to set up desks in all states to promote investment: Goyal

Officials of the Directorate General of Foreign Trade would be shifted to 'Invest India', which will set up trade and investment desks in each state of the country, Union Minister Piyush Goyal said here on Friday. These desks will promote investments and exports, he said, adding that work of the DGFT will be moved online so that no one will need to visit offices. Interacting with industry captains in Panaji in presence of Goa Chief Minister Pramod Sawant, the Union Minister for Commerce and Industry said Invest India, which was helping foreign investors, will now also help domestic investors. "They (Invest India) will encourage more investment and also partnerships between the industries. They will also do match making," Goyal said. Goyal said his ministry would be inviting 20-30 top pharma players to create four to five hubs of the sector in different states, including Goa. Efforts will be taken to expand pharma industries in states like Goa, Gujarat, Hyderabad (Telangana), Himac

Green energy to agri, winners of Startup India to get 'handholding support'

As a part of the handholding exercise, multiple virtual and physical sessions, delegations, showcases, and programs of specialised support will be organised

Huge opportunities will open up when exports touch $2 trn by 2030: Goyal

Commerce and Industry Minister Piyush Goyal on Thursday said huge opportunities for people and businesses will be opened up when the country's goods and services exports touch USD 2 trillion by 2030. In the last two years, he said the country's exports jumped from USD 500 billion to USD 767 billion in 2022-23. India is a USD 3.5 trillion-economy today and will become at least USD 35 trillion- economy by 2047 and "imagine what opportunities it will open up for all the people of India," he said. According to him, by 2030, "we will see USD 2 trillion of exports from India, imagine the opportunities that it will open up". At the Times Network India Economic Conclave here, the minister also said the country's economy is growing at a faster pace and it is clearly reflected from the 7.2 per cent GDP growth in 2022-23. "India is in the mode of stability with a proactive government strengthening every element of the economy in a manner which will hold us in good stead in our pursuit to mak

7.2% GDP growth is historic given the global situation: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Thursday said a 7.2 per cent growth in GDP in 2022-23 is historic, given the current global economic situation, and going forward India would emerge as a developed nation in the next 25 years. Commenting on Morgan Stanley's report, he said it reflects India's growing global image and fast economic growth. India continues to maintain its streak of world-beating economic growth after GDP for the March quarter beat all expectations with a 6.1 per cent expansion that helped push the annual growth rate to 7.2 per cent. Morgan Stanley in its report said that India, under Prime Minister Narendra Modi, has transformed, gaining a position in the world order and becoming a key driver for Asia and global growth. Last year was challenging as the world was coming out of the impact of the Covid pandemic and the war between Russia and Ukraine, he said, adding that in such a background, developed economy was severely impacted but steps taken by the ..

No power can stop India from becoming a developed nation: Piyush Goyal

Diplomacy is aimed at building trust between the nations and it will be a driving force in India's success, said Minister of Commerce and Industry, Consumer Affairs, and Textiles, Piyush Goyal

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Quality gets better market, need to change mindset about quality: Goyal

Asserting that quality gets better market, Consumer Affairs Minister Piyush Goyal on Wednesday stressed the need to change the country's mindset about the quality of products and services. Addressing the 44th plenary meeting of International Standard Organisation (ISO) Technical Committee on Consumer Policy, Goyal said, "Quality is not an abstract term. Quality is not for goods alone but how you provide service. Quality is omnipresent." "Quality is what consumers are demanding today. Good quality can have an influence on our economy, ability to attract investments, international trade...," he said. Consumer right, consumer safety and consumer satisfaction are extremely important in this highly globalised world, he said and noted consumers can play a crucial role in shaping markets and driving economic growth. Stating that India has a great opportunity to become the world's third-largest economy in the next 4-5 years, the Minister said young population, huge talent and skill deploym

NeVA a project of empowerment for public representatives: Piyush Goyal

Union minister Piyush Goyal said that NeVA is an integrated and interconnected national portal showcasing 'One Nation, One Application'

Commerce ministry addressing issues of exports through ecommerce: Official

The commerce ministry is trying to address issues pertaining to the promotion of exports through ecommerce medium, a senior government official has said. Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi also said that while the USD 2 trillion export target by 2030 is ambitious as it entails an annual growth of 14.5 per cent (CAGR), it is not impossible. "We trying to address issues on seamless e-commerce for export promotion. We are in touch of the Department of Revenue, RBI, Icegate, and the Department of Post on the issues which entails remission of duties and incentives, ensuring postal bills flows into Icegate, building a regulatory system which addresses return back, etc, he was quoted by TPCI in a release. The DGFT was addressing the TPCI's inaugural edition of India Business and Trade Annual Conclave 2023 here on May 23. The Trade Promotion Council of India (TPCI), government, industry and academic deep dive to explore ways to reach USD 2 trillion in ...

India's forex reserves comfortable for next 5-6 years: Piyush Goyal

Minister says many countries keen on fast-tracking FTA with India now

Forex reserves at comfortable position to meet requirements: Piyush Goyal

India has a strong foreign exchange reserve and the country is in a comfortable position to meet all the requirements even in any worst-case scenario in the next five-six years, Commerce and industry Minister Piyush Goyal said on Wednesday. India's forex kitty jumped USD 3.553 billion to USD 599.529 billion for the week ended May 12, according to the Reserve Bank of India. The minister also said that the government efforts have helped in managing inflation and "I am happy that it has been respected and recognised by the RBI (as) they have also taken a pause on the interest rates during the last MPC (Monetary Policy Committee) meeting". On forex reserves, he said: "We have strong foreign exchange reserves... In the worst case with whatever difficulty anybody may have, India is comfortable for the next 5 or 6 years, given our forex reserves today, to be able to meet our forex requirements." The minister was speaking at the annual session of industry body CII here. He added that no o

PM has ensured no one goes to sleep hungry: Goyal at MP textile park event

Union Minister Piyush Goyal on Sunday said Prime Minister Narendra Modi's welfare schemes have ensured no family goes to sleep hungry. He was speaking at an event to lay the foundation stone of a mega textile park in Gandhwani, some 60 kilometres from here. It was also attended by Madhya Pradesh Chief Minister Shivraj Singh Chouhan. "Modi's welfare schemes meant for the poor, especially free ration during the COVID-19 outbreak, have ensured no family sleeps hungry. We haven't seen such a demonstration of sensitivity in our lives," Goyal said, an apparent reference to the Pradhan Mantri Garib Kalyan Anna Yojana covering 80 crore beneficiaries, which was launched in April 2020 and is touted as the world's largest food security programme. More than four crore women have got free homes (under the Pradhan Mantri Awas Yojana), which has made them lakhpatis, he added. The textile park, which is coming up at the request of CM Chouhan, will provide employment to two lakh persons and bring .

Commerce Ministry to hold Chintan Shivir to discuss ways to promote trade

The Commerce and Industry Ministry will hold a two-day Chintan Shivir to discuss ways to promote manufacturing trade, investments, startups, logistics and import substitution, among others, an official said on Thursday. On May 19, the Department of Commerce will be holding a series of sessions on issues such as team building; expediting trade and investment promotion efforts; export strategy on goods and services; import substitution, reducing sub-standard imports and promoting manufacturing through PLI (production linked incentive). Commerce and Industry Minister Piyush Goyal, Ministers of State for Commerce and Industry Som Parkash and Anupriya Patel will address the ministry officials. On May 20, the Department for Promotion of Industry and Internal Trade (DPIIT) will hold sessions on subjects like innovate in India (startups and intellectual property rights) and the future-ready logistics sector, the official said. India's exports contracted by 12.7 per cent, the third month in

India, EU to continue to work together on carbon border measures: Goyal

After first meeting in Brussels on Tuesday, co-chairs of trade and tech council will meet again in early 2024 in India to take stock

Jaishankar, Goyal, Chandrasekhar to co-chair first India-EU Trade-Tech meet

The first ministerial meeting of the India-EU Trade and Technology Council (TTC) will be held in Brussels on Tuesday, to be co-chaired on the Indian side by Minister of External Affairs S Jaishankar, Commerce and Industry Minister Piyush Goyal and Communications, Electronics and IT Minister Rajeev Chandrasekhar. The TTC was launched by Prime Minister Narendra Modi and the President of the European Commission, Ursula von der Leyen, during her visit to India in April last year. It led to the creation of three Working Groups under the TTC: Working Group on Strategic Technologies, Digital Governance and Digital Connectivity; Working Group on Green and Clean Energy Technologies; and Working Group on Trade, Investment and Resilient Value Chains. Thank President of @European_Commission @vonderleyen for meeting the Indian ministerial team, Dr Jaishankar tweeted after arriving in Brussels on Monday evening. Appreciate the open discussion on trade, technology and geopolitics. Look forward to

Belgium PM meets Indian ministers, discusses renewable energy, tech

Prime Minister of Belgium, Alexander De Croo on Tuesday (local time) met External Affairs Minister S Jaishankar, Minister of Commerce & Industry, Piyush Goyal and Union Minister of State for Entrepreneurship, Skill Development, Electronics & Technology, Rajeev Chandrasekhar and discussed strengthening ties in renewable energy and technology."Had a productive meeting with @DrSJaishankar, @PiyushGoyal and @Rajeev_GoI, discussing ways to enhance the partnership between Belgium, the EU, and India. Focused on strengthening ties in key areas like renewable energy and technology, aiming for shared progress and prosperity," tweeted Croo.Sweden is an important trade, technology and investment partner of India in the European Union. It is also a key member of the Nordic grouping that India has been engaging in a structured format since 2018.Speaking on LeadIT initiative - The Leadership Group for Industry Transition (LeadIT) aims to enable the transition of heavy industry to net ...

Huge potential to increase eco ties between India,Canada: Piyush Goyal

World Food India show in November 2023 can serve as the platform that can showcase the best of India and collaborate with businesses across the world, the minister said