Page 43 - Piyush Goyal

'Developing, developed nations must have different goals on sustainability'

India's partnership with the UK and the EU is significant in the global effort to make the planet safer and greener, Piyush Goyal said

Business leaders must focus on sustainability, respect nature: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday urged business leaders to focus on sustainability and ensure all their actions respect nature. He said that India is committed to ensuring that sustainability and inclusive growth are going to be the defining features of its growth story. "I urge all business leaders to focus on sustainability and ensure all our actions respect nature," he said while addressing the CII's India Europe Business and Sustainability Conclave. The minister said that India's partnership with the UK and the European Union are two significant elements in the global effort to make the world a better place to live in. "Technology and finance are going to play an important role in a sustainable lifestyle. I urge the world leaders to recognise that we all have to contribute our fair share to energy efficiency to make the world a better place to live in," Goyal said. He added that developed and developing countries need to have different goals and ...

India set to become 3rd largest economy in 5 years, says Piyush Goyal

India would become the third largest economy in the world in the next five years and by 2047 could be at the level the United States of America is at present, Union Minister Piyush Goyal said on Saturday. He also called the Regional Comprehensive Economic Partnership trade deal as a "disaster in the making" and it "was music to my ears" when Prime Minister Narendra Modi said the country would not be joining it. The Union Minister of Commerce and Industry was speaking at the Asia Economic Dialogue 2023 event here. "I think in the next four to five years, India will be the third largest economy in the world (from fifth position at present). By 2047, we will be at the level that the United States of America is today. The 1.4 billion people of India are going to make our economy a USD 30-40 trillion one," he said. On India not joining the Regional Comprehensive Economic Partnership trade deal, Goyal said, "It was disaster in the making as we were entering a free trade agreement without

Textiles minister Piyush Goyal pitches for freeze in fee hikes at NIFT

Union Textiles Minister Piyush Goyal on Friday said he is all for a freeze in fee hikes at the National Institute of Fashion Technology (NIFT). Speaking at the convocation of NIFT Mumbai at the Kharghar node, Goyal said the entire admission process also needs to be "replanned" in such a way that students enter on merit and are not asked about their fee-paying ability. Those who cannot afford the education will get scholarships which will also be increased, he said. "I have asked the governing council to consider a freeze for some time on your fees," he said, addressing the graduating students at the campus here," However, it was not clear if the proposal is only for the Mumbai campus or all the 18 campuses of the institute. As per the NIFT website, non-NRI students pay about Rs 3 lakh as fee for the two semesters in an academic year. Goyal said the 35-year-old institution also requires a facelift and promised to hold a call with architect Hafeez Contractor to give the 10-acre cam

Goods and services exports may reach $1 trillion each by 2030: Piyush Goyal

India's goods and services exports are growing at a healthy rate and are expected to be around USD 1 trillion each by 2030, Commerce and Industry Minister Piyush Goyal said on Tuesday. The country's merchandise and services exports touched an all-time high of USD 422 billion and USD 254 billion, respectively, in 2021-22. "My own estimates seem to suggest that we will converge (goods and services exports) by 2030...seven years from now at about USD 1 trillion of goods and USD 1 trillion of services (exports). "That is the trajectory I can see which will mean merchandise doing 8- 9.5 per cent and services doing anywhere between 16-17 per cent, Goyal said here at an event. The services sector, driven by the IT industry, has created a potential not only in terms of jobs, giving value to talent, but also providing India with an opportunity to showcase to the world its strengths, he added. He also said that every country wants to invest in India because of its startup ecosystem. "The w

Electrical industry must work towards big export targets, says Goyal

Commerce and Industry Minister Piyush Goyal on Tuesday asked the electrical industry to set and work towards a big exports target as the sector holds huge potential for growth. The sector has touched export of USD 10 billion and is targeting to increase it to USD 25 billion in the next five years. "But I am extremely happy by this performance and sad as well. 'Ye Dil Mange More'...The electrical industry makes India proud globally. Time has come that the world becomes our stage. We should not just have exhibitions in developing countries but also in the developed part of the world," Goyal said at an event of the electrical industry. He suggested the industry to organise exhibitions in Europe and the US along with other countries. "We should go straight into the big markets and showcase our presence and world-class quality standards globally...We need to show the world that India can be a reliable and trusted partner in all their energy needs," he said. The minister also said quali

We should target $1 bn organic product export by 2030: Piyush Goyal

The Union minister also called on the local youth to work at design and packaging facilities as well

Piyush Goyal bats for promoting local products to make India self-reliant

Union Commerce Minister Piyush Goyal on Saturday emphasised on the importance of promoting local products to make India self-reliant. Addressing a session in which of founders different start-ups from the Northeast participated, he said the quality of manufacturing must be maintained as it impacts the business. "The quality will play a key role and help companies deliver products and services that exceed expectations, helping them expand their markets," Goyal said. He said innovators, startups and students have a big role to play in shaping the future of India, and urged them to keep contributing to the development of the nation. He said six lakh LED bulbs are sold in India every day, helping to reduce energy consumption and create job opportunities. He also stressed on the importance of mentorship programs for entrepreneurs in the state. The minister is on a three-day visit to Sikkim, which started on Friday.

Let's target to export organic products worth $1 billion by 2030: Goyal

Commerce and industry minister Piyush Goyal on Friday suggested the industry set a target of exporting organic products worth USD 1 billion by 2030. He said this while addressing an interaction programme with Sikkim Chamber of Commerce and Industry representatives at Gangtok. "He urged to set a target to export USD 1 billion organic product by 2030 from existing USD 1 million organic produce in Sikkim," the ministry said in a statement. He suggested a laboratory for organic testing in the state -- farm-to-lab traceability check. Goyal said that Sikkim has the potential to become a sustainable and organic state. He also informed that the Centre is ready to set up National Institute of Design and National Institute of Packaging Campus in Sikkim if lands are provided by the state government.

Piyush Goyal discusses economic recovery with Sri Lankan envoy Moragoda

Moragoda thanked India for the unprecedented support that it has extended to Sri Lanka to mitigate the negative impact of the economic crisis

Textile minister discusses unutilised production capacity in man-made fibre

Union minister Piyush Goyal on Tuesday discussed high levels of unutilised production capacities of man-made fibre due to imports with stakeholders at a meeting here. Holding the first meeting, the newly constituted Textile Advisory Group for Manmade Fibre (MMF) at Vanijya Bhavan, the minister said the government will expedite enforcement of all the Quality Control Order (QCO) on the MMF products. "Goyal suggested that different segments of the value chain need to be supportive to each other's requirements and challenges for the holistic growth of the sector," an official statement said. The textiles ministry stated that high levels of unutilised production capacities of man-made fibre due to import was discussed, adding that stakeholders suggested various possible solutions to strengthen and revamp the MMF value chain. The matters of import surge of cheap imports of PTA and MEG into India was also discussed. Goyal said the government will expedite enforcement of all the Quality ..

India seeks mutually beneficial early harvest deal under IPEF

The ministry's statement comes in the backdrop of India hosting the second round of negotiations for US led-IPEF in the national capital last week

Piyush Goyal directs FCI to open more procurement centres in UP districts

Minister for Consumer Affairs, Food, and Public Distribution Piyush Goyal has directed the FCI to set up more procurement centres covering almost all revenue districts of Uttar Pradesh.

No power can become hurdle between UP and development, says Piyush Goyal

Union Minister Piyush Goyal on Sunday said under the able leadership of Yogi Adityanath, Uttar Pradesh is moving forward and no power can become a hurdle between the state and development. He was addressing a session on excise and sugar industry at the UP Global Investors Summit-2023 here. "There is a wave of development in Uttar Pradesh, and it can be experienced in this meet. Under the able leadership of Yogi Adityanath, Uttar Pradesh is moving, and no power can become a hurdle between Uttar Pradesh and development," Goyal said. He also said that until Prime Minister Narendra Modi is personally satisfied, he does not allow ministers to make any promises with the people and that the prime minister promotes competition in the federal structure. Goyal also said that in the past six years despite the COVID-19 pandemic, UP's excise collection increased from Rs 14,500 crore to Rs 42,500 crore. The minister highlighted that people of Australia are now becoming dependent on India for wi

India's toy exports touch Rs 1,017 cr during Apr-Dec in FY23: Govt data

The country's toy exports have touched Rs 1,017 crore during April-December period this fiscal, according to the government data. In 2021-22, the exports stood at Rs 2,601 crore. "Made in India toys continue to tap global markets! India's toy exports rose to more than 6 times in April-December 2022 as compared to the same period in 2013," commerce and industry minister Piyush Goyal said in a tweet. During April-December 2013-14, the shipments were at Rs 167 crore. The government is taking steps to promote domestic manufacturing and exports of toys from the country and reduce imports from countries like China, which are of low quality. In 2018-19, toys worth Rs 2,960 crore were imported into India. With the philosophy of 'vocal for local', the government took several steps to promote indigenous toys designed on Indian culture and history. The overall import of toys in India reduced by 70 per cent to Rs 870 crore in 2021-22. In February 2020, import duty on toys was raised from 20

1,330 foreign firms, subsidiaries have shut shop in last 3 yrs:Minister

As many as 1,330 foreign companies and subsidiaries of overseas firms have shut shop during the last three years, Parliament was informed on Friday. In the same period, however, as many as 4,994 new foreign companies and subsidiaries of foreign companies got registered in India, Commerce and Industry Minister Piyush Goyal said in a written reply to the Rajya Sabha. There are 17,432 active foreign companies and subsidiaries of foreign companies operating in the country, he said. "1,330 foreign companies and subsidiaries of foreign companies have closed during the past three years," he said. He said that the closing of operations is a matter of private commercial business decision. "It depends on a host of factors such as viability of operations, availability of resources, market size, infrastructure, political and macroeconomic climate as well as the decision of a particular business entity to operate in the country," Goyal added. Meanwhile, replying to a question on trade gap, ..

Adani row: Indian regulators very competent to handle situation, says Goyal

Union Minister for Commerce and Industry Piyush Goyal on Saturday said regulators are very competent to handle the situation and will take appropriate action, regarding the allegations of fraud against billionaire Gautam Adani's companies that triggered an unprecedented stock crash. He also termed the opposition stalling the Parliament's proceedings on the issue as "unfortunate". "The regulators in India are very competent and our financial markets are amongst the most respected and well regulated markets in the world. As regards the loss, that's the share market's valuation loss, not the loss of any individual or people's wealth," Goyal told reporters here. Responding to opposition's criticism that the government is shying away from discussion on the Adani issue, and about USD 100 billion loss, he said, investments in shares and stocks go up and down, that's a part of investment, but nowhere have the people of India lost those levels of sums that is mentioned (USD 100 billion). Th

Budget 2023 to give lot of support to India's startup ecosystem: Goyal

Measures announced in the Budget such as extending the period of incorporation of eligible budding entrepreneurs for providing tax incentives, would provide a lot of support to further strengthen the country's startup ecosystem, Commerce and Industry Minister Piyush Goyal has said. The government on Wednesday proposed to extend the period of incorporation of eligible startups by one more year till March 31, 2024, for providing tax incentives to encourage budding entrepreneurs. Finance Minister Nirmala Sitharaman has also proposed to ease norms for startups by extending the benefit of carrying forward losses to 10 years. Goyal said that the government has consistently been supporting the startup ecosystem and since the launch of the startup India initiative, the country has had significant growth in the startup arena. "So my sense is that this (Budget) will certainly give a lot of support and help to the startup ecosystem so that it flourishes in the years to come," the minister tol

Budget 2023: Many PLI schemes are in the pipeline, says Piyush Goyal

As and when other PLI schemes get approved, the cabinet is empowered to approve it

Piyush Goyal calls for creation of network to strengthen start-up ecosystem

The Union Minister was addressing the inaugural session of the Inception Meeting of the Startup 20 Engagement Group of G20 in Hyderabad