Page 44 - Piyush Goyal

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

Piyush Goyal to co-chair bilateral ministerial trade dialogue in Canada

Piyush Goyal will on Monday co-chair the discussions for the sixth India-Canada ministerial dialogue on trade and investment (MDTI) in Ottawa, Canada, along with his Canadian counterpart Mary Ng

Railways orders closure of last printing presses in digital push

Railways owned 14 printing presses, of which nine were ordered to be shut down earlier

I want to see greater presence of Boeing in India: Piyush Goyal

Commerce and industry minister Piyush Goyal on Thursday said he wants to see a greater presence of US-based Boeing in India as the American firm has recently received a large order of planes from Tata Group-owned Air India. In February, in one of the largest aircraft orders by an airline, Air India announced it will buy 470 narrow-body and wide-body planes from Airbus and Boeing, with the total deal value estimated to be worth USD 80 billion (over Rs 6.40 lakh crore). Goyal also said that the India-US bilateral trade is increasing at a healthy rate and both the sides are looking at expanding the trade four-fold so that "we can touch USD 500 billion target by 2030". By 2030, India is looking at increasing their goods and services exports to USD 2 trillion. "Boeing has received a very large order from the Tata's and I am given to understand that similar sized orders are in the pipeline... I want to see greater presence of Boeing in India, we would love to see you expand your local ..

'Unhappy with footwear industry for not complying with quality control'

Commerce and Industry Minister Piyush Goyal on Wednesday came down heavily on the footwear industry for not complying with the quality control order issued in 2020 and seeking more time to comply. Industry players and exporters of footwear have urged the government to extend the implementation of the Quality Control Order (QCO) by 12 months as the businesses are not yet prepared to follow the norms. Goyal said that no QCO is introduced without adequate consultations with the industry. On leather and footwear sector, the government issued three mandatory quality orders on October 27, 2020. These orders were issued after detailed consultations with the industry and not suo moto, he said. "So in two-and-a-half-years, if somebody has not yet become compliant, then there is a vested interest which we can not fulfil....it means their intentions are wrong," he told reporters when asked about the industry apprehensions on these orders. He accused that the industry running a campaign agai

Piyush Goyal marks importance of small countries in global supply chain

The Union Minister appealed to all to aim for a 47 trillion dollar economy when India reaches the year 2047

Walmarts to Flipkarts, all have role in making ONDC a success: Piyush Goyal

According to the minister, small artisans and workers can offer better quality products through ONDC and also earn better, without having to pay commission

Goyal invites big, small retailers to join ONDC to create opportunities

Commerce and Industry Minister Piyush Goyal on Tuesday invited all big and small retailers to join the government-promoted Open Network for Digital Commerce (ONDC), as it would help in creating huge opportunities for everybody. ONDC aims to promote an open platform for all aspects of e-commerce retail. It would help small retailers expand their business through e-commerce medium and reduce the dominance of giants in the sector. It is a non-profit company, which is formulating a set of standards for voluntary adoption by sellers or logistics providers or payments gateway operators. ONDC will require an undertaking from each participant at the time of onboarding that it will comply with the policy in its entirety. "The Walmarts and Flipkarts of the world the Tatas, and Reliances of the world, everybody has a role in making ONDC a success. So, we would like to invite everybody to be part of this journey in a free and fair manner and nobody will be discriminated against. It is open to

90% workers expect pay rise in 2023, 78% received one in 2022: Report

Workers' expectations around the pay rises this year have skyrocketed in India, with 90 per cent of people interviewed are looking for a hike in salary, a report said on Monday. In India, 90 per cent of workers interviewed expect a pay rise this year and on average, close to 20 per cent of the employees surveyed are anticipating an increase of 4-6 per cent, followed by 19 per cent anticipating a 10-12 per cent hike, ADP Research Institute's - People at Work 2023: A Global Workforce View - report revealed. The report revealed that in India, 78 per cent of workers received a pay rise last year, and the hikes averaged 4-6 per cent. This year, even if there is an absence of salary hike in the country, a substantial 65 per cent of employees express a desire for some form of merit bonus, paid holidays or travel compensation, it stated. "Getting a pay rise has become increasingly important, particularly for those in lower- and middle-income brackets. With the rising cost of living, ...

World is looking at India, grasp this opportunity to grow exports: Goyal

Union minister Piyush Goyal on Sunday said the world is now looking up to India and its industries and this is the right time for entrepreneurs and industry players to grasp the opportunity and grow exports. Entrepreneurial abilities in the country with innovation, new ideas, new ways of marketing and branding products can unleash the true potential of the country, the Commerce and Industry Minister said while addressing the 49th India Gem and Jewellery Awards. "On April 24, I have a meeting with ministers of the European Free Trade Association (EFTA), consisting of four countries including Iceland, Liechtenstein, Norway and Switzerland, who are keen to negotiate with India. "Other Gulf countries and Russia are also keen to negotiate with India. The world is now looking up to India and its industries, and this is the right time for the industries and entrepreneurs to grasp the opportunity and grow exports," Goyal said. Further, Goyal said jewellery exporters have shown good promise

Govt to form ESG taskforce, finalise contours of PLI for textile: Goyal

The government will form an Environmental, Social, and Governance (ESG) taskforce for the textiles sector to enhance its credibility in view of India's own commitment to sustainability, Union Minister Piyush Goyal on Saturday. Talking to reporters, the Minister of Commerce & Industry and Textiles also said that the contours of the Production Linked Incentive (PLI) scheme for the textile sector will soon be finalised and taken up for approval at the higher level. The ESG taskforce which will look at environmental, social and governance issues in the textile sector as credibility is becoming more and more important and exporters shared that they were getting twice the value for the same product if it is a sustainable product. "We have discussed that textile will also contribute to that and this group will come up with suggestions which will help the textile sector become more sustainable in their current operations and also look for more opportunities in sustainable textiles," said .

Condemns people who spread negativity: Piyush Goyal on Malik remarks

Union Minister Piyush Goyal on Saturday said he condemns people who spread negativity and try to hinder the progress of the nation, alluding to critical remarks made by former Jammu and Kashmir governor Satya Pal Malik about the BJP-led central government. Goyal asserted that they are positive-thinking people. "Unfortunately, some people always think negatively and all the time try to stall the country's progress by misleading people. I completely condemn such people," he told reporters here. He was replying to a question about Malik in a media interview making critical remarks about the BJP-led Centre, especially regarding its handling of Jammu and Kashmir where he served as the last governor before the erstwhile state was bifurcated into Union territories. The Central Bureau of Investigation (CBI) has asked Malik to answer certain queries in connection with an alleged insurance scam in Jammu and Kashmir. This is the second time in seven months that Malik, who has served as the ..