Page 45 - Piyush Goyal

Goyal to chair meeting of national startup advisory council on Saturday

Goyal to chair meeting of national startup advisory council on Saturday

India-US goods & services trade doubled since 2014, surpasses $191 bn

Raimondo attended the meeting before leaving for the US on Friday. She had arrived in India on March 7 at the invitation of the Indian government

India, US ink MoU on semiconductor supply chain, innovation partnership

India and the US on Friday signed a memorandum of understanding (MoU) on semiconductor supply chain and innovation partnership during the Commercial Dialogue 2023 here, the commerce ministry said. On the invitation of Commerce and Industry Minister Piyush Goyal, the US Secretary of Commerce Gina Raimondo visited Delhi between March 7 and 10. During this visit, the India-US Commercial Dialogue was re-launched on March 10 to discuss cooperation for unlocking new trade and investment opportunities between the two countries, it said. "During the Dialogue, a MoU on establishing semiconductor supply chain and innovation partnership under the framework of India-US Commercial Dialogue was signed between India and US," it said. The MoU seeks to establish a collaborative mechanism between the two governments on semiconductor supply chain resiliency and diversification in view of the US's CHIPS and Science Act and India's Semiconductor Mission. It aims to leverage complementary strengths of

Rising significance of Indo-US trade ties

Since 2013-14, Indo-US bilateral merchandise trade doubled to $131 billion in 2022

ONDC to support small retailers against large tech-based e-com firms: Goyal

The Open Network for Digital Commerce (ONDC), a unified payments interface-type protocol, will help small retailers survive the onslaught of large tech-based e-commerce companies, Commerce and Industry Minister Piyush Goyal said on Monday. ONDC is an initiative of the ministry to help small retailers expand their business and reduce the dominance of e-commerce giants. It aims to build an open, interoperable network on which buyers and sellers can transact without needing to be present on the same platform. It offers small retailers an opportunity to provide their services, and goods to buyers across the country through an e-commerce system, where buyers will be able to purchase the products, which are sold on any platform. "ONDC will help our small retail survive the onslaught of large tech-based e-commerce companies," Goyal said here at an event on the retail sector. He said that the effort is to encourage small companies, and startups to integrate into the e-commerce ...

Goods and services exports may cross $750 bn-mark this fiscal: Piyush Goyal

India's goods and services exports are expected to cross USD 750 billion this fiscal despite the global economic uncertainties, Commerce and Industry Minister Piyush Goyal said on Saturday. In 2021-22, the country's goods and services exports touched an all-time high of USD 422 billion and USD 254 billion respectively, taking the total shipments to USD 676 billion. Last year we crossed a record USD 650 billion of goods and services (exports). This year, we are aiming for an even bigger recordWe have crossed last year's figure alreadyWe will hopefully cross USD 750 billion (this year), he said while speaking at the Raisina Dialogue here. Due to the global demand slowdown, India's exports contracted for the second consecutive month in January, dipping by 6.6 per cent to USD 32.91 billion. During April-January this fiscal, goods shipments rose by 8.5 per cent to USD 369.25 billion, while services exports were estimated at USD 272 billion in the period. The minister said that sectors

PM GatiShakti recommends 66 big-ticket projects worth Rs 5 trillion

PM GatiShakti to help in planning social infrastructure: 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.