Page 46 - Piyush Goyal

Traders boycott Chinese goods, CTI asks Piyush Goyal to amend import policy

The Chamber of Trade and Industry (CTI) wrote to Union Commerce Minister Piyush Goyal urging him for a change in the import policy and to make it mandatory to write the country of origin on every item

Wheat stockpiles above buffer stock norm as of Oct, says Piyush Goyal

India's stockpile of wheat was above the buffer stock norm at the last scheduled count on October 1 and the next such quarterly review which takes into account seasonal procurement cycle, will be due on January 1. According to a written reply to a question in Rajya Sabha by Food and Consumer Affairs Minister Piyush Goyal, the minimum buffer requirement changes every quarter, peaking on July 1 when procurement of Rabi crop ends. It dips to the lowest on April 1 as accumulated stocks get released for beneficiaries of government schemes ahead of the new crop coming in. As per the reply, India's wheat stock was 227.46 lakh tonnes on October 1, 2022, as compared to the buffer norm of 205.20 lakh tonnes. The stockpile has since dwindled to 190.27 lakh tonnes as on December 1, 2022, primarily due to the release of foodgrain for supply to poor beneficiaries while hardly any procurement was added to the stockpile. At the next count on January 1, the buffer requirement of wheat is 138 lakh

Countries eager to sign FTAs with India: Piyush Goyal in Rajya Sabha

Countries across the world are looking at India as a trusted partner and want to sign free trade agreements with it after its emergence as a strong force in the world, Textile Minister Piyush Goyal said in the Rajya Sabha on Friday. He said talks are underway with the European Union, Gulf countries, Canada and the United Kingdom for free trade agreements (FTA) and the FTAs with two developed economies of the UAE and Australia will be enforced in this year alone. Replying to supplementaries during the Question Hour, the minister said it is true that in last few years, Bangladesh and Vietnam have made progress in the field of cotton textiles and garments. Bangladesh is still the least developed country (LDC) and will remain so till 2026 and because of that it gets duty free access in all world markets, he noted. Similarly, Vietnam has a FTA with the European Union due to which they get duty free access to the big market while our garments attract 9 to 10 percent duty in EU markets,

Quality control order to control inferior silk import on the cards

The minister's comments were in response to a question of poor quality silk coming into the country from China

Govt consideing quality control order for silk import: Piyush Goyal

The government is considering to bring quality control order for silk with an aim to contain import of the sub-standard product and boost domestic industry, Commerce and Industry Piyush Goyal said on Thursday. Earlier, the Ministry of Commerce and Industry has rolled out these Quality Control Orders (QCOs) for a host of goods such as household refrigerating appliances, certain steel and cable items, toys, and bicycles' retro reflective devices. The items, under these orders, cannot be produced, sold/traded, imported and stocked unless they bear the BIS mark. "We are thinking of bringing in quality control order on this (silk) to contain import of sub standard silk," Goyal told reporters here. He was replying to a question about concerns of industry on import of silk from China. The minister was here to participate in the two-day textiles conclave. India is the second largest producer of silk in the world. The four major varieties of silk produced in India include Mulberry, Tussar

India will aim to achieve $100 bn export target for textiles by 2030: Goyal

Citing the case of the FTA negotiations with the United Kingdom, Goyal said the country had a 9 per cent duty on different items and if that goes away, it will benefit the sector, he said

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Success rate of startups in India higher than rest of world: Goyal

The success rate of startups in India is relatively higher than the rest of the world and there were 84,012 recognised startups in the country at the end of November, Union minister Piyush Goyal said on Wednesday. To boost the startup ecosystem, the government launched the Startup India initiative on January 16, 2016, and an action plan was also put in place. "Startups are prone to failures is a very high probability. Though I must say, the success rate of startups in India is relatively higher than the rest of the world...," the minister told the Lok Sabha during the Question Hour. The number of recognised startups has increased from 452 in 2016 to 84,012 as on November 30, 2022, the minister said. The Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme (SISFS) and Credit Guarantee Scheme for Startups (CGSS) extend support to startups at various stages of their business cycle. The Startup India Seed Fund Scheme has been approved for four years starting from 2021-22 a

India and UK look to fast-track free trade agreement negotiations

Sixth round of negotiations begins in New Delhi after a four-month hiatus

UK trade minister in India to kickstart sixth round of FTA talks

UK Trade Secretary Kemi Badenoch arrives in New Delhi on Monday to kickstart the sixth round of free trade agreement (FTA) negotiations and hold bilateral talks with her Indian counterpart Piyush Goyal. The new round marks the first formal meeting between the India-UK negotiating teams since July and the first since Rishi Sunak took charge as British Prime Minister. His Trade Secretary will address both teams of senior negotiators ahead of the sixth round of formal negotiations, scheduled to take place throughout the week. I'm here in New Delhi to kickstart round six of UK-India trade negotiations and meet my counterpart (Commerce and Industry) Minister Goyal in person to drive progress on this agreement, said Badenoch. Both nations have come to the table with the very highest of ambitions and a willingness to work together towards a mutually beneficial deal. I'm excited about the opportunities we can create for British business, she said. India and the UK are the 5th and 6th bigg

Nation must know how dependent it has become on those with hostile interest

Commerce minister Piyush Goyal on Friday said India has become dependent on a country which has "inimical interests" and it is important that it realises this. Replying to supplementaries during question hour in the Rajya Sabha, he said the high trade deficit of USD 48.5 billion in trade between India and China inherited in 2013-14 cannot be ignored and the government is now taking steps to promote domestic manufacturing sector. He said the India-China trade in 2000-2001 was barely USD 2 billion and that position continued till 2002-03 where it increased at best to about USD 5 Billion. "At that time the trade deficit was just about USD 1 billion. I don't know what happened after that, but suddenly after 2003-04 the USD 1 billion trade defict over the next ten years increased to USD 36 billion in ten years," he told the house. The entire country, he claimed, became a large marketplace inviting sub-standard, opaquely priced, non-transparent valued goods into the country in a big ...

More sectors to be covered under PLI scheme soon, says Piyush Goyal

"PLI gives the kickstart, but then the industry has to move on its own strength, he said

We must look for newer markets for Indian millets: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Monday called for looking at newer markets for Indian millets to push exports. He also said that there is a need for more research and focus on standards for the sector. "We must look for newer markets and destinations. Research is required to see newer varieties," he said here at an international buyer-seller meet on millets. The minister also called for greater participation of industry besides focusing on boosting productivity of millets. Millets help in reducing carbon emission besides promoting growth of agriculture. "Let's become the global capital of millets," he added. Speaking at the event, Commerce Secretary Sunil Barthwal said that there is a huge scope to boost millet exports from India. "We can achieve the target of USD 100 billion in 2-3 years from USD 15 million, he said. He said that the ministry will be organising several such buyer-seller meets in India and abroad to promote millets. "I am sure the culture of gro

Firms' PAN to be identifier for govt single window clearance system

PAN database has relevant information about companies, says commerce minister Piyush Goyal

Delhi municipal corporation polls: Campaign for elections to end today

The campaign for the high-profile MCD elections will come end on Friday, with top campaigners, including Chief Minister Arvind Kejriwal, Union ministers like Piyush Goyal and Hardeep Singh Puri, reaching out to voters in full swing through public meetings and roadshows. The voting for the Municipal Corporation of Delhi polls will be held on Sunday and counting will take place on December 7. The BJP will be holding 210 programmes on Friday and the party's senior ministers Puri, Goyal and Anurag Thakur along with Uttarakhand Chief Minister Pushkar Singh Dhami, Deputy Chief Minister of UP Keshav Prasad Maurya will be holding roadshows to woo the voters. Earlier, Kejriwal attacked the BJP over their power-packed campaign saying they have invited seven of its chief ministers, one of its deputy chief ministers, and 17 Union ministers to campaign in the MCD elections and to attack an ''aam aadmi'' like him. The Aam Aadmi Party, on the other hand, has also witnessed its star campaigners, .

India-Australia free trade agreement to come into force from Dec 29

Trade between the two countries is expected to cross $45-50 bn in five years

235 critical road infrastructure projects shortlisted under GatiShakti

These would be for immediate execution and be overseen by MoRTH

Handicraft far superior than machine-made products, exports rising: Goyal

Piyush Goyal said that the country's handicraft exports have been rising steadily and were far superior than any machine-made products

India-GCC grouping expects to revive free trade agreement negotiations

Launch date of negotiation not divulged

India, GCC agree to pursue Free Trade Agreement; resume talks: Piyush Goyal

India and the Gulf Cooperation Council (GCC) have agreed to pursue a free trade agreement (FTA) between the two regions and resume the negotiations, Commerce and Industry Minister Piyush Goyal said on Thursday. GCC is a union of six countries in the Gulf region -- Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain. The council is the largest trading bloc of India. India's exports to the GCC member countries grew by 58.26 per cent to about USD 44 billion in 2021-22 against USD 27.8 billion in 2020-21, according to data from the commerce ministry. Bilateral trade in goods has increased to USD 154.73 billion in 2021-22 from USD 87.4 billion in 2020-21. Services trade between the two regions was valued at around USD 14 billion in 2021-22, with exports aggregated at USD 5.5 billion and imports at USD 8.3 billion. "We have agreed to pursue the free trade agreement between the GCC and India and resume the negotiations and conclude the same at the earliest," Goyal told reporters here i