Page 47 - Piyush Goyal

Global uncertainty could have implications on India's exports: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Thursday said the ongoing global uncertainty and recessionary trends could have some implications on India's exports. He, however, said that services exports have huge potential for growth. Given the global situation, India is still the bright spot in the world, the minister said. In times of uncertainty and when there is talk about recession at the world level, it is natural that there would have some consequences for India and there is a possibility of some weakness in our exports as well, he said at the Times Now Summit 2022. India's exports entered negative territory after a gap of about two years, declining sharply by 16.65 per cent to USD 29.78 billion in October, mainly due to global demand slowdown, even as the trade deficit widened to USD 26.91 billion, according to data released by the commerce ministry. Key export sectors, including gems and jewellery, engineering, petroleum products, ready-made garments of all textiles, ..

Make best use of India-Aus trade pact, Goyal tells steel industry

Commerce Minister Piyush Goyal on Tuesday urged the domestic steel industry to make best use of the India-Australia Economic Cooperation & Trade Agreement (ECTA) Agreement and look at capturing new opportunities in Australia.

Collaborate with institutions to find an alternative of coking coal: Goyal

The availability of coking coal is a major challenge for the domestic steel sector and the industry should collaborate with eminent institutions like IITs to undertake research to find alternate solutions, Commerce and Industry Minister Piyush Goyal said on Tuesday. The industry needs to become self-reliant on coking coal to remove India's dependency on a few countries for the key raw material for steel makers, he added. "Coking coal is a matter of concern for the industry. We can look at investments and alternatives. You can find solutions for its alternatives. I would urge the industry to research with our IITs or the Indian Institute of Science. It is the need of the hour to become self-sufficient," Goyal said here at a steel conclave. The government is preparing a 'coking coal mission' to diversify the sources of key steel-making raw material, for which the country is heavily dependent on imports. India imports around 90 per cent of its coking coal requirement. Coal with high a

India-UK trade pact high priority; next round of talks slated in Dec: Goyal

The proposed free trade agreement (FTA) between India and the UK is a high priority for both the countries and the next round of negotiations for the pact is slated to happen next month, commerce and industry minister Piyush Goyal said on Tuesday. He said that things are progressing well and it will yield good results. "We are all very well aware that it was progressing very fast until we had a little bit of a blip because of political happenings in the other country. Fortunately, we have a stable government. I believe in office now (in the UK) and I am already in touch with my (UK) counterpart. We are working together to possibly have an in person meeting also very soon but our teams are already engaged. Next month, the next round of negotiations are slated to happen," Goyal said here at a steel industry event. He said that industry support is required for the agreement and it should be a fair, equitable and balanced FTA. He also said that there should not be any strict timelines

India on its way to become $30 trn economy, developed nation by 2047: Goyal

Piyush Goyal said that ONDC is a game-changing initiative, which aims to democratize e-commerce to give equal opportunity to start-ups and young entrepreneurs

ONDC a 'game-changer' in democratising e-commerce business: Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal on Friday exuded confidence that the Open Network for Digital Commerce (ONDC), a Unified Payments Interface-type protocol, would democratise the e-commerce businesses by onboarding six crore small retailers. Addressing reporters here, Goyal said, The ONDC has that ability to transform the e-commerce sector not only in India, but also in the whole world because, like UPI, it will democratise or make e-commerce available to the common man and connect the 60 million or six crore small retailers all over the country." The ONDC was launched in five cities in April. The ONDC will offer small retailers an opportunity to provide their services, goods, products to the buyers across the country through an e-commerce system, where buyers will be able to purchase the products, which are sold on any platform, Goyal explained. He added that the sellers on any one platform will have the ability to sell to buyers coming on to any platform. So ...

In ODOP push, Centre asks states to onboard most products on GeM

G20 Presidency an opportunity to showcase ODOP products

Coffee exports double to Rs 3,312 cr during Apr-Sept period: Piyush Goyal

The country's coffee exports almost doubled to Rs 3,312 crore during April-September this fiscal against Rs 1,657 crore in the same period of 2013-14, Commerce and Industry Minister Piyush Goyal said in a tweet. "Indian coffee exports (are) hitting new milestones. India's exports of coffee rose to almost two times in April-September 2022 over the same period in 2013," he said. India is Asia's third-largest producer and exporter of the commodity. India ships both Robusta and Arabica varieties, besides instant coffee. Italy, Germany and Belgium are among the major export destinations for Indian coffee.

Goyal calls for self-regulation within entertainment industry on content

Commerce and industry minister Piyush Goyal on Thursday asked the entertainment industry to self-regulate content of programmes on televisions and over-the-top (OTT) platforms as some of them are beyond acceptable standards within the Indian cultural landscape. He said that some form of self-regulation and some levels of decency in the presentation of India, Indian families and culture needs to be there. "I do believe that some form of self-regulation within the media and entertainment industry is called for. On the one hand, we talk of our culture, rich tradition, our heritage, our family value systems and on the other hand, some of what we see on television and OTT platforms, certainly is beyond what is ordinarily acceptable standards within the Indian cultural landscape," the minister said. He wondered if any of the Indian families use the kind of language that is sometimes reflected on some of these OTT shows. "I do not know if it helps in sell your product any better. I suspec

India to start talks for new FTA with a region next week: Piyush Goyal

India will be launching negotiations for a free trade agreement (FTA) with a region next week, Commerce and Industry Minister Piyush Goyal said on Wednesday. He said that negotiations are going on with countries, including the UK, European Union, Canada and Israel. "Next week, we will be launching one more very important FTA," Goyal said here at a function of consumer electronics. Though the minister did not disclose the name of the region, there is a likelihood that the talks may start with the Gulf Cooperation Council (GCC) as the region was keen to increase economic engagement with India. GCC is a union of six countries in the Gulf region -- Saudi Arabia, UAE, Qatar, Kuwait, Oman and Bahrain. India has already implemented a free trade pact with the UAE in May this year. In a free trade agreement, two countries or regions either significantly reduce or eliminate customs duties on a maximum number of goods traded between them. Besides, they also ease norms to promote trade and .

Goyal calls for IITF-like fairs for showcasing swadeshi capabilities

This year, India's largest annual fair will see the participation of nearly 2,500 exhibitors from India and abroad

Every campus must become incubators for startups, promote innovation: Goyal

Campuses of all the institutes under commerce and textiles ministries should become incubators for startups and look for ways to promote innovation and entrepreneurship in the country, Union Minister Piyush Goyal said on Saturday. He suggested this while interacting with the heads and senior faculty members of the Indian Institute of Foreign Trade (IIFT), Indian Institute of Packaging (IIP), National Institute of Design (NID), National Institute of Fashion Technology (NIFT) and Footwear Design and Development Institute (FDDI) here. The minister also said these institutions should significantly increase their student intake. "The minister called for improving campus placements by marketing ourselves better to the world. He asked the institutions to introspect if their education is tailormade to cater to the needs of tomorrow," the commerce ministry said in a statement. The minister suggested considering having common campuses for more effective utilisation of resources and thinking

India-US bilateral trade may reach $500-600 billion by 2030: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Saturday exuded confidence that the India-US bilateral trade in goods and services will reach USD 500-600 billion by 2030 as their relation continues to strengthen. The trade between the two countries stands at about USD 175 billion at present. On whether India will join the trade pillar of 14-member Indo-Pacific Economic Framework for Prosperity (IPEF), Goyal said it would depend on what India will get in return. While 13 member countries have joined all four subjects -- trade, supply chains, clean economy and fair economy-- under IPEF, India has opted out of the trade pillar as of now. It has joined the other three subjects. "With regard to joining the trade pillar of IPEF, India decides its strategy on its own terms...If you want binding commitments (from India) on different subjects, tell me what I am getting in return. It has to be good for my people and my country. What you give me in return will determine whether I will join t

Piyush Goyal pitches for PPP model to revamp Cottage Emporium

Union Minister Piyush Goyal has directed officials to explore the possibility of a public private partnership (PPP) in revamping the Cottage Emporium and expanding its business. The textiles minister was inspecting Central Cottage Industries Emporium, a retail outlet under Central Cottage Industries Corporation (CCIC), on Thursday. He emphasized on promoting Indian craft globally by providing a modern and viable marketing platform. "Goyal appreciated the repository of handloom and handicraft products showcased from all over India, representing rich heritage including One District One Product (ODOP), GI tagged products and languishing crafts," a textiles ministry statement quoted him as saying. He applauded Cottage Emporium for being India's window to the world for offering high quality assortment of Indian handicraft and a collection of masterpieces made by skilled artisans and weavers, it added. Goyal laid emphasis on the importance of promoting Indian craft and weaving tradition

Piyush Goyal co-chairs India-US CEO Forum with US Commerce Secretary

Commerce Minister Piyush Goyal on Wednesday co-chaired the India-US CEO forum along with US Secretary of Commerce Gina Raimondo

Freight Corridor, Bullet Train projects got delayed due to MVA govt: Goyal

Union commerce minister Piyush Goyal on Tuesday alleged that the Dedicated Freight Corridor (DFC) and Ahmedabad-Mumbai Bullet Train projects got delayed due to an "unethical" government in Maharashtra. He was referring to the previous Maha Vikas Aghadi or MVA coalition government which had Shiv Sena, Nationalist Congress Party and Congress as its main constituents. The DFC project picked up pace after the Bharatiya Janata Party came to power at the Centre in 2014, Goyal said. "Had a party (Shiv Sena) in Maharashtra not betrayed us and formed a totally unethical government, three years may not have been wasted. Even the Bullet Train project would have progressed rapidly. That government wasted our three years. They did not let the project (DFC) move forward," said the BJP leader, addressing a gathering of professionals here. The Uddhav Thackeray-led Sena parted ways with the BJP in 2019 and joined hands with NCP and Congress. The event in Vadodara was organised by the ruling BJP as

Piyush Goyal asks exporters make price adjustments to retain market share

A temporary change in pricing will help them accommodate short-term challenges, an official statement says; minister reviewed sectoral progress in exports with EPCs and Industry bodies

Need to fastrack clearance of patents filed by govt-related bodies: Goyal

Union Minister Piyush Goyal has directed officials to fastrack the clearance of patents filed by government-related bodies in a time-bound manner. Goyal also asked them to explore the possibilities of merging Textile Research Associations (TRAs) or fostering partnerships among TRAs engaged in similar kinds of research to bring synergy among these bodies. The minister for Textiles instructed that the quarterly engagement of TRAs with the ministry be institutionalised. We must encourage startups and young scientists in the niche areas like technical textiles, Goyal said during a review meeting of TRAs on Thursday. He asked textile research associations to submit proposals to the ministry for any support they require to reach world-class levels of state-of-the-art labs, and modern machinery, amongst others. The Bureau of Indian Standards could provide necessary support in modernising the labs of TRAs, he added. "In consonance with the vision to foster innovation and drive science-ce

Goyal holds consultations with SEZ stakeholders on work from home facility

The commerce ministry on Friday held discussions with stakeholders of Special Economic Zones (SEZs) on the issue of work from home facility. The consultations assume significance as the ministry is considering to allow 100 per cent Work From Home (WFH) for employees of units in SEZs. In a tweet, the office of Commerce and Industry Minister Piyush Goyal said, he "held consultations with SEZ stakeholders over Work from Home facility. With the hybrid model here to stay, the government is working to provide flexibility and create jobs in small cities to boost exports and fuel growth". At present, WFH is permitted for a maximum period of one year in a SEZ unit and can be extended to 50 per cent of the total employees. Meanwhile, Goyal also held a meeting with Taiwan's Deputy Minister of Economic Affairs Chern-Chyi Chen. "Discussed enhanced cooperation in several areas of mutual interest and explored ways to further boost bilateral trade and investments between India and Taiwan," a sepa

Govt mapping laboratories to plug gaps, modernise them: Piyush Goyal

The government is mapping all laboratories in the country in a bid to plug the critical gaps and modernise them to make India a quality-conscious country, Food and Consumer Affairs Minister Piyush Goyal said on Thursday. State-run Bureau of Indian Standards (BIS) has already mapped 3,000-odd NABL-accredited non-diagnostic laboratories in the country. It is mulling how to map the non-accredited non-diagnostic labs set up by PSUs, industries and education institutes like IITs. Addressing a day-long seminar on 'Emerging global trends in laboratories for self-reliant India', Goyal said: "Unless we are leaders in quality, we will not be able to become a developed nation and leverage the fruits of international engagement that we are trying to expand." The time is right to engage with the private sector to build a roadmap to make India a "quality-conscious country" by strengthening infrastructure, adopting modern technology and focusing on sustainability. "We have started the process of