Page 48 - Piyush Goyal

'Centre looking at PLI 2.0 for textiles to make it globally competitive'

The government is considering the second phase of the Production Linked Incentive scheme for the textile sector to help the industry compete with top exporting countries like China and Vietnam, Union minister Piyush Goyal said on Tuesday. The minister for textiles and commerce and industry instructed officials of the ministry to undertake extensive and exhaustive stakeholder consultations before finalising the contours of PLI 2.0. He asked them to make PLI 2.0 robust and emphasised that PLI 2.0 would empower the sector to compete globally with top exporting countries like China, Vietnam, an official statement said. Chairing a review meeting of PLI for textiles, Goyal interacted with beneficiaries and asked the textile industry to strive to move up the value chain and focus on products of high value. Textile industry has immense potential to accelerate job creation, exports and growth, he said. Goyal emphasised that the textile sector's USP (unique selling point) should not be ...

Valuation of startup ecosystem nearly Rs 3 trillion, says Piyush Goyal

The valuation of the startup ecosystem in the country is nearly Rs three lakh crore, Union Commerce and Industry Minister Piyush Goyal said on Saturday. "...the fact that we are probably 110-plus unicorns, about 75 or so soonicorns which are on their way to become unicorns, is truly a remarkable achievement. The last time we did a valuation of our startup ecosystem, it came to about USD 368 billion, that's nearly three lakh crore rupees," he said. Goyal said there are over 80,000 startups in the country registered with the Industry Ministry. "We have about over a million people directly engaged by them. Must be many million more who are indirectly involved in the entire startup ecosystem. Over a 110 unicorns," he said. He spoke about the various initiatives taken by the government to promote the startups. The government is also strengthening the patent offices and everything is going to be online, he said. He was replying to a query on what is being done to boost the startup ...

Foreign trade vital in making India a $30 trillion economy: Piyush Goyal

Union Minister for Commerce and Industry Piyush Goyal said here on Friday that foreign trade would become a truly defining feature that would help India become a USD 30 trillion economy in the Amrit Kaal. "We have reached that inflection point, we are at the cusp, where we are going to take off. If we have the ambition to be at least ten times in the next 25 years...we are looking to cross the USD 30 trillion economy with a per capita GDP of 15,000 dollar," Goyal said. Speaking as the guest of honour after inaugurating the third campus of the Indian Institute of Foreign Trade-Kakinada, along with Union Finance Minister Nirmala Sitharaman, Goyal noted that foreign trade would become a truly defining feature in the years to come "as we work in the Amrit Kaal in the next 25 years and progress towards a developed India." "Amrit Kaal, leading to the 100 years of Indian Independence, will determine the future of our children and generations to come. You are the main stakeholders in this .

India's textiles sector eyeing $100-billion exports in 5-6 years: Goyal

The minister said that last year, textile export was approximately USD 42 billion, while the target is to achieve USD 100 billion by next 5-6 years

FTA well on track, will wait and see: Piyush Goyal after Truss resigns

Union Commerce Minister Piyush Goyal Thursday said India will wait for the change in leadership before formulating a strategy vis a vis the UK.

We will have to wait and watch political developments in UK: Piyush Goyal

India's talks with the UK on the proposed free trade agreement is well on track, but New Delhi will have to "wait and watch" the ongoing political developments in Britain, commerce and industry minister Piyush Goyal said on Thursday. Embattled British Prime Minister Liz Truss has resigned as the Conservative Party leader saying she can no longer deliver the mandate she was elected on last month, ending her humiliating tenure at 10 Downing Street on her 45th day in the job following an open revolt against her chaotic leadership. The 47-year-old outgoing prime minister will stay in charge until her successor is elected by the governing Tory party, with a speeded-up leadership election to be completed by next week. "We will have to wait and see...what happens, whether they have a quick change of the leadership, whether it goes to the whole process...So let us see who comes into the government and what their views are. It's only after that we will be able to formulate a strategy vis a v

India will achieve $2 trillion export target by 2030: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Sunday expressed confidence that the country will achieve the export target for goods and services to USD 2 trillion by 2030. The minister was speaking at the Exporters Conclave held at Chennai. Goyal emphasised on sustaining the export momentum and said that he is confident that Indian exports will be able to wither the global headwinds and will surpass growth in exports by a big margin. He also said that by 2047, the country will become a USD 30 trillion economy with 25 per cent share in exports. By the year 2030, exports from India will be USD 2 trillion, he said. The industry participants were assured that the government is committed to addressing the issues raised by them. Speaking at the event, A Sakthivel, President, Federation of Indian Export Organisations (FIEO) said that Indian exporters have good opportunities for exports to Russia and the EU despite recessionary trends visible there. He said that there would be about US

CM Mamata befooling people: Suvendu Adhikari in a letter to Piyush Goyal

Bhartiya Janta Party MLA from Nandigram, West Bengal Suvendu Adhikari on Saturday wrote a letter to the Minister of Consumer Affairs, Food and Public Distribution, Piyush Goyal, indicting Chief Minister of West Bengal Mamta Banerjee of "befooling people by renaming the schemes 'already' launched by Central Government".While taking a dig out at Mamta Banerjee's Festive Schemes, Suvendu wrote, "I would like to draw your kind attention towards a specific publicity material published and displayed by the Department of Food & Supplies: West Bengal Government". This poster, a copy of which has duly been annexed herewith. provides information about a 'Festive Scheme' made available to the AAY (Antyodaya Anna Yojana) & SPHH (State Priority Ration Card) Ration Card holders for a limited time period starting from 23rd September 2022 till 30th October 2022.""The message which is being circulated by the Chief Minister Mamta Banerjee, the Department of Food & Supplies; West ...

Supply information on time, don't seek repeated adjournments: Piyush Goyal

Commerce and industry minister Piyush Goyal on Saturday asked applicants of intellectual property rights to suggest their lawyers to submit all the information on time and not create unnecessary hurdles in granting IPRs. Intellectual property rights (IPRs) are exclusive legal rights provided under a law to a creator or inventor of a unique product to protect that invention for a specified period of time. These rights include patents, trademarks and geographical indications (GIs). "Please ask your lawyers not to seek adjournments. We are shortly going to change that rule to make it onerous for those who are asking for adjournments repeatedly or are not submitting the data in time. Somebody not submitting the data in a reasonable time, we can even reject the application and send it back Please supply the information in a timely manner," Goyal said. He was addressing participants of the National IP conference and awards function, organised by the department for promotion of industry an

BIS should emerge as global player in field of standardisation: Goyal

Food and Consumer Affairs Minister Piyush Goyal on Friday said the Bureau of Indian Standards (BIS) should emerge as a global player and a pioneer in the field of standardisation. As standards are the key pillar of growth and are the new patents in the present times, the minister said BIS should become a benchmark for quality control, quality assessment and quality assurance. The BIS is a statutory organisation under the Bureau of Indian Standards Act, 1986. "BIS as the national standard body should act as a facilitator for the industry by formulating Standards that support zero defect, zero effect and should emerge as a global player and pioneer in the field of standardisation," Goyal said in his video address at an event organised to commemorate the World Standard day. The minister also asked the stakeholders to make India a quality conscious nation and make Indian quality a matter of pride for every citizen. Minister of State for Consumer Affairs Ashwini Kumar Choubey appreciat

BIS should help facilitate zero defect, zero effect policy: Piyush Goyal

Hopes bureau will emerge as a global player and pioneer in standardisation, says standards are the new patents and those who control them, control markets, prices, manufacturing and innovations

India pushes for settlement of international trade in rupee with Sudan

In July, the RBI had unveiled a mechanism to settle international transactions in rupee to promote the growth of global trade, with emphasis on exports from India

PM GatiShakti has potential to save Rs 10 trn annually, says Goyal

Commerce and Industry Minister Piyush Goyal on Thursday said that PM GatiShakti National Master Plan has the potential to save over Rs 10 lakh crore annually by improving logistics efficiency

Ministry proposes to decriminalise law on collection of statistics

No imprisonment for offences like obstructing or deceiving officers, but fines will be increased

Piyush Goyal urges BSE to set up interface with startup ecosystem

Commerce Minister Piyush Goyal on Monday urged the Bombay Stock Exchange (BSE) to create an interface with the startup ecosystem

Goyal urges small businesses to look at dual listing by tapping Gift City

Commerce and Industry Minister Piyush Goyal on Monday urged small businesses to consider dual listing to widen their capital raising options. The minister said small companies have the option to list on the main bourses' SME platforms and also on the Gift City in Gandhinagar. Speaking at an event to mark the 400th listing on the BSE's SME platform, he said there is a need to tap into more sources of capital as that can give a fillip to the small business sector. Possibly you can look at the International Financial Services Centre at the Gift City. We also need to see whether we can encourage some of these companies to explore getting listed through the Gift City platform or a dual listing between Mumbai and the Gift City, he said, adding the same option can also be explored by companies looking at overseas listing. Dual listing will help tap into domestic capital and also the international funds which have set shop or are in the process of doing so at the Gift City, he said. It wo

Govt, industry should work to make India a much larger economy: Goyal

Union Minister Piyush Goyal on Friday said the government along with the industry should work on a bigger goal to make India a developed country and aspire to become a much larger economy by 2047. If we all put our best foot forward and aspire for double-digit growth, we can be much bigger, he said addressing FICCI's National Executive Committee Meeting. Speaking on inflation, Goyal said that over the last eight years including the current slightly elevated levels, the CAGR inflation is under 4.5 per cent through our tenure. When the other countries have double-digit inflation, India continues at moderate 7 per cent. There is monitoring of prices by the government on a daily basis. We are looking at, in the next few months, inflation coming back within the RBI's band of 2-6 per cent," he added. The Minister for Commerce and Industry highlighted that India has tremendous potential with a large talent pool both to encourage design manufacturing services and the manufacturing eco-syst

India won't yield on national interest to meet FTA deadlines: Piyush Goyal

Comments come a day after UK home secretary cast doubts over the proposed FTA with India over the issue of migration, and branded Indians as the largest group who overstay their visas

Quality will define India in time to come, says Union Minister Piyush Goyal

Union Minister of Commerce and Industry Piyush Goyal asked the Quality Council of India to strive to bring about a convergence of all the various quality and standards organizations in the country

Goyal asks industry to follow quality standards to help build 'Brand India'

Union minister Piyush Goyal on Thursday asked the industry to ensure their products meet international quality standards and help build a 'Brand India' as the country aims to become a developed nation by 2047. Addressing an event organised by the Quality Council of India (QCI), Commerce and Industry Minister Goyal also called for convergence of various quality certification related organisations whether it is FSSAI, the BIS, the Rail or Defense establishments. "I would urge the ministry as well as QCI to work to bring in convergence...so that the investment environment that we have created can go from strength to strength and can help India achieve our mission of becoming a developed nation by 2047," he said, and added quality will define 'Brand India'. Speaking at another event organised by the Institute of Chartered Accountants of India (ICAI) earlier in the day, the minister stressed that more women should take up the profession of chartered accountancy. He called upon Chartered