Page 5 - Piyush Goyal

'No need to panic, negotiations underway': Piyush Goyal on Trump tariffs

Union Minister Piyush Goyal said there is never a fixed timeline for negotiations and they should be conducted patiently with a long-term perspective

Industry will pass on GST benefits to consumers, says Piyush Goyal

Commerce Minister Piyush Goyal confirms that industries will pass on the benefits of GST rate reductions to consumers and discusses plans to boost exports amid US tariff challenges

Goyal urges industry to pass on GST rate cut benefits to consumers

The industry must pass on to consumers the full benefits of the GST rate reductions, the "biggest ever reform" since India's independence, Union Minister Piyush Goyal said on Thursday. Union Commerce and Industry minister said the GST reforms would boost demand in almost all sectors, supporting the economic growth of the country. He urged the industry to encourage the sale of products made in India in a big way. The minister addressed a joint event of the 2nd edition of India MedTech Expo 2025 and IPHEX 2025, which is the 11th international exhibition on pharma and healthcare. He also spoke at Bharat Nutraverse Expo 2025. Talking about India's growth story, Goyal said the country in the next two years would become the third largest economy. India will grow from a USD 4 trillion economy to a USD 30 trillion economy by 2047. "Yesterday's reform in indirect taxes in GST, coming on the back of several initiatives over the last 11 years, is transformational in nature, significantly ...

Industry must pass on benefits of GST rate cut to consumers: Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal on Thursday described the reduction in GST rates as "game-changing" and the "biggest reform" since independence, as he asked the industry to pass on the full benefit to consumers. The minister said the GST reforms would boost demand in almost all sectors and support the economic growth of the country. He also asked the industry to promote Made in India in a big way. Addressing an event here, the minister said the reduction in GST would benefit every consumer. "Yesterday's reform in indirect taxes in GST, coming on the back of several initiatives over the last 11 years, is transformational in nature, significantly impacting the pharma sector, significantly impacting so many sectors, right from the farmer until our MSMEs," he said. "Every stakeholder in the country, every consumer, stands to benefit," Goyal added. Terming the GST reforms as "game-changing", the minister said the move would play an important role in the months and ye

Govt committed to safeguard exporters' interests, says Piyush Goyal

Government pledges policy interventions and trade support to ease impact of 50% US tariffs

Goyal assures help to exporters to deal with global trade uncertainties

Commerce and Industry Minister Piyush Goyal on Wednesday assured exporters to support them in dealing with steep tariffs imposed by the US, an official said. He also reaffirmed the government's commitment to safeguarding the interests of Indian exporters amid the evolving global trade scenario. He assured industry representatives that the government is actively engaged in creating an enabling environment to help exporters navigate recent challenges, the official said. The minister urged exporters to upgrade product quality, align with global standards, diversify supply chains, and explore alternate markets. These issues were discussed during a meeting convened by the commerce ministry with representatives of export promotion councils (EPCs) and industry associations to address rising global tariffs, explore solutions, and chart a path forward amid shifting trade dynamics. "He assured EPC and industry representatives that the government remains committed to providing a supportive .

India, US still in dialogue for bilateral trade deal, says Piyush Goyal

Piyush Goyal said India and the US remain in talks for a trade deal despite tariff frictions, even as India advances free trade agreements with the EU and other partners

AI offers huge opportunity, going to increase jobs: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Tuesday said Artificial Intelligence (AI) offers huge opportunities, and it is only going to increase jobs in the country. He also said, "I have told my office, every person at decision-making levels, has to have the latest version of AI, ChatGPT or whatever else is available, on their phones or their laptops. "So we are going to use it, but with a condition that any input they make should have at the bottom, that it has been generated or prepared with the support of AI...and has been validated for," he said here at an industry chamber event. The minister said that it is an idea whose time has come. India is a nation which is always willing to adopt new technologies, he said. He added that there will be a few naysayers who would write that technologies like AI would have a terrible impact on jobs. But, one should not be deterred by that, he said. "AI will have its role...there will be the problem of unethical use of AI, so human ...

India negotiating bilateral trade agreement with US, says Piyush Goyal

With five rounds concluded so far, India-US trade negotiations faced a pause as the US deferred its visit after imposing a 50 per cent duty on Indian goods from August 27

Piyush Goyal slams India Inc, says needs to step out of 'cosy comfort zone'

The commerce minister said Indian industry sees the large domestic market as a comfortable profit zone, and that it needed to re-evaluate its efforts at value addition

Will come up with measures to expand India's presence in global mkts: Goyal

The Union minister exuded confidence that the measures will ensure that India's exports in the current financial year will exceed that of last year's

Govt to soon bring various measures to boost exports: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Friday said the government will soon introduce various measures to expand the domestic outreach and global foray to boost country's exports. "I can assure each one of you that in the days ahead, the government will be coming out with a variety of measures to support every sector, both to expand the domestic outreach and look for complementarities in other markets around the world to expand our global foray so that this year, our exports will exceed last year's exports. "This year will define our self-confidence," he said here at an industry event. The government is working on support measures for exporters as the 50 per cent tariffs imposed by the US on Indian goods are expected to hurt certain labour-intensive sectors, including shrimp, leather, and footwear, as well as textiles. In 2024-25, India's goods and services exports touched an all-time high of USD 825 billion.

Qatar wants to negotiate trade pact with India, says Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Friday said Free Trade Agreement (FTA) with Oman will be finalised soon, and Qatar also wants to negotiate a pact with India. He also assured exporters of all support to deal with the current global uncertainties at the trade front, which was caused due to unilateral actions of a country. The government is in consultation with all the stakeholders, including Indian Missions abroad, for diversification of exports, he said. He added that domestic consumption will get a boost from GST reforms. "Our exports this year will be higher than last year," Goyal said at an event here. India's share in global trade is only about 2 per cent, and about 40 per cent of items of the total exports to the US are out of the ambit of 50 per cent tariffs, so the impact will be less. Free Trade Agreement with Oman "will be finalised soon," he said, adding "Qatar also wants to do a trade agreement", and Saudi Arabia is also keen. Goyal added that talks with

Festival season cheer on hold as auto buyers await GST relief and discounts

Festival offers are already running with benefits between ₹1.5 lakh and ₹2 lakh on some models

Piyush Goyal introduces Jan Vishwas Bill 2025 to ease doing business

The Bill seeks to amend 355 provisions across 16 central laws, with 288 decriminalised and penalties revised to reduce judicial burden and enhance ease of doing business

Govt mulling further FDI regime easing, more tax benefits for startups

The commerce and industry ministry is working on a 100-day reforms agenda which may include proposals such as further liberalising FDI regime, easing investments from neighbouring countries, and more tax benefits for startups, an official said. The proposals may also include easing certain environmental norms for the leather and footwear industry, liberalised rules to promote exports through e-commerce hubs, and integrating lab testing and certification requirements for various sectors, the official said. The government is embarking on the next 100-day agenda of transformation to take India on a fast track to developed nation. In Lokmat global economic convention, Commerce and Industry Minister Piyush Goyal said that in the next 100 days, the government will follow the clarion call given by Prime Minister Narendra Modi on August 15 to take India forward on a fast-tracked pathway. These proposals would help boost the country's exports and foreign direct investments (FDI). During ..

India negotiates trade deals firmly and on equal footing: Jitin Prasada

India negotiates free trade agreements with nations on an equal footing with adequate firmness, as the country has changed under the leadership of Prime Minister Narendra Modi, Minister of State for Commerce and Industry Jitin Prasada said on Wednesday. He said that India's economic growth is progressing rapidly. "When we do FTAs with different countries...we talk on equal footing. This is the new India. We put forth our point of view forcefully," he said. The minister was speaking at the inauguration of the newly-expanded ISA building of the Intellectual Property Office (IPO) in Dwarka here. His remarks come at a time when India is negotiating trade pacts with a number of countries including the US, European Union, Peru, Chile and New Zealand. With the US, five rounds of talks have been held so far. India has clearly stated that it can not compromise on agri, and dairy sectors, a key demand of the US. Inaugurating the building, Commerce and Industry Minister Piyush Goyal said .

India, Singapore to hold 3rd ministerial roundtable in Delhi on August 13

The 3rd round of the India-Singapore Ministerial Roundtable (ISMR) will be held in New Delhi on 13 August 2025, the Ministry of External Affairs (MEA) said on Tuesday.Indian Ministers who will participate in the 3rd ISMR are Nirmala Sitharaman, Minister of Finance & Corporate Affairs; S. Jaishankar, Minister of External Affairs; Piyush Goyal, Minister of Commerce and Industry; and Ashwini Vaishnaw, Minister of Railways, Information and Broadcasting, and Electronics and Information Technology.Ministers from Singapore who will participate are Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry; K. Shanmugam, Coordinating Minister for National Security and Minister for Home Affairs; Vivian Balakrishnan, Minister for Foreign Affairs; Josephine Teo, Minister for Digital Development and Information; Tan See Leng, Minister for Manpower; and Jeffrey Siow, Acting Minister for Transport.Envisioned by Prime Minister Narendra Modi, ISMR is a unique mechanism for setting .

Trump signals no more trade talks, Piyush Goyal says parleys still on

Commerce minister confident India's FY26 exports will exceed last year's tally

India will emerge stronger amid US tariffs, says Goyal as trade talks go on

Commerce Minister Piyush Goyal said India is in negotiations with the US, EU and others for trade agreements, aiming to exceed last year's $825 bn exports despite tariff challenges