Page 50 - Piyush Goyal

Top Headlines: Petro products export share rises; RBI rate hike, and more

With the price index surprising on the upside in August, many analysts have pencilled in a higher inflation print in September as well and accordingly expect the RBI to frontload policy rate hikes

Goyal warns automakers against forcing component makers to import

Goyal's remarks disconcerted automakers and their suppliers.

Open Network for Digital Commerce: What does it mean and how will it work?

ONDC, which is being developed to tackle the duopoly of Amazon and Flipkart in the Indian e-commerce market, will use open specifications and network protocols independent of any one platform

Centre considering 100% WFH across all SEZ units, says Piyush Goyal

The move is expected to create employment opportunities in small cities and increase the export of services

PM Modi to release national logistics policy on Sep 17, says Piyush Goyal

Prime Minister Narendra Modi will release the national logistics policy on September 17, which is aimed at promoting seamless movement of goods across the country, Commerce and Industry Minister Piyush Goyal said on Tuesday. The policy is expected to focus on several areas such as process re-engineering, digitisation, and multi-modal transport. In 2020, the government, in the budget, had announced that it will soon release the national logistics policy. The move assumes significance as high logistics cost impact competitiveness of domestic goods in the international market. "On September 17, the prime minister is going to release the country's logistics policy," Goyal said here while addressing the members of the Board of Trade. The government has emphasised on the need to reduce logistics cost in the country from the current levels of 13-14 per cent of GDP. According to the commerce ministry, the sector is complex with more than 20 government agencies, 40 PGAs (Partner Governmen

Rupee shown more resilience than other currencies in recent years: Goyal

Indian rupee has shown more resilience than most of the other currencies in recent years and the compounded average growth rate of depreciation is lower as compared to pre-2014, commerce and industry minister Piyush Goyal has said. He also said that exporters should not be dependent on a depreciating rupee and they should stand on their own based on the quality of products and ability to serve the needs of customers in the global markets. "I do not think there is any comfortable or uncomfortable level for the rupee. Rupee finds its own place. It's a function of several natural factors -- a function of inflation, capital flows and the risk-reward ratio in each country. I am happy that the Indian rupee has shown more resilience than most of the currencies in recent years," Goyal said in a media interaction. To a query on what could be the comfortable level of the rupee where it does not hurt imports, and make exports competitive, the minister said: "If you look at the Indian rupee ...

Report to restructure commerce ministry under study: Piyush Goyal

The commerce ministry is in the process of studying in greater detail the report on its restructuring and there is a plan to set up a trade promotion body, Union minister Piyush Goyal said on Sunday. The ministry is working to redesign the Department of Commerce as India is targeting exports of goods and services to USD 2 trillion by 2030. The restructuring rests on pillars like increasing India's share in global trade, assuming leadership roles in multilateral organisations, creating 100 Indian brands as global champions, and setting up economic zones in India to strengthen the manufacturing base and attract greater investments. "We are in the process in the commerce ministry to redesign the structure of the ministry. And one of the ideas before us is to set up a trade promotion body, similar to Invest India, which will promote trade from India, for India," he told reporters here. Invest India, under the ministry, is an agency which facilitates investments into the country. He ad

Indian economy in 2047 will be like powerhouse driving global growth: Goyal

The Confederation of Indian Industry (CII) estimated that India in 2047 will be a $35-45 Trillion economy, taking the country into the league of developed nations, Piyush Goyal said

IPEF ministerial meet was inclusive and fruitful, says Piyush Goyal

Goyal said that on three out of four pillars related to supply chains, tax and anti-corruption and clean energy, India was comfortable with the outcome and text and has joined the declaration

Hopeful of concluding two more trade deals by year-end, says Piyush Goyal

India has recently signed two trade agreements with the UAE and Australia and is hopeful of concluding the negotiations for two more such pacts by the end of this year, Commerce and Industry Minister Piyush Goyal has said. Negotiations for a free trade agreement (FTA) with the UK is expected to be concluded this month, while talks with Canada for a deal are progressing at a rapid pace. Goyal said two FTAs have already been finalised this year and he is hoping for the conclusion of at least two more by the end of this year. He was addressing an event hosted by the US-India Strategic Partnership Forum here. Under a free trade agreement, two trading partners reduce or eliminate customs duties on the maximum number of goods traded between them. Besides, they liberalise norms to enhance trade in services and boost investments. He also said both the governments of India and the US desire to strengthen economic relations and strategic partnership, adding that the strong bond with the peo

India opts out of joining IPEF trade pillar, to wait for final contours

India to wait for final contours before formally associating with IPEF trade pillar, says Goyal

India to wait before association with trade track in IPEF: Piyush Goyal

"In the meantime, our officials will be participating in the discussions with an open mind and in the best interests of the people of India and businesses in India," Goyal said

India to take decisions on IPEF aspects based on national interest: Goyal

India will take decisions on different aspects of the Indo-Pacific Economic Framework (IPEF) based on its national interest, Commerce and Industry Minister Piyush Goyal has said. Earlier, he attended the first in-person ministerial meeting of the IPEF here. Interacting with media on the sidelines of the meeting, he said that there have been useful engagements with the 14 members of the IPEF and the officials from member nations had worked hard to prepare a ground for such fruitful interactions. He expressed hope that in a day's time, IPEF would finalize a framework within which member nations could interact on different areas of mutual interest. The minister assured that "India will take decisions on different aspects of the frameworks of IPEF based on our national interest". The IPEF was launched jointly by the US and other partner countries of the Indo-Pacific region on May 23 in Tokyo. It seeks to strengthen economic partnership among participating countries with the objective

India-US Trade Policy Forum meeting expected soon, says Piyush Goyal

Asserts Indian exports not impacted by GSP, says India looking to have very contemporary and modern digital laws, while maintaining high levels of data privacy

Indo-Pacific Framework plans to be based on national interest: Piyush Goyal

Union Minister for Commerce and Industry Piyush Goyal said that Indo-Pacific Economic Framework for Prosperity is being proposed and India will take its decisions based on the national interest

India to seek review of trade agreement with Japan, says Piyush Goyal

India will seek review of its free trade agreement with Japan during a meeting between Commerce and Industry Minister Piyush Goyal and his Japanese counterpart in Los Angeles on Thursday. Nishimura Yasutoshi is the Japanese Minister of Economy, Trade and Industry. In such reviews, normally two countries seek more market access for their respective domestic products and resolve issues which are hindering trade. "I think that's quite long overdue and I am going to raise that issue with my counterpart from Japan. He has just taken over some time back as a new minister. So I will be taking up that issue," Goyal told reporters here when asked if a review of the free trade agreement (FTA) with Japan is on the cards. India and Japan had implemented the Comprehensive Economic Partnership Agreement (CEPA) in August 2011. The review assumes significance as domestic steel producers have time and again complained of surge in imports of steel products like hot-rolled steel and other variants f

India-Aus economic cooperation agreement will be signed soon: Piyush Goyal

Union Minister for Commerce and Industry Piyush Goyal said that the Economic Cooperation and Trade Agreement (ECTA) is expected to be in the Parliament soon

Piyush Goyal pitches for higher engagements with US to create opportunities

Union Minister for Commerce and Industry Piyush Goyal on Wednesday pitched for increasing engagements with the US that will provide new opportunities to India for combating challenges in supply chains

Goyal launches initiative to connect Indian startups with US investors

Commerce and industry minister Piyush Goyal has launched an initiative -- SETU (Supporting Entrepreneurs in Transformation and Upskilling) -- here to connect startups in India to US-based investors. SETU is designed to break the geographical barriers between mentors based in the US that are willing to invest in entrepreneurship and sunrise startups in India. The programme was launched during an interaction focused on specific issues related to the startup ecosystem in India. The meeting focused on ways to encourage domestic incorporation and mentorship of early-stage Indian startups by successful diaspora members in the Bay Area of San Francisco. The initiative would connect startups in India to US-based investors and startup ecosystem leaders with mentorship and assistance in various areas, including funding, market access and commercialisation. The interaction between the stakeholders will be supported through the mentorship portal under the Startup India initiative MAARG ...

Until we get a good deal, no trade pact with Israel, says Piyush Goyal

The proposed India-Israel trade pact should be beneficial to both nations and until New Delhi gets a good deal, it would not do an agreement, Commerce and Industry Minister Piyush Goyal said. India and Israel are negotiating a free trade agreement (FTA) since May 2010. "With Israel, until we get a good deal, we will not do an FTA. It has to be reciprocally beneficial," the minister said here on Tuesday while interacting with the Indian community. In a free trade pact, two countries significantly reduce or eliminate customs duties on maximum number of goods traded between them. Besides, they ease norms to boost trade in services and attract investments. Major exports from India to Israel include precious stones and metals, chemical products and textiles and textile articles while imports include precious stones and metals, chemicals and mineral products, base metals and machinery and transport equipment. The bilateral trade in goods between the two countries stood at about USD 8 ..