Page 51 - Piyush Goyal

India aspiring to take international trade to $2 trn by 2030: Piyush Goyal

India's goods and services exports have already crossed USD 675 billion in last fiscal year and the country is now aspiring to take international trade to USD 2 trillion by 2030, Commerce and Industry Minister Piyush Goyal has said. Interacting with faculty, researchers, and students at the Stanford University here, Goyal also said by the time India would celebrate the 100th anniversary of its independence, it would be a USD 30 trillion economy. "...by 2047-2050 period, when India would be completing 100 years of Independence, we will be at least a USD 30 trillion economy on a business as usual scenario and possibly a USD 35-45 trillion economy if some of the aggressive plans that the government is putting together work well. That's the kind of opportunity that I bring to the table, Goyal said. India, with a GDP of USD 3.3 trillion, is currently the fifth largest economy in the world only behind the US, China, Japan and Germany. A decade back, India was ranked 11th among the large

Piyush Goyal expresses desire to collaborate with Stanford University

In an attempt to deepen the partnership between India and the US, Union Commerce Minister Piyush Goyal expressed a desire to collaborate with Stanford University on Tuesday.During his visit to Stanford University, the Union Minister expressed India's desire to collaborate with Stanford's newly launched Doerr School of Sustainability, the University's new hub for research and innovation focused on advancing the long-term prosperity of the planet.Goyal underlined the need for a deeper understanding of India's energy needs and potential solutions for the sustainable development of the industrial and economic activity.He also stressed partnerships between Stanford Graduate School of Business and Indian Management Institutions.In his meeting with the Stanford leadership, Goyal also discussed a new paradigm for large-scale semiconductor and other electronics manufacturing in India.Goyal in his address at Stanford University also highlighted the difference between theoretical knowledge and ..

Piyush Goyal applauds PM Modi's management skills at Stanford University

Union Commerce and Industry Minister Piyush Goyal, who is on a six-day visit to San Francisco and Los Angeles highlighted Prime Minister Narendra Modi's management skills at Stanford University

India would be happy to discuss trade pact with US, says Piyush Goyal

India would be "happy and willing" to negotiate a trade pact with the US, provided America decides to look for a new free trade partner, Commerce and Industry Minister Piyush Goyal has said here. He said the US administration, as a policy, is not looking at a free trade agreement (FTA) with any new partner. "Should they change their mind, India would be happy and willing to discuss. Without that also, we are engaged in attracting investment, technology, trade between the two countries," the minister told reporters here. During the Trump administration, India and the US had discussed a mini-trade deal to boost economic ties. Meanwhile, addressing the US India Strategic Partnership Forum (USISPF), Goyal said talks for a trade deal are progressing with Canada. "Canada (Minister of International Trade Mary Ng) and I are very confident that we would be done with our early progress trade agreement by December," he said. On the proposed India-Israel agreement, the minister said: "I stil

Piyush Goyal expresses hope for early conclusion of trade talks with UK

With Liz Truss becoming new prime minister of the UK, Commerce and Industry Minister Piyush Goyal has expressed hope for early conclusion of talks with Britain for a free trade agreement, aimed at boosting bilateral economic ties. "A little bit of political changes may have derailed (conclusion of FTA negotiations) by few weeks, but I do hope (that) with...Liz Truss assuming prime ministership of the UK, we may now be able to make up for some lost time (to conclude the FTA negotiations)," Goyal said here on Monday while addressing members of the Institute of Chartered Accountants of India (ICAI). Officials in India were looking to conclude the negotiations for the trade agreement by August 31, but political developments in Britain could have slowed the talks a bit. In January, both countries formally launched talks for a free trade agreement (FTA) to boost bilateral trade and investments. It was launched when Boris Johnson was the prime minister and Truss was the international trade

India is a trusted partner of the world, says Piyush Goyal during US visit

Union Commerce and Industry Minister Piyush Goyal, who is on a six-day visit to San Francisco and Los Angeles, highlighted that India has emerged as the trusted partner of the world

Goyal to attend IPEF ministerial in US next week; focus on trade ties

To meet US commerce seretary, trade representative in Los Angeles next week

Goyal to meet US trade representative, commerce secy on visit next week

Commerce and Industry Minister Piyush Goyal will hold bilateral meetings with his American counterparts next week in the US to discuss ways to boost trade and investments ties, an official said. The minister will be on a six-day visit to San Francisco and Los Angeles from September 5. During the visit, Goyal will participate in the two-day ministerial meeting of Indo-Pacific Economic Framework for Prosperity (IPEF) on September 8 and 9 in Los Angeles, the official said. He will meet US Trade Representative Katherine Tai and US Secretary of Commerce Gina M Raimondo on the sidelines of the IPEF ministerial meeting. The IPEF was launched jointly by the US and other partner countries of the Indo-Pacific region on May 23 at Tokyo. It seeks to strengthen economic partnership amongst participating countries with the objective of enhancing resilience, sustainability, inclusiveness, economic growth, fairness and competitiveness in the region. The 14 members of IPEF are -- Australia, Brune

Jaishankar, Piyush Goyal to visit US for various multilateral meets in Sept

External Affairs Minister S Jaishankar and Commerce and Industry Minister Piyush Goyal are scheduled to visit the United States this month for various multilateral and bilateral meetings as New Delhi accelerates its engagement with the world post-Ukraine war. Jaishankar would primarily travel to New York to attend and address the annual General Assembly session of the United Nations. On its sidelines, he will be holding a series of bilateral meetings, the details of which are still being worked out. The focus of India's engagement this year at the United Nations would be the reform of the UN Security Council, counter-terrorism, peacekeeping, climate change and issues of food security and supply chain which have become critical in the wake of the Ukrainian war. From New York, Jaishankar is scheduled to travel to Washington DC for a meeting with his American counterpart, Antony Blinken, along with other top officials of the Biden administration at the White House and other major wings

Goyal reviews ongoing FTAs; deliberates ways to fast track negotiations

India is currently negotiating trade deals with developed nations such as the United Kingdom (UK), Canada and the European Union (EU).

ONDC to soon open up for beta-testing for public in limited areas

Since April-end, ONDC has been testing with a closed user group for end-to-end execution.

Looking at duty-free access for ODOP products in FTAs: Piyush Goyal

The minister also called for integration of One District One Product initiative with ONDC

Looking at duty-free access for ODOP products in FTAs: Piyush Goyal

India is looking at getting duty-free access for different products, identified under One District One Product (ODOP) initiative, to promote their exports, commerce and industry minister Piyush Goyal said on Monday. He said that these products, which include gold jewellery, toys, handicrafts and handlooms, hold huge opportunties. "We are doing Free Trade Agreements (FTAs) where we are looking at duty-free access for all these products. So we can create international acceptance of these products," Goyal said while speaking at the launch of One District One Product gift catalogue and storefront on public procurement portal GeM here. In a free trade pact, two or more countries significantly reduce or eliminate customs duties on the maximum number of goods traded between them to boost bilateral commerce. India is negotiating trade agreements with countries including the UK, Canada and European Union. The Department of Commerce is engaging with state and central government agencies to

Piyush Goyal likely to chair Board of Trade meeting next month

Commerce and Industry Minister Piyush Goyal is likely to chair a meeting of the Board of Trade next month to discuss ways to boost the country's exports, an official said. The Board is an advisory body on the foreign trade policy. It is headed by the minister and includes participants from states, Union Territories, and senior officials from public and private sectors, and provides a platform to discuss ways on boosting manufacturing and exports. The board may meet sometime in mid-September, the official said. Last month, the government nominated 29 non-official members from different sectors, including large and small enterprises, to the Board. The new members include Laghu Udyog Bharati executive member Om Prakash Mittal, India Cellular and Electronics Association chairman Pankaj Mahindroo and Amul MD RS Sodhi. Discussions in the meeting are expected to focus on the new Foreign Trade Policy (FTP 2022-27), ways to take forward domestic manufacturing and exports. The platform pr

IIT-Delhi's Public Systems Lab to bring efficiency in PDS: Piyush Goyal

The Public Systems Lab, inaugurated in IIT campus, can contribute significantly in bringing efficiency in public food procurement and distribution, Commerce and Industry Minister Piyush Goyal said.

Talks on free trade agreement with UK moving at faster pace: Goyal

Negotiations for the proposed free trade agreement between India and the UK is progressing at a faster pace, commerce and industry minister Piyush Goyal said on Tuesday. The agreement is aimed at boosting bilateral trade and investments between the two countries. India has signed a trade pact with the UAE in a "record" time and "now our talks with the UK is moving at a faster pace", Goyal said. In such pacts, two or more countries significantly reduce or eliminate customs duties on maximum number of goods traded between them. Besides, they ease norms for promoting trade in goods and investments. In January, India and the UK formally launched talks for a free trade agreement. They have set the deadline for concluding talks by Diwali. India is also negotiating similar pacts with Canada, European Union (EU) and Israel, he said, adding that several other nations have shown keen interest in negotiating trade agreements with India. The Gulf Cooperation Council (GCC), Eurasian Economic

Exporters meet Piyush Goyal, flag concerns on demand from Western nations

According to preliminary data released by the commerce ministry on Tuesday, merchandise exports declined to a five-month low of $35.2 billion in July

Malli­karjun Kharge, Piyush Goyal spar over ED summons during Parl session

The government does not interfere in the functioning of law-enforcement agencies, Goyal said and asked the Congress leaders and the LoP to face the law instead of "running away"

India home to as many as 75,000 start-ups, says Piyush Goyal

In a tweet, the Commerce and Industry Minister said "These numbers tell the power of a vision. A vision to see innovation & enterprise drive growth"

Rajya Sabha to take up discussion on price rice on Tuesday: Piyush Goyal

The government has agreed for a discussion in the Rajya Sabha on rising prices of essential commodities on Tuesday, as the Opposition disrupted proceedings over the arrest of MP Sanjay Raut