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‘Peace of Heaven’: Piyush Goyal Takes Shikara Ride, Promises Economic Boost for Kashmir

July 6, 2025, 4:25 pm

Union Minister Piyush Goyal visited Srinagar on Sunday and enjoyed a shikara ride on the famous Dal Lake. Reflecting on the serene experience, he told reporters that the boat he rode in was named Peace of Heaven. “The peace I experience when I come to Dal Lake takes me back to my school days,” Goyal shared. He added, “I haven’t forgotten my childhood memories. God has given a heaven to the country.”

#WATCH | Union Minister Piyush Goyal enjoys a 'shikara' ride on Dal Lake in Jammu & Kashmir's Srinagar pic.twitter.com/FnU7TPW6dy

— ANI (@ANI) July 6, 2025

Locals Praised for Standing Against Terrorism

Tourism in Kashmir had slowed down after the Pahalgam terror attack on April 23, where 26 people were killed. However, Goyal praised the people of Kashmir for their role in Operation Sindoor, saying, “We are indebted to the people of Kashmir for the way they supported Operation Sindoor and stood firm against terrorism.”

He expressed hope that terrorism would be rooted out just like Naxalism, stating, “Like we have decided to end Naxalism by 2026, I am confident that together we will eradicate terrorism from its roots.”

Amarnath Yatra Brings Economic Hope

Goyal believes the Amarnath Yatra will help revive tourism and support the local economy. He explained, “Now, the Amarnath Yatra has also started, and tourists have also come to Gulmarg.” He also pointed out the rising trend of homestays and said, “Today, homestay will start in thousands of houses, their income will increase, and Kashmir’s economy will also grow.”

Government to Address Local Issues

While in Srinagar, Goyal met with multiple delegations and assured them of government support. “Today, I met many delegations,” he said. Goyal stressed that both the state and central governments were working together to strengthen trade and industry. He added, “The Modi government brought a ₹28,000 crore scheme earlier, and we’ll continue to support local development.”

Support for Handicrafts and GST Cut

Goyal discussed reducing GST on handicrafts to help boost the local industry. “We have discussed with you people about handicrafts here,” he said. He asked for a proposal and promised, “I will try to reduce the GST to 5 percent so that the production of handicrafts here can increase.”

He also confirmed plans for a new facility, saying, “There has been a discussion about opening an assembly centre. We will open that too.”

India, US Bilateral Trade Talks Advance After ‘Constructive’ Meeting

May 23, 2025, 3:00 pm

India and the US are moving closer to a bilateral trade deal that will benefit both parties. In order to advance the first tranche of the Bilateral Trade Agreement (BTA), Union Commerce and Industry Minister Piyush Goyal met with US Commerce Secretary Howard Lutnick. Before the end of 2025, this agreement seeks to lower tariffs.

Good discussions with Secretary @HowardLutnick towards expediting the first tranche of India-US Bilateral Trade Agreement. pic.twitter.com/8JjklXyEjl

— Piyush Goyal (@PiyushGoyal) May 19, 2025

This is viewed by both parties as a significant step in strengthening economic ties and achieving the $500 billion trade goal set by US President Donald Trump and Prime Minister Narendra Modi by 2030.

Strong Case for Bilateral Deal

India has made a compelling case for a trade agreement, according to Piyush Goyal. He cited India’s youthful, expanding population and strong economic prospects. He claimed that in the ensuing decades, these factors will fuel demand for goods and services worldwide.

“Looking at the growth India offers in the next 25-30 years, with a large, aspirational, young population… we believe India will be a compelling case to enter into a good agreement with the US.” he stated.

Meeting Signals Constructive Intent

Piyush Goyal wrote on X about his “constructive meeting” with Lutnick on Thursday (US time). The main topics of discussion were developing a plan for lowering tariffs and completing the BTA’s initial gains. Goyal affirmed that the two countries are still dedicated to improving business and interpersonal interactions.

Held a constructive meeting with Secretary @HowardLutnick for a mutually beneficial trade agreement. Committed to enhancing opportunities for our businesses and people. 🇮🇳 🇺🇸 pic.twitter.com/WiADbGNkif

— Piyush Goyal (@PiyushGoyal) May 22, 2025

The formal process has accelerated because the agreement’s terms of reference have already been finalized. The current goal of both sides’ officials is to sign the deal’s first tranche well before the fall of 2025.

Trump Claims India Open to Zero Tariffs

India has offered to remove all tariffs on American goods, according to a recent statement by President Donald Trump. He did, however, add that he was not in a rush to complete the trade agreement. Nevertheless, the ongoing talks show that both governments are committed to reaching a deal that will boost their respective economies.

Target: $500 Billion in Trade

The ambitious goal set during PM Modi’s visit to Washington is in line with the bilateral trade agreement between the US and India. By 2030, trade is expected to reach $500 billion. A successful early agreement could increase investor confidence in both markets and generate momentum for more extensive economic cooperation.

This continued partnership demonstrates a dramatic change in the dynamics of trade between the US and India, motivated by strategic alignment and long-term growth goals.

Piyush Goyal, U.S. Officials Accelerate Talks on Bilateral Trade Agreement

May 20, 2025, 9:14 am

Union Commerce Minister Piyush Goyal met U.S. Secretary of Commerce Howard Lutnick On Tuesday. They discussed how to fast-track the first stage of the India-U.S. Bilateral Trade Agreement.

After the meeting, Goyal posted on X, “Good discussions with Secretary Howard Lutnick towards expediting the first tranche of India-US Bilateral Trade Agreement.”

Good discussions with Secretary @HowardLutnick towards expediting the first tranche of India-US Bilateral Trade Agreement. pic.twitter.com/8JjklXyEjl

— Piyush Goyal (@PiyushGoyal) May 19, 2025

India Races to Seal Deal Before Tariff Deadline

Earlier in April, U.S. President Donald Trump announced a 90-day pause on new tariff hikes. This included a proposed 26% tariff on Indian goods. As a result, India is working to finalize a trade agreement during this limited window.

Trade Between U.S. and India Continues to Grow

So far, trade between India and the U.S. reached about $129 billion in 2024. Notably, the U.S. remains India’s largest trading partner. Moreover, India holds a $45.7 billion trade surplus with Washington.

Trump Says India May Scrap All Tariffs

Last week, Trump claimed that India is ready to lift all tariffs on American goods. However, he also said, “I’m in no hurry to reach a trade deal with the country.” During a Fox News interview, he stressed that India had strong trade barriers he intended to remove.

Jaishankar Emphasizes Fairness in Talks

Meanwhile, External Affairs Minister S. Jaishankar responded to Trump’s remarks. He said, “Between India and the US, trade talks have been going on. These are complicated negotiations. Nothing is decided till everything is.”

Furthermore, he added, “Any trade deal has to be mutually beneficial; it has to work for both countries. That would be our expectation from the trade deal. Until that is done, any judgment on it would be premature.”

Deal May Roll Out in Three Phases

According to Bloomberg, the India-U.S. trade deal may develop in three stages.

First, both countries may agree on limited market access. This includes industrial goods and some agricultural products. The goal is to lower basic trade barriers.

Then, in the second stage, the deal could expand. It may cover wider issues like easing strict quality checks and product regulations. Officials expect this stage to launch between September and November 2025.

Finally, the third stage would lead to a full agreement. However, the U.S. Congress must approve it. Therefore, officials believe this phase might not conclude until 2026.

India-US Bilateral Trade Agreement Talks Resume on May 16, Piyush Goyal to Lead

May 14, 2025, 10:19 am

India-US Bilateral Trade Agreement negotiations will resume on May 16 in Washington, with Commerce Minister Piyush Goyal heading the Indian negotiating team. The negotiations are at a critical juncture. Both nations hope to seal the first phase of a trade agreement before the 90-day halt on new US tariffs ends.

This hiatus, announced on April 9 by President Trump, involves a proposed 26% tariff on Indian products. India is racing ahead to safeguard its exports, particularly steel and aluminium, while also achieving broader market access.

Piyush Goyal to Head High-Level Delegation

For the bilateral negotiations, Piyush Goyal and India’s top negotiator, Rajesh Agrawal, will travel to the US. Their goal is to advance talks that have become more urgent in the wake of Trump’s recent trade restrictions. In keeping with pledges made during PM Modi’s February visit to Washington, the Indian side hopes to complete the deal by the fall of 2025.

India-US bilateral trade was $129 billion in 2024. India has a trade surplus of $45.7 billion with the US and Washington is its biggest trading partner. As the pressure of new tariffs builds, India wants to secure terms to safeguard priority sectors while increasing export opportunity.

WTO Retaliation Proposal Signals Assertiveness

Earlier this week, India informed the WTO of its intention to impose retaliatory tariffs on the US. The countermeasures are against American steel and aluminium tariffs, which the US reinstated in March at a rate of 25%.

As per the WTO, the US safeguard measures hit $7.6 billion of Indian imports, raising $1.91 billion in tariffs. India’s suggested retaliation would equate that amount in tariffs on US products.

Deal to Define Future Trade

New Delhi and Washington already agreed to reach $500 billion in annual trade by 2030. Attaining that relies on easier access for Indian goods, particularly steel. By negotiating during the pause in tariffs, India aims to sign a balanced deal that protects its economy without weakening its international trade position.

The next several weeks are going to be crucial. The success in Washington can redefine India-US trade relations for the decade to come.

Piyush Goyal on Pahalgam Terror Attack: ‘Until 140 Crore Indians Consider Patriotism Supreme…’

April 26, 2025, 11:22 pm

Union minister Piyush Goyal asserted that as long as all 140 crore Indians would consider patriotism and nationalism as their param dharma (supreme duty), such incidents as the Pahalgam terror attack would keep plaguing the country.

Piyush Goyal Beliefs The Nation Will Restore Kashmir Tourism

Addressing media persons in Mumbai on Friday, Goyal asserted that the people’s belief would soon restore tourism in Kashmir and pilgrims would not stop going for Amarnath Yatra.

Pahalgam is one of the major base camps for the summer Amarnath Yatra, situated along the ancient 43-km route to the 3,880-metre-high cave shrine in south Kashmir Himalayas.

The summer Amarnath yatra will start on July 3 and end on August 9 this year.

“These incidents represent the desperate last efforts of those powers. It is an unbearable attack, but we will not spare anyone,” said Goyal.

Piyush Goyal Calls for Collective Patriotism

“As long as all 140 crore Indians do not consider patriotism and nationalism as their param dharma, such types of incidents will continue to trouble our country. However, India has enough strength to give a befitting response,” he added.

Emphasising India’s resilience, Piyush Goyal said, “Just as we are rapidly eliminating naxalism, we will similarly defeat terrorism. India’s strength and determination are unshakable.”

Bharat’s People Are Powerful, Courageous, and Confident

Replying to a query regarding Pakistani nationals staying beyond their visa duration in India, the Union minister stated, “We have already announced and informed them to leave the country. No one will be allowed to stay here illegally.”

In response to concerns that the attack could deter tourists from visiting Kashmir, Goyal stated “The people of Bharat have the power, courage, and confidence. Tourism will resume soon, pilgrims will continue their Amarnath Yatra, and Kashmir will remain firmly on the path of progress. No one can stop it.”

Background of the Pahalgam Terror Attack

On April 22, militants fired at a crowded meadow in Pahalgam, Kashmir, and killed twenty-six individuals, the majority of whom were tourists.

Following widespread grief and outrage over the brutal murders, India announced a series of diplomatic actions against Pakistan, including suspending the Indus Water Treaty.

Piyush Goyal Scoops Controversy With ‘Ice Cream or Chips’ Comment on Startups

April 4, 2025, 3:36 pm

Union Minister Piyush Goyal recently raised questions about the direction and direction of India’s startup environment, triggering a big controversy in the sector. Addressing a public forum, Goyal had stated that Indian startups were more interested in food delivery, betting, and fantasy sports, whereas Chinese startups were leading the way in electric vehicles, battery technology, semiconductors, and artificial intelligence.

“Do we have to produce ice cream or chips? Dukaandari hi karna hai (Do we just want to do shopkeeping?),” Piyush Goyal asked, underlining the imperative for innovation in core technologies rather than gig economy models.

Mohandas Pai Slams Remarks of Piyush Goyal

Responding quickly, Mohandas Pai, former CFO of Infosys and a prominent investor, labelled Goyal’s remarks as useless. “These are poor comparisons. India has startups in all those areas, too, but they are small. Minister @PiyushGoyal should not demean our start-ups but reflect on what he has done as our Minister to enable deep tech start-ups to scale up in India.” Pai wrote on X.

Minister @PiyushGoyal there are very many small deep tech start ups in Chip design , IOT, Robotics, EV charging,BMS in India, growing rapidly but where is the capital? Indian start ups got 160b $ from 2014/24, China 845b$, US 2.3Tr$. Long term investors like endowments ,… https://t.co/SdLKHMlRuf

— Mohandas Pai (@TVMohandasPai) April 3, 2025

He additionally criticised the financial and regulatory structures of India. “We have an aggressive @FinMinIndia @nsitharaman who bullied start-ups on Angel tax for decades. Do not let endowments invest; insurance cos still do not invest while doing so overseas. @RBI intimidates foreign investors on remittances and AIFs again and again, mistreats them, cos FE rules. China invested 845 billion dollars between 2014 and 2024. India, just 160 billion dollars! Why is Minister @PiyushGoyal @AshwiniVaishnaw not working to address these problems?” he demanded.

Politicians Should Get a Reality Check, Ashneer Grover Demands

Ashneer Grover, who is the co-founder of BharatPe, didn’t have kind words for the politicians either. “The only individuals in India who require a ‘reality check’ are its politicians. Everybody else is staying in the definitive reality of India,” he commented on social media.

Grover has come in defense of the natural evolution of the Indian startup ecosystem, saying, “China also had food delivery first and then evolved to deep tech. It’s great to aspire for what they’ve done – maybe time for politicians to aspire for 10% plus economic growth rate for 20 years flat before chiding today’s job creators. Maybe time to change ‘public discourse from history to science!

The only people in India who need a ‘reality check’ are it’s politicians. Everyone else is living in the absolute reality of India.

China also had food delivery first and then evolved to deep tech. It’s great to aspire for what they’ve done – maybe time for politicians to aspire… pic.twitter.com/6WT8moviAz

— Ashneer Grover (@Ashneer_Grover) April 4, 2025

Zepto Founder Defends Consumer Startups in India

Aadit Palicha, Zepto’s co-founder and CEO, also reacted vehemently. He accepted the criticism but pointed out how consumer internet startups are vital to the economy.

It’s easy to snap at Indian consumer internet startups, particularly if you contrast them with the profound technical distinction being established in the US/China. The truth is this: there are nearly 1.5 lakh actual human beings earning livelihoods on Zepto today,” Palicha said.

It is easy to criticise consumer internet startups in India, especially when you compare them to the deep technical excellence being built in US/China. Using our example, the reality is this: there are almost 1.5 Lakh real people who are earning livelihoods on Zepto today – a…

— Aadit Palicha (@aadit_palicha) April 3, 2025

He referred to Zepto’s key contributions—paying more than ₹1,000 crore in tax each year, drawing more than a billion dollars of FDI, and deeply investing in India’s supply chain, particularly for fresh produce.

“If that’s not a miracle in Indian innovation, I sincerely don’t know what is,” he said.

Why Consumer Internet Startups Matter for Deep Tech

Palicha argued that large internet companies often pave the way for deeper tech innovations. “Most technology-led innovation over the past two decades has originated from consumer internet companies. Who scaled cloud computing? Amazon. Who are the big players in AI today? Facebook, Google, Alibaba, Tencent – all started as consumer internet companies,” he explained.

He added that businesses such as Zepto can be the foundation for the future generation of Indian innovation if supported accordingly.

“Zepto is still a long way from being a great Internet company that can hold a candle to the world’s best. But we are working day in and day out to get there,” Palicha said.

Startup India: Growth, Unicorns, and Hurdles Ahead

India has close to 20,000 startups, of which there are approximately 4,750 tech-based startups, as per the Startup India platform. The nation has 110 unicorns, but the pace of new unicorn formation has significantly decreased. MoneyView was the last startup to join the unicorn club in September 2024, with a mere five new unicorns in that year.

As the sector keeps expanding, recent remarks by Piyush Goyal have once again sparked a critical debate regarding the future trajectory, policy backing, and promise of India’s dynamic startup ecosystem.

Piyush Goyal, US Trade Representative Discuss Bilateral Trade Deal in ‘Forward-Looking’ Talks

March 14, 2025, 5:25 pm

Union Commerce Minister Piyush Goyal had a “forward-looking” meeting with US Trade Representative (USTR) Jamieson Greer recently about a mutually rewarding bilateral trade deal. The minister posted on X that India’s strategy towards the deal will be in line with its ‘India First’ and ‘Viksit Bharat’ policies, strengthening the Comprehensive Strategic Partnership between the two countries.

Earlier this month, Goyal had also met Greer and US Commerce Secretary Howard Lutnick in the US to finalize a multi-sector Bilateral Trade Agreement (BTA) to expand trade and investment opportunities for both nations. The initiative is intended to increase two-way trade, facilitate market access, reduce tariff and non-tariff barriers, and enhance supply chain integration.

“Had a forward looking discussion with @USTradeRep Jamieson Greer on a mutually beneficial Bilateral Trade Agreement. Our approach will be guided by ‘India First’, ‘Viksit Bharat’ and our Comprehensive Strategic Partnership,” Goyal said on X.

Had a forward looking discussion with @USTradeRep Jamieson Greer on a mutually beneficial Bilateral Trade Agreement.

Our approach will be guided by ‘India First’, ‘Viksit Bharat’ and our Comprehensive Strategic Partnership. pic.twitter.com/0KKyWALEP7

— Piyush Goyal (@PiyushGoyal) March 14, 2025

India-US Bilateral Trade Agreement

During the visit of Prime Minister Narendra Modi to the White House in February, the Prime Minister and US President Donald Trump committed to negotiate the first phase of the BTA by fall 2025. The accord has been designed to promote economic expansion, enhance national security, and generate employment opportunities. As a part of this process, the two leaders have set an ambitious goal— “Mission 500″—that seeks to increase overall bilateral trade to $500 billion by 2030.

As per the Ministry of External Affairs, the BTA aims to increase trade in goods and services while providing equal and transparent policies between India and the US. The agreement will likely deal with tariff-related problems and improve investment opportunities across various sectors.

Trump’s Stance on Tariffs

Since taking office in January, Trump has been vocal about India’s tariff policies, often referring to the country as a “tariff king” and a “tariff abuser.” Ahead of Modi’s White House visit, Trump introduced reciprocal tariffs on several trade partners, including India. He recently claimed that India has agreed to lower its tariffs, stating, “They’ve agreed. They want to cut their tariffs way down now because somebody is finally exposing them for what they’ve done.”

But Indian authorities explained that negotiations with the US continue, and there has been no final commitment. Commerce Secretary Sunil Barthwal told a parliamentary committee that even though Trump has made reciprocal tariff announcements, there have been no new tariffs placed on Indian exports.

Impact on Trade and Future Prospects

The US continues to be India’s biggest trading partner, with Indian exports totaling almost $74 billion in 2024. Increased tariffs on Indian products would lower their competitiveness in the US market, impacting labor-intensive sectors. Therefore, India is concentrating on enhancing trade ties with the US via the BTA by eliminating tariff and non-tariff issues.

US Commerce Secretary Howard Lutnick, in a dialogue with India Today TV, stated that the US wants a better-balanced trade relationship with India, urging equal trade policies.

Piyush Goyal to Businesses: Strengthen CSR for Inclusive Development

February 27, 2025, 7:17 pm

Union Commerce and Industry Minister Piyush Goyal emphasized the need for businesses to contribute to inclusive development through enhanced corporate social responsibility (CSR) initiatives, according to a statement from the Ministry of Commerce & Industry on Thursday.

While delivering the keynote address at the Bharat Calling Conference 2025, organized by the IMC Chamber of Commerce and Industry in Mumbai, Goyal stressed that true development cannot be achieved without inclusive growth. He highlighted the government’s efforts in targeted interventions such as improving ease of living for various communities and strengthening infrastructure nationwide.

He underscored the importance of recognizing sustainability as a major challenge in today’s world and urged businesses to focus on energy efficiency alongside sustainability.

Speaking at the event, Goyal pointed out that India, with a population of 1.4 billion—many of whom are young and aspirational—presents vast opportunities. He noted that the government’s strong focus on manufacturing, skill development, and innovation, as championed by the Prime Minister, has positioned India as a prime destination for global investments.

He also outlined the impact of various government initiatives, including Make in India, Digital India, Startup India, Swachh Bharat, and Atmanirbhar Bharat, which have collectively fostered resilience and self-sufficiency, helping India emerge as a significant player in global trade. These efforts, he said, are driving the country’s economic transformation during Amrit Kaal, the two-decade period leading up to 2047.

“We are collectively committed to bringing about a prosperous and developed India,” he said.

Goyal further emphasized that India cannot achieve developed-nation status without integrating its businesses into international trade. He outlined five key enablers for realizing Viksit Bharat@2047: Quality Management and Support for Small Businesses, Sustainability, Inclusive Growth, Skill Development, and Competitiveness & Efficiency.

India is currently at the forefront of a quality revolution, he noted, adding that substandard quality has been a major issue in the past. He urged businesses to adopt modern quality standards, implement good manufacturing practices, and ensure their workforce is well-trained. The country has around 700 quality control orders, he informed.

He suggested that industry bodies like the IMC should advocate for quality control as a valuable service to the nation. Additionally, he called on large corporations to mentor and support small businesses in improving their manufacturing practices.

On sustainability, Goyal remarked that it plays a crucial role in trade and commerce. He pointed out that India’s traditional values have long reflected a deep-rooted consciousness for sustainability, which continues to be relevant today.

India, UK Resume Trade Talks to Fast-Track Agreement: Piyush Goyal

February 24, 2025, 7:15 pm

Indian Trade Minister Piyush Goyal said on Monday that India and the United Kingdom have officially restarted discussions on a suggested trade agreement intended to speed up negotiations. The negotiations, which had ground to a halt before general elections in both countries, are now back on track as leaders from both sides demand a fast resolution.

Indian Commerce and Trade Minister Piyush Goyal told reporters that Jonathan Reynolds was in India to resume talks during a press appearance. Resuming trade talks is essential given the growing economic uncertainties in the world, which includes the potential for reciprocal import tariffs from the United States.

In line with Piyush Goyal, both nations will emphasize expediting a dual free trade deal (FTA) and an investment treaty. The conversations represent the very first significant interaction between the two administrations after the Labour Party came to power in July 2024. Reynolds underlined that the first thing for the UK government still to do is to close a transaction.

Raising bilateral trade and investment

UK Investment Minister Poppy Gustafsson is additionally in India, meeting with businesses in Bengaluru and Mumbai to stimulate Indian businesses to invest in the United Kingdom. The fresh talks seek to fortify commercial relations among two of the biggest nations on earth.

UK government figures indicate that in the 12 months ending September 2024, bilateral trade in goods and services between the UK and India stood at £41 billion ($52 billion). Improved trade ties and fresh opportunities for investment in several industries are foreseen in the suggested treaty.

Now that trade negotiations are once more on the table, both administrations are negotiating for a deal that could open major commercial possibilities. Negotiators continue to hope to close an agreement that benefits both economies as talks proceed.

Piyush Goyal Meets India’s Ambassador to Georgia Abhay Kumar

January 3, 2025, 3:35 am

Union Commerce and Industry Minister Piyush Goyal met with India’s Ambassador-designate to Georgia, Abhay Kumar, on Thursday. The meeting focused on ways to improve and strengthen the commercial relations between India and Georgia.

Minister Piyush Goyal’s office shared the meeting details via a post on X, stating, “Minister @PiyushGoyal held a meeting with Mr. Abhay Kumar, India’s Ambassador Designate to Georgia.”

Abhay Kumar Seeks Guidance

During the meeting, Abhay Kumar, who is set to take up his new post shortly, expressed his intentions to seek guidance from Minister Goyal on enhancing commercial ties between the two countries. He posted on X: “As Ambassador-Designate to Georgia, I called on Shri @PiyushGoyal, Hon’ble Union Minister of Commerce and Industry of India, to seek his guidance on improving commercial relations between India and Georgia.”

Ambassador-Designate Abhay Kumar

Abhay Kumar, an Indian Foreign Service (IFS) officer from the 2003 batch, was appointed as India’s Ambassador to Georgia on December 9. He is currently the Deputy Director General of the Indian Council for Cultural Relations (ICCR). The Ministry of External Affairs (MEA) announced that Kumar would soon assume his new role in Georgia.

Diplomatic Relations Between India and Georgia

India officially recognized Georgia’s independence on December 26, 1991, and established formal diplomatic relations on September 28, 1992. The Indian Embassy in Tbilisi began operations on July 29, 2024, while the Indian Ambassador to Armenia also holds accreditation to Georgia.

Georgia established its Honorary Consulate in Delhi in 2005, which was later upgraded to a full-fledged embassy in 2009.

India’s FDI journey hits $1 trillion

December 13, 2024, 9:11 am

A nearly 26 per cent rise in FDI to USD 42.1 billion during the first half of the current fiscal year 2024-25 helped India’s gross foreign direct investment (FDI) inflows reach an impressive USD 1 trillion since the start of this century.

India has achieved a remarkable milestone in its economic journey, with gross foreign direct investment (FDI) inflows reaching an impressive USD 1 trillion since April 2000.

This landmark achievement was helped by a nearly 26 per cent rise in FDI during the first half of 2024-25. Ministry of Commerce and Industry in a statement asserted that such growth reflects India’s growing appeal as a global investment destination.

“FDI has played a transformative role in India’s development by providing substantial non-debt financial resources, fostering technology transfers, and creating employment opportunities.”

“Initiatives like ‘Make in India’ liberalised sectoral policies, and the Goods and Services Tax (GST) have enhanced investor confidence, while competitive labour costs and strategic incentives continue to attract multinational corporations,” the Commerce Ministry said.

Over the last decade (April 2014 to September 2024), total FDI inflows amounted to USD 709.84 billion, accounting for 68.69 percent of the overall FDI inflow in the past 24 years.

To promote FDI, the government has put in place an investor-friendly ‘policy, wherein most sectors, except certain strategically important sectors, are open for 100 per cent FDI under the automatic route.

Further, to simplify tax compliance for startups and foreign investors, the Income Tax Act, 1961 ‘was amended in 2024 to abolish angel tax and to reduce the income tax rate chargeable on the income of a foreign company.

As India continues to align with global economic trends, the government believes it is ‘well-positioned to further strengthen its role on the global stage, fostering sustainable growth and development.

Piyush Goyal Voices Disappointment Over the EU’s CBAM and Deforestation Regulation

November 28, 2024, 2:11 pm

Union Minister Piyush Goyal has strongly opposed the European Union’s (EU) green economy regulations, arguing that they are unjust and violate the principle of “Common but Differentiated Responsibilities” (CBDR). Speaking at a press conference in Delhi on Thursday, Goyal criticized the EU’s Carbon Border Adjustment Mechanism (CBAM) and the EU Deforestation Regulation (EUDR), stating that these measures could negatively impact Indian exporters.

India’s deep disappointment regarding the unilateral regulations introduced by European Union

“I raised this issue emphatically with my French counterpart and expressed India’s deep disappointment regarding the unilateral regulations and the numerous new regulations introduced by the European Union, which are unacceptable to anyone in the world,” Goyal stated.

He underscored the absence of financial and technological support from developed countries, which are the primary contributors to pollution. “The Common but Differentiated Responsibilities, CBDR, will serve as the guiding principle in our transition to a clean energy future or a net-zero world, leading to a more sustainable environment. I also pointed out the lack of financial and technological assistance from the developed nations, who are the polluters in the first place, not India,” he added.

Under the European Union’s CBAM, carbon costs will be imposed on imported goods such as steel, aluminium, cement, fertilizers, electricity, and hydrogen. This initiative aims to prevent “carbon leakage,” ensuring that companies cannot shift production to countries with more lenient emission regulations. Indian exporters, particularly in the steel and aluminium sectors, may encounter difficulties in meeting these stringent standards. Small and medium enterprises (SMEs) could face particular challenges due to limited resources for adopting cleaner technologies.

On the other hand, the EUDR mandates that commodities like soy, palm oil, coffee, cocoa, timber, and rubber exported to the EU must demonstrate that they are deforestation-free. This requirement includes detailed traceability and certification processes, which will increase compliance costs for Indian exporters of agricultural and forestry products.

“These regulations are currently in the reporting stage and have not yet been implemented for Indian exports,” Goyal clarified. His remarks reflect India’s proactive approach to protecting its trade interests while also addressing global sustainability objectives.

Mahayuti’s Success Signals End of Appeasement Politics in Maharashtra: Piyush Goyal

November 24, 2024, 8:20 am

Union Minister Piyush Goyal termed Mahayuti’s win in Maharashtra a ‘good message’ to accelerate the goal of Prime Minister Narendra Modi’s developed India 2047, adding that the people in Maharashtra supported the good work done by PM Modi.
Piyush Goyal also noted that the people of Maharashtra have rejected the politics of appeasement of the Congress party and the Maha Vikas Aghadi (MVA).
“Once again, under the leadership of Prime Minister Modi, the BJP-Mahayuti has achieved a resounding victory. This victory is a good message to accelerate the goal of Prime Minister Modi’s developed India 2047, to further advance the development of Maharashtra,” Piyush Goyal told ANI.
He further highlighted that the victory reflected the people have supported the good work done by leaders like Prime Minister Narendra Modi, Devendra Fadnavis, Eknath Shinde, and Ajit Pawar. “I thank all the voters,” he added.
Notably, the ruling Mahayuti alliance won the Maharashtra assembly poll. The BJP-led Mahayuti alliance registered a smashing victory, carrying its allies–Shiv Sena and NCP–with its momentum.
The BJP has won 132 seats; Shiv Sena, led by Chief Minister Eknath Shinde, has won 57 seats, and the NCP, led by Deputy Chief Minister Ajit Pawar, won 41 seats. The state has 288 assembly seats.
In contrast, the Maha Vikas Aghadi (MVA) suffered a rude jolt with Shiv Sena (UBT) led by Uddhav Thackeray winning 20 seats, Congress securing 16, and NCP(SP) led by Sharad Pawar managed just 10 seats.
The BJP saw a fabulous strike rate with the party winning 133 of the 148 seats it contested in Maharashtra. The party’s allies Shiv Sena and NCP also have a very good strike rate.
The assembly elections in Maharashtra were held on November 20.
Prime Minister Narendra Modi joined celebrations at BJP headquarters following the party-led Mahayuti’s landslide victory in Maharashtra assembly elections and said the people of the state have defeated “negative and parivarvad politics.”
Addressing party members in the BJP headquarters, PM Modi said it is difficult for Congress to win elections on its own.
“Congress has now become a parasitic party, increasingly difficult for it to form a government on its own. Congress not only sinks its boat but also the boats of its allies. Today we have seen the same thing in Maharashtra also,” he said.

H1B Visa ‘History,’ Piyush Goyal Eyes Global Investment Boom

October 19, 2024, 9:27 pm

New Delhi [India], October 19 – Union Minister of Commerce and Industry, Piyush Goyal, has stated that the H1B visa issue is now a “thing of the past,” signaling a shift in India’s international discussions. Speaking at Vanijya Bhavan, New Delhi, Goyal highlighted that future dialogues would focus on fresh economic opportunities rather than old grievances.

Strategic Shift from Visa Talks to Global Investments

During a two-day visit to New York, Goyal met with CEOs of major companies, emphasizing reforms by the Modi government aimed at boosting foreign investments in India. Special attention was given to the pharmaceutical and diamond industries, with Surat standing out as a key destination for such investments.

Deepening Indo-U.S. Business Ties

Goyal’s U.S. trip also included a luncheon in Washington with 17 CEOs from the CEO Forum, including Tata Sons’ top executive. The forum is undergoing restructuring, with several members’ terms expiring in December. New Memorandums of Understanding (MoUs) were signed, reinforcing the commitment to strengthen business relationships between India and the U.S.

Focus on Emerging Sectors

The visit went beyond traditional sectors, extending discussions to clean energy, technology transfer, and digital telecommunications. There was also an emphasis on critical areas like defense and biosciences. While progress on biofuels was slowed by the upcoming U.S. elections, Goyal highlighted promising collaborations in other industries.

Stable Currency Exchange, Tourism, and the Digital Economy

Another key point discussed was the stabilization of the exchange rate between the Indian rupee and the U.S. dollar, which could greatly benefit bilateral trade. Additionally, Goyal engaged with SMEs, educators, and think tanks, stressing India’s focus on boosting tourism and the digital economy.

Conclusion

Piyush Goyal’s recent U.S. visit has opened doors for significant investment opportunities, showing India’s resolve to attract global investors. As the country continues its economic reforms, sectors like clean energy and pharmaceuticals will likely play a pivotal role in India’s global investment strategy.

India’s Path To 2047: Piyush Goyal Unveils Bold Vision For Transformation

October 19, 2024, 1:00 am

New Delhi [India], October 18: Union Commerce and Industry Minister Piyush Goyal, on Friday, highlighted India’s remarkable transformation over the past decade and shared the nation’s ambitious plans to become a developed country by 2047. Speaking at the SHRM (Society for Human Resource Management) conference, Goyal called on youth and corporate leaders to actively contribute to India’s bright future.

India’s Growth: From Fragile Five to Global Power

Reflecting on India’s journey, Goyal emphasized that while India celebrated 75 years of independence, the next 25 years will define the country’s transformation as it works towards becoming a “Viksit Bharat” (developed nation) by 2047. He explained that this period, known as the “Amrit Kaal,” will shape the lives of over 1.4 billion Indians.

A decade ago, India was considered one of the “fragile five” economies, facing slow growth and high inflation. Today, the country has turned that narrative around, becoming the world’s fifth-largest economy, with aspirations of moving to third place soon. Goyal credited this change to the collective effort of the people, highlighting that India is now seen as a model of growth and resilience on the global stage.

Technological Advancements: India’s 5G Revolution

One of the key highlights was India’s technological leap, particularly in the telecom sector. Goyal pointed out that India, which once struggled with 2G connectivity, is now leading the world with the fastest rollout of 5G, covering 125 cities. He emphasized that India’s transformation is now seen through the lens of technological leadership, with the country regarded as a trusted global partner.

Sustainability and Renewable Energy: India’s Green Future

Another critical area of progress is India’s shift toward sustainability. Goyal proudly shared that India had met its 2030 renewable energy target eight years ahead of schedule. He mentioned India’s push toward electric mobility and the replacement of fossil fuels with clean energy as a key step towards ensuring a better quality of life not just for India, but for the world at large.

India’s Vision for 2047: A $30-35 Trillion Economy

Goyal also outlined India’s economic vision for 2047, where he projected the country could become a $30 to $35 trillion economy. He highlighted that India’s demographic advantage, with a large and youthful population, combined with strong macroeconomic fundamentals, puts the country in an ideal position to achieve this goal.

He also called for greater collaboration between corporate leaders, entrepreneurs, and the government to align efforts with Prime Minister Narendra Modi’s vision. The minister underscored that India’s next phase of growth will require a joint effort from all sectors of society.

A Future Powered by Innovation and Collaboration

In closing, Goyal urged attendees to focus on innovation and collaboration to build on India’s transformation. He pointed out that the next 25 years are pivotal to India’s goal of becoming a developed nation, where technology, sustainable growth, and strong leadership will play a crucial role.

Goyal’s speech at the SHRM conference resonated with a sense of optimism, as he invited all stakeholders to be part of this ambitious journey toward a prosperous future for India.

PLI Scheme Set to Attract Rs 2 Lakh Crore Investment: Piyush Goyal

September 29, 2024, 6:52 pm

Union Commerce Minister Piyush Goyal announced that the Production Linked Incentive (PLI) scheme is expected to bring in investments worth ₹2 lakh crore, significantly higher than the previous estimate of ₹1.3 lakh crore. This announcement came after Goyal’s interaction with beneficiaries of the PLI scheme, where he expressed optimism about production levels exceeding initial expectations.

Positive Impact on Key Sectors

During the interaction, Goyal noted that sectors benefiting from the PLI schemes are gaining momentum and are now poised to invest independently due to rising demand. “Hearing some of the numbers today, my own sense is that the production would be much more than what we expected,” he stated. The minister highlighted that the PLI scheme has the potential to create approximately 12 lakh direct jobs, in addition to numerous indirect employment opportunities.

Experiences from PLI Beneficiary Companies

Representatives from various PLI beneficiary companies shared their positive experiences following the minister’s address. Jayen Mehta, Managing Director of Amul, revealed that the company committed an investment of around ₹800 crore under the PLI scheme, expressing gratitude for the inclusion of the food processing sector in the initiative.

Shail Singh Solanki, Senior General Manager of Meril Life Sciences, noted that the PLI scheme has enabled his company to expand its global footprint. Dr. Rajiv Chhibber, Vice President of Sahajanand Medical Technologies, discussed the production of four essential medical devices, including cardiac stents and heart valves, which were previously imported. He emphasized their efforts to reduce imports and provide affordable medical solutions to the public.

Government’s Vision for Atmanirbhar Bharat

Launched in 2020 as part of the Atmanirbhar Bharat and Make in India initiatives, the PLI scheme aims to make Indian manufacturers globally competitive, attract significant investments, enhance exports, integrate India into the global supply chain, and reduce dependency on imports. The government has introduced PLI schemes across 14 sectors to drive this vision forward.

Piyush Goyal Calls on Industry to Elevate Brand India Through Quality Focus

September 29, 2024, 6:42 pm

Union Minister of Commerce and Industry Piyush Goyal marked a decade of the Make in India initiative by urging the Indian industry to prioritize the production of high-quality goods. Speaking at an interactive session with CEOs of over 140 companies benefiting from the Production Linked Incentive (PLI) Scheme, Goyal emphasized the importance of promoting Brand India through sustainable practices.

Encouragement for Domestic Value Addition

During his address, Goyal praised the achievements of PLI beneficiary companies, highlighting their vital role in driving growth, creating jobs, and positioning India as a global manufacturing leader. He encouraged the CEOs to focus on increasing domestic value addition in their products, stating that this effort is essential for making India self-reliant. He also called on the industry to support local manufacturers in this initiative.

Insightful Interaction with Industry Leaders

The three-hour-long session allowed CEOs to share their perspectives on the PLI schemes. They provided valuable insights into their experiences, success stories, and suggestions for improving the effectiveness of the schemes and streamlining implementation. Goyal welcomed feedback from industry leaders on the decriminalization and liberalization of laws to enhance the ease of doing business.

Significant Investment and Job Creation

As of August 2024, actual investments realized under the PLI scheme have reached ₹1.46 lakh crore, with expectations to hit ₹2 lakh crore in the next year. This has led to production and sales worth ₹12.50 lakh crore and the generation of approximately 9.5 lakh jobs, a figure projected to rise to 12 lakh soon. Exports have surpassed ₹4 lakh crore, with significant contributions from electronics, pharmaceuticals, and food processing sectors.

Sectoral Highlights: Electronics, Pharmaceuticals, and More

In the electronics sector, mobile phone manufacturing now constitutes half of India’s total output, with exports tripling since FY 2020-21. The pharmaceutical industry has revitalized domestic production of bulk drugs and complex generics, thereby reducing import dependence.

The automobile sector has seen global champions rolling out electric vehicles, supported by substantial investments. Additionally, the medical devices industry has experienced technology transfers for critical equipment like CT scanners, bolstering local production.

The food processing sector has contributed to sustainable agricultural practices, focusing on the production of millet and organic products. Emerging sectors, such as drones, have witnessed a sevenfold increase in turnover, fueled by MSMEs and startups. The solar PV module and specialty steel industries are also thriving, benefiting from significant investments and localized production.

Piyush Goyal: Manufacturing Share to Rise to 25% by 2047

September 25, 2024, 2:52 pm

On the 10th anniversary of the Make in India initiative, Union Minister of Commerce and Industry Piyush Goyal outlined the future roadmap for India’s economy, highlighting a significant rise in the manufacturing sector by 2047. Speaking to media, Goyal emphasized the role of the Amrit Kaal period in transforming India into a developed nation by 2047, with the manufacturing sector contributing 25% to the economy.

Vision for 2047: Manufacturing Growth

Goyal expressed optimism about India’s manufacturing growth, driven by both domestic and international demand. “In Amrit Kaal towards Viksit Bharat 2047, the share of manufacturing will go up to 25 per cent. We will also see more industrial townships with plug-and-play infrastructure coming forward,” Goyal stated. He also praised India’s emergence as a global manufacturing hub, noting that this has been achieved through collaboration with the private sector.

Comparing Two Decades: ‘Lost’ vs ‘Last’

Reflecting on the nation’s economic trajectory, Goyal compared the last decade of growth under Prime Minister Narendra Modi’s leadership to the 2004-2014 period. He referred to the earlier years as a “lost decade,” marked by investor hesitancy, corruption, and economic decline. Goyal highlighted how the Modi government had strengthened macroeconomic fundamentals and boosted initiatives like Startup India and One District One Product, promoting growth, technology, and innovation.

“It is a story of the lost decade versus the last decade. Between 2004 and 2014, investor interest was shattered, corruption was rampant, and inflation was high. PM Modi took charge in 2014, stabilizing the economy and fostering growth with initiatives that reduced the compliance burden and improved our ease of doing business ranking,” Goyal said.

Rebutting Critics: Job Creation and Growth

Addressing critics of the Make in India initiative, Goyal dismissed claims that the scheme had not delivered on its promises. He pointed to the success stories, such as the production of the iPhone 16 in India by women workers in Tamil Nadu and the rise of domestic manufacturing in air conditioning equipment.

“Manufacturing is giving a huge boost to job creation,” Goyal stated. “Critics can keep crying hoarse, but the reality is that manufacturing creates jobs, boosts entrepreneurship, and provides employment in areas like factory construction, housing, and logistics.”

India’s Manufacturing Hub Aspirations

Goyal highlighted India’s progress toward becoming a global manufacturing destination, with examples of significant developments in air conditioner production and upcoming compressor plants. He reiterated that as India strengthens its manufacturing base, it will soon become a global exporter of various goods, further boosting job creation and economic growth.

“The Make in India initiative has already shown results, and we are moving towards becoming a significant player in global manufacturing,” Goyal concluded.

Piyush Goyal To Elon Musk’s Tesla: ‘If Somebody Wishes To Invest…’

August 23, 2024, 3:53 pm

Tesla’s much-anticipated entry into the Indian market has garnered significant attention, but the status of its investment plans remains unclear. While the Indian government has introduced a policy aimed at attracting foreign investments in the automotive sector, Tesla has yet to make a firm commitment to establishing a manufacturing facility in the country.

Policy Aims to Attract Foreign Automakers

The Indian government’s new policy allows foreign companies to import and sell vehicles in India before setting up a local manufacturing plant, provided they commit to building a factory in the future. This initiative is designed to encourage global automakers to enter the Indian market, with the long-term goal of boosting local manufacturing.

Commerce and Industry Minister Piyush Goyal, in an interview with the Economic Times, emphasized the government’s openness to investment. “We have come out with a policy. We are open to any company investing under that policy or even otherwise,” Goyal said. He explained that while the policy provides an option to import vehicles before setting up a factory, some companies, like VinFast, have chosen to start production immediately. “We welcome that better,” Goyal added, highlighting the preference for immediate local manufacturing over imports.

Tesla’s Postponed India Visit Raises Questions

Earlier this year, Tesla CEO Elon Musk was expected to visit India to meet with Prime Minister Narendra Modi and other key officials. The visit was anticipated to include an announcement of Tesla’s plans to establish an electric vehicle (EV) manufacturing facility in the country. However, Musk abruptly postponed the visit, leaving the future of Tesla’s investment in India uncertain.

Ongoing Policy Discussions and Industry Concerns

Meanwhile, reports in July indicated that the Indian government is considering adjustments to its EV policy to offer incentives to automakers that have already invested in the country. This move comes in response to concerns raised by automakers about the scheme, which currently only supports new investments aimed at accelerating local manufacturing of high-end electric cars.

Industry stakeholders have suggested that the policy should also consider existing investments, including plants that produce both petrol and diesel cars alongside EVs. The government is reportedly in discussions to make the scheme more accommodating to established players, potentially allowing investments in facilities that manufacture both internal combustion engine vehicles and electric vehicles.

Other Automakers Show Interest

Despite Tesla’s hesitation, several automakers, including Volkswagen-Skoda, Hyundai-Kia, and VinFast, have expressed interest in the new policy, known as the “Scheme for Manufacturing of Electric Cars (SMEC).” These companies see potential in the Indian market and are exploring opportunities to align with the government’s vision for EV manufacturing.

Chinese Automaker BYD’s Plans Under Scrutiny

When asked about the status of Chinese automaker BYD’s potential investment in India, Piyush Goyal confirmed that there is currently no active proposal under consideration. He noted that any Chinese investment proposals would undergo a thorough review process before a decision is made.

As discussions continue, it remains to be seen whether Tesla will take advantage of the new policy and commit to building a local factory in India. The outcome of these discussions could have significant implications for the future of EV manufacturing in the country, as well as for Tesla’s long-term strategy in one of the world’s fastest-growing automotive markets.

Further Reforms Will Be Carried Out By Govt, Says Piyush Goyal

July 30, 2024, 1:33 am

Commerce and Industry minister Piyush Goyal assured that there will be continuity in the government policy and further reforms will be carried out.
“I can assure you that going forward also, Prime Minister Narendra Modi looks at 140 crore Indians, respective of the state the May reside in, respective of who runs that state, he looks at the country at one, and he she is to it unless the entire country develops, India won’t be able to become a developed nation,” the minister said.

“I can assure you that going forward also, Prime Minister Narendra Modi looks at 140 crore Indians, respective of the state the May reside in, respective of who runs that state, he looks at the country at one, and he she is to it unless the entire country develops, India won’t be able to become a developed nation,” the minister said.“I can ensure you that there will be continuity in policy and there will be further reform and tell me further improvement in the policy there will be greater thrust to various programs of the government, Prime Minister 2 days ago is on record at having advised all the chief minister to take all our policy at saturation show that all the beneficiaries get the benefit of our various program, I have just come out from the meeting of footwear manufacturers and we are introducing is quality standard, so that all the consumers 140 crore Indians get good quality of footwear and all to these Aaj things that are going on for several years,” the minister said.

India News Manch 2024: Existing policies of govt will continue and see further reforms, says Piyush Goyal

July 29, 2024, 10:23 pm

“I can ensure you that there will be continuity in policy and there will be further reform and tell me further improvement in the policy there will be greater thrust to various programs of the government, Prime Minister 2 days ago is on record at having advised all the chief minister to take all our policy at saturation show that all the beneficiaries get the benefit of our various program, I have just come out from the meeting of footwear manufacturers and we are introducing is quality standard, so that all the consumers 140 crore Indians get good quality of footwear and all to these Aaj things that are going on for several years,” the minister said.

Asked about the boycott factor launched by the broad based opposition Goyal said, people at large want good things to happen in their life, let me also assure you one thing most of the states are willing to implement the schemes launched by the centre.
“So when I let’s take the industrial parts, on the finance minister announced 12 industrial parks setup, it’s not that all the parks are in BJP ruled states. Among these 12 the largest is in Maharashtra. Now it doesn’t mean all the projects are in BJP ruled States. When other parties or governments in the states have also given proposals have also desired to have an industrial park they get it,” he said.

When the industrial park came it was first approved for Tamil Nadu, not run by the BJP, second was in Telangana again at that time done by the BRS now by the Congress so this government is never discriminating and has always worked with all the states with equal consideration.

Talking about the new paid internship scheme, Goyal said , broadly these five schemes that the honourable finance minister has unveiled about four crore 10 lakh jobs largely in the private sector some of them can also be in PSU, but this is only a part of the schemes, regular job growth is going to be an ongoing process.
“The regular Incentivisation of making or pr providing service from india in terms of goods and services is growing rapidly,” he added.

Piyush Goyal Takes Over Commerce & Industry Ministry, Promises Visionary Growth For India

June 11, 2024, 7:25 pm

Piyush Goyal, a prominent leader of the Bharatiya Janata Party (BJP), officially took charge of the Ministry of Commerce and Industry in the national capital on Tuesday. He was warmly received by Jitin Prasada, the Minister of State (MoS) for the Ministry of Commerce and Industry, along with other officials.

Expressing his gratitude, Goyal thanked Prime Minister Narendra Modi for the opportunity to serve the nation once again. He acknowledged the significant progress achieved across the country under PM Modi’s development-focused governance over the past decade. Goyal emphasized the importance of building on this foundation and working diligently during this crucial period to ensure rapid advancements in commerce and industry.

Goyal highlighted the government’s commitment to creating new opportunities for the youth and tirelessly working for the welfare of all citizens. He spoke highly of PM Modi’s visionary leadership, stating that it has positioned the nation to achieve remarkable heights. Embracing the philosophy of “Sabka Saath, Sabka Prayas,” Goyal stressed the collective efforts and trust of the people as essential drivers for India’s brighter future.

In the 2024 parliamentary elections, Goyal secured victory in the Mumbai North constituency against Bhushan Patil, the Mumbai Congress vice president, with a substantial margin of nearly 3,57,608 votes. His extensive political experience includes serving as the Minister of Railways and Coal, with additional responsibilities as Minister of Finance and Corporate Affairs in 2018 and 2019. Goyal has also held key positions as Minister of State (Independent Charge) for Power, Coal, New & Renewable Energy (2014-2017), and Mines (2016-17).

BJP Hits Back at Congress’ ‘Stock Market Scam’ Charge

June 6, 2024, 8:50 pm

The Bharatiya Janata Party (BJP) fired back at Congress leader Rahul Gandhi’s accusation of a ‘stock market scam.’

“Rahul Gandhi has still not overcome the loss in the Lok Sabha Elections. Now, he is conspiring to mislead the market investors. Today, India has become the fifth-largest economy,” BJP leader Piyush Goyal said at a presser.

“In the last 10 years of Modi Govt, for the first time our market cap has crossed over 5 trillion dollars. Today, India’s equity market has entered the market cap of the top 5 economies of the world…We know that the market cap of PSUs listed in the market has increased 4 times under the Modi Govt,” Goyal, who won the Lok Sabha elections from Mumbai North, said.

The BJP’s response came after Rahul Gandhi alleged a stock market scam, even accusing Prime Minister Narendra Modi and Union Home Minister Amit Shah of ‘being directly’ involved in it.

“Why did the PM and Union Home Minister give specific investment advice to the five crore families investing in the stock market? Is it their job to give investment advice? Why were both interviews given to the same media owned by the same business group which is also under SEBI investigation for manipulating stock,” Gandhi said at a press briefing in the evening.

Continuing his attack on the Congress, Goyal said,”When the UPA government was in power 10 years ago, India’s market cap at that time was ₹67 lakh crore…Today the market cap has increased to ₹415 lakh crore.”

Prime Minister Modi had said on May 23,”I can say with confidence that on June 4, as BJP hits record numbers, the stock market will also hit new record highs.”

On the other hand, Union home minister Shah had said,”The market has nosedived in the past as well. So one should not link it directly to elections. Anyway, some rumours may have fuelled it (the fall). In my opinion, buy before June 4. The market is going to shoot-up.”

Piyush Goyal Slams Kejriwal Over Swati Maliwal Assault Allegations

May 18, 2024, 12:11 pm

Union Minister Piyush Goyal has sharply criticized Delhi Chief Minister Arvind Kejriwal in response to allegations made by AAP MP Swati Maliwal. Maliwal has accused Kejriwal’s personal secretary, Bibhav Kumar, of assaulting her inside the chief minister’s residence.

This controversy has escalated just days before the upcoming polling in the National Capital, scheduled for May 20. The Aam Aadmi Party (AAP) has denied these allegations. “Who is taking them seriously? He came out of jail for a few days for poll campaigning and see what kind of things he is doing,” Piyush Goyal told ANI, responding to Delhi minister Atishi’s dismissal of Maliwal’s allegations as a “conspiracy.”

Earlier, Bibhav Kumar filed a complaint against Maliwal, alleging unauthorized entry, verbal abuse, threats, and potential involvement by the Bharatiya Janata Party (BJP) in the incident. In his complaint to the SHO of Civil Lines Police Station, Kumar requested legal action against Maliwal and an investigation into her possible connections with BJP leaders, suggesting political motives behind her actions amidst the ongoing Lok Sabha elections.

This complaint follows Maliwal’s allegations that Kumar assaulted her at Kejriwal’s residence. AAP responded by releasing a video purportedly showing Maliwal arguing with security personnel at the residence, contradicting her assault claims. The video was shared by AAP with the caption “Swati Maliwal ka sach (Swati Maliwal’s truth).”

This marks the first time AAP has publicly opposed Maliwal in this matter, despite previous statements from AAP MP Sanjay Singh indicating that Kejriwal had taken the incident seriously and directed “strict action.”

The Delhi Police filed an FIR based on Maliwal’s complaint, in which she claimed that Kumar “slapped” her “at least seven to eight times,” “brutally dragged” her, and “kicked” her in the “chest, stomach, and pelvis area” on May 13 at Kejriwal’s Civil Lines residence.

As the controversy intensified, Maliwal accused her party of protecting a “Gunda” (hitman) and engaging in her “character assassination.” She criticized AAP leaders, particularly Atishi, for terming her visit to Kejriwal’s residence a “conspiracy,” and contrasted her long association with AAP against newer party members.

Delhi’s Tis Hazari court has recorded Maliwal’s statement, and an FIR has been filed against Bibhav Kumar and other individuals under IPC Sections 308 (Attempt to commit culpable homicide), 341 (Punishment for wrongful restraint), 354B (Assault or use of criminal force to woman with intent to disrobe), 506 (Punishment for criminal intimidation), and 509 (Word, gesture, or act intended to insult the modesty of a woman).

Prime Minister Modi Has “Never Ever” Discriminated: Piyush Goyal

May 16, 2024, 8:26 pm

Piyush Goyal, Union Minister and BJP candidate from Maharashtra’s Mumbai North constituency dismissed the “noise” that “Muslims are in danger” claims are part of appeasement politics as he asserted that Prime Minister Narendra Modi “never ever” discriminated.

In an interview with ANI, Piyush Goyal said that Prime Minister Modi thinks about the upliftment of everyone and never asked for anybody’s caste or religion in ‘Modi ki Guarantee Sankalp Patra 2024.’

“That (Muslims in danger) is a noise that is created as part of appeasement politics by certain political parties, more particularly the Congress and I don’t think that common man buys that anymore. The common man has started realising that Prime Minister Modi means good for everybody,” Piyush Goyal told ANI.

“He has never discriminated when he gives 80 crore people free food. He has never discriminated in the selection of four crore families to provide a free home. He has never asked anybody the colour of their skin, their caste, their creed, their language, or their religion, when he enrols people for Ayushman Bharat or when he guarantees in his Modi ki Guarantee Sankalp Patra 2024. that as soon as we come into our third term, one of the first decisions will be to extend Ayushman Bharat’s Rs 5 lakh healthcare to everybody above the age of 70. He never ever discriminates when he ensures that every home will get nal se jal (water from a tap) or every home gets electricity, every home gets LPG connection, every home gets digital connectivity, and every road gets rural roads connecting them. Prime Minister Modi has never ever discriminated,” he added.

He further took a dig at the previous UPA government led by Manmohan Singh, accusing them of “trying to divide” the country.

“If you recall earlier governments, the UPA, particularly, the Manmohan Singh and Sonia Gandhi-led governments, who have tried to divide the country, I don’t know if you recall MP Suresh, who is the brother of Karnataka Deputy Chief Minister DK Shivakumar. He made that infamous statement that southern states will have to think about whether we should be part of the Indian Union or whether we need to be separate from the Indian Union. How can anybody make such abhorring statements? How can anybody think of turning the clock back? on Article 370, which, in any case, was a temporary provision. And the Congress party is talking about undoing the Ram Temple? A matter of principle for over 500 years. Every Indian holds Prabhu Sri Ram in high esteem,” the Union Minister said.

He further said that during his campaigning in the Mumbai North constituency, people thanked him for the welfare policies laid out by Prime Minister Narendra Modi.

“When I go out campaigning, I find so many people who come up to me and thank me, Thanks to PM Modi, I have water in my home. I go to a village, and I get a young girl child come up and thank me and tell me that you must convey to PM Modi that, thanks to his Pradhan Mantri Awas Yojana, my tribal family today has a pucca home and we live in dignity. I have people who come up to me and thank me for Pradhan Mantri’s maternity initiatives to support women in maternity and to create funds for the girl child,” he said.

When asked if people during his campaign are showing concerns about whether the Constitution will be changed, which has been touted by the opposition on multiple occasions, Goyal said, “I promise you that in my case, I’ve been campaigning now for nearly two months since the day my name got formally nominated. In the last two months, I promise you, not one person has asked me about any of these subjects. In fact, they feel happy that their hard-earned taxpayer money is being put to good use and corruption is being ended.”

“They’re happy that direct benefit transfer has helped make 11 crore toilets, which has given dignity to our girl child and our sisters, mothers and daughters because they realised that they used to pay all of these taxes earlier,” he added.

Piyush Goyal will face Congress’ Bhushan Patil in the Mumbai North Lok Sabha seat. Polling in Mumbai North will take place on May 20 in the fifth phase of Lok Sabha polls.

In the 2019 Lok Sabha elections, the BJP’s Gopal C Shetty defeated former actor-politician Urmila Matondkar by over 4.65 lakh votes.

Ujjwala Subsidy, 4% hike in DA approved by Cabinet

March 8, 2024, 9:12 am

Union minister Piyush Goyal announced several significant decisions made by the Narendra Modi government during its recent cabinet meeting. The decisions encompass various aspects, ranging from allowance hikes to support for artificial intelligence initiatives. Goyal highlighted these decisions in the context of the upcoming Lok Sabha polls, expected to take place in May. Here’s a breakdown of the major announcements:

4% Increase in Dearness Allowance (DA): The Union Cabinet approved a 4% hike in Dearness Allowance for government employees and Dearness Relief for pensioners. This increase, effective from January 1, 2024, raises the rate to 50% of the basic pay/pension. Additionally, various allowances like transport, canteen, and deputation have been raised by 25%. House Rent Allowance (HRA) has also seen an increase.
Continuation of ₹300 Ujjwala Subsidy: The Cabinet approved the continuation of a targeted subsidy of ₹300 per 14.2 kg cylinder for up to 12 refills per year under the Pradhan Mantri Ujjwala Yojana (PMUY). This scheme will be available from April 1, 2024, to March 31, 2025, with a total expenditure of ₹12,000 crores.
₹10,371 Crore Outlay for IndiaAI Mission: The Cabinet endorsed the ‘IndiaAI Mission,’ a comprehensive nationwide initiative with a budget of ₹10,371.92 crores over five years. This mission aims to foster indigenous AI development through various programs and partnerships across public and private sectors, democratizing computing access, improving data quality, and developing indigenous AI capabilities.
MSP Increase for Raw Jute by ₹285 per Quintal: The government raised the Minimum Support Price (MSP) for raw jute by ₹285 per quintal, bringing it to ₹5335 per quintal. This move ensures a return of 64.8% over the all India weighted average cost of production, aligning with the principle set in the Budget 2018-19.
₹10,037 Crore for the Uttar Poorva Scheme: The Cabinet approved a ₹10,037-crore scheme to promote industrialization in the Northeast region. Envisaging approximately 2180 applications, the scheme is expected to generate around 83,000 direct employment opportunities during its duration, along with a significant number of indirect employment opportunities.

Farmers Decline Government Offer, Plan to Resume March Towards Delhi From Wednesday

February 20, 2024, 10:48 am

The Delhi borders are anticipated to witness renewed tensions starting Wednesday, as farmers in protest have dismissed the government’s proposition of a five-year contract for purchasing maize, cotton, and three types of pulses at the existing minimum support price (MSP).

The announcement from the protesting farmers followed criticism from the Samyukt Kisan Morcha, an umbrella organization of farmer unions not currently involved in the protests, regarding the MSP proposal.

At a press conference at the Shambhu border, between Punjab and Haryana, farmer leader Sarwan Singh Pandher stated that the proposal is unacceptable to them, and the protesting farmers will resume their peaceful march towards Delhi on Wednesday.

Providing reasons for rejecting the proposal, farmer leader Jagjit Singh Dallewal explained, “The government made the proposal on Sunday night, and we have studied it. It doesn’t make sense for the MSP to apply to only two or three crops and for the other farmers to be left to fend for themselves.”

He added, “The honorable minister said yesterday that if the government guarantees MSP on pulses, it will put an additional burden of ₹1.5 lakh crore. A study by (former Agricultural Price Commission chairman) Prakash Kammardi has, however, revealed that the total cost will be ₹1.75 lakh crore for all crops.”

Pointing out that the government spends ₹1.75 lakh crore to import palm oil, which he claimed is harmful to health, Mr. Dallewal suggested that the same amount could be used to help farmers grow oilseeds, for which MSP could be declared.

Mr. Dallewal claimed that the government plans to provide support prices only to farmers opting for crop diversification and moving towards crops under the MSP umbrella, excluding farmers already growing these crops.

“We have demanded MSP on 23 crops. The amount that is given is a ‘minimum’ support price, that helps with subsistence, not income. If they are not agreeing to a legal guarantee, it means that the farmers will continue to suffer. We have, thus, decided to reject the proposal,” he said.

Food and Public Distribution Minister Piyush Goyal had announced after the meeting on Sunday that government agencies would sign a contract with farmers for the next five years for the procurement of pulses, maize, and cotton crops, with no limit on the buying quantity.

The core issue for the protesting farmers remains the demand for a law on MSP, along with other demands, such as a loan waiver, implementation of the Swaminathan Commission’s recommendations, pension for farmers and farm laborers, withdrawal of police cases, and justice for farmers killed in Uttar Pradesh’s Lakhimpur Kheri.

Concerns arise over potential chaos as nearly 1 lakh farmers, supported by about 200 unions, plan to resume their march on Delhi. Farmer groups in Noida and Greater Noida have also announced plans to march to the capital on Friday, adding to the potential challenges.

Piyush Goyal, Vice President tear into Congress for ignoring Charan Singh, BJP demands apology from Congress

February 10, 2024, 12:48 pm

In a stern rebuke directed at the Congress party, Leader of the House and Union Minister Piyush Goyal asserted on Saturday that had former Prime Minister Chaudhary Charan Singh belonged to the Nehru-Gandhi dynasty, the previous Congress-led UPA government would have conferred upon him the Bharat Ratna. Goyal expressed satisfaction that Prime Minister Narendra Modi had honored Charan Singh with the Bharat Ratna, describing it as a “moment of pride.”

Addressing the concluding session of the ongoing budget session of Parliament before the upcoming Lok Sabha elections, Piyush Goyal called for the leader of the opposition to apologize to the nation for what he deemed as an “insult” to Chaudhary Charan Singh. He underscored the significance of PM Modi’s decision to bestow the Bharat Ratna upon Charan Singh, lamenting that the Congress failed to appreciate the gesture due to his lack of association with the Nehru-Gandhi lineage.

In a direct attack on the Congress party during his speech, Goyal emphasized, “It is a moment of pride that PM Modi gave respect to Chaudhary Charan Singh by awarding him the Bharat Ratna…Congress should have been celebrating today that their former PM has been awarded by the Modi government. But unfortunately, he did have Nehru-Gandhi in his surname. If he belonged to the first family it would have worked.”

In response, Mallikarjun Kharge stated, “They salute all those people who have worked for the country irrespective of political parties, caste, and creed.” Rajya Sabha Chairman Jagdeep Dhankhar condemned the opposition’s behavior, asserting that their actions amounted to insulting Chaudhary Charan Singh and his legacy. He stressed the need to respect Charan Singh’s contributions, particularly to the farming community.

Prime Minister Narendra Modi recently announced that former Prime Ministers Chaudhary Charan Singh and PV Narasimha Rao, along with MS Swaminathan, recognized as the father of the green revolution, would be honored with the Bharat Ratna. This session marks the final sitting of the current Lok Sabha ahead of the forthcoming general elections, anticipated to occur in April-May this year.

Tamil Nadu Global Investors Meet 2024 Aims for $1 Trillion Economy

January 7, 2024, 2:16 pm

The Tamil Nadu Global Investors Meet (GIM), a significant event initiated by the government, commenced on January 7 at the Chennai Trade Centre. This edition of the event will witness the participation of over 30 nations, including 9 partner countries.

The Tamil Nadu government has published a report outlining its strategy to propel the state towards a $1 trillion economy by 2030. This ambitious goal has been a prominent focus for the Stalin government since May 2021. Although Tamil Nadu has previously organized two editions of the Global Investors Meet (GIM) in 2015 and 2019, this upcoming event will mark the first under the leadership of M.K. Stalin.

During the two-day Tamil Nadu Global Investors Meet 2024, Investors unveiled their strategies for significant investments in the state. More than 450 delegates from various parts of the world have traveled to attend this prestigious event.

The primary objective of the government is to generate additional employment opportunities for the younger generation and women in rural areas. Another notable region that has experienced progress is Krishnagiri and Hosur. The market for manufacturing electric vehicles in this area is flourishing.

One of the main objectives of this GIM is to ensure widespread development throughout Tamil Nadu. The majority of industrial growth has been concentrated in Chennai, as well as the Coimbatore and Tiruppur regions. According to The Hindu, Industries Minister TRB Rajaa mentioned the possibility of a significant announcement for Thoothukudi, located on the southern coast.

The Union Minister for Commerce and Industry, Piyush Goyal, has emphasized the collaboration between the Central government and State government in order to facilitate India’s growth by taking necessary measures.

M.K. Stalin, the Chief Minister of Tamil Nadu, has emphasized the significance of the Global Investors Meet 2024 in terms of attracting investments, generating employment opportunities, and highlighting the state’s strengths. He believes that Tamil Nadu plays a pivotal role in India’s progress and has set a goal of achieving a $1 trillion economy by 2030.

Furthermore, he highlighted the success of attracting industries to underdeveloped districts and emphasized that Tamil Nadu is the leading state in terms of investment attraction. He also emphasized that the state is highly welcoming on the global platform.

Industries Minister T.R.B. Rajaa emphasized the exceptional performance of Tamil Nadu in various sectors and highlighted the positive impact of government schemes on the people. He mentioned that “Tamil Nadu boasts a doctor-to-population ratio comparable to Scandinavian countries, with one doctor for every 250 individuals. Additionally, the state produces an impressive number of over 150,000 engineers annually.”

Furthermore, Minister Rajaa expressed that the Global Investors meet aims to demonstrate that Tamil Nadu not only achieves economic growth but also prioritizes diversity, equality, and inclusivity, all while maintaining a strong focus on sustainability.