Piyush Goyal pushes for bigger India-France trade game
PARIS: India can help French businesses become more competitive in manufacturing and tap global markets, commerce and industry minister
Piyush Goyal
said on Tuesday, stressing that it could be a shared mission where France and India collaborate closely to strengthen bilateral economic ties.
He asked businesses to identify areas of trade where the two sides can help each other in crossing the Rubicon of regulation. "Indian businesses are foxed navigating between the
EU regulations
and individual regulations in member countries," Goyal said while addressing businesses of India and France.
The minister said that the level of trade and investments between the two countries needs to be enhanced, as the current figures does not reflect their true potential. "We've already got a lot of exchange between the two countries on banking and insurance. We could look at seeing how that could be taken to the next level," he said.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
5 Books Warren Buffett Wants You to Read In 2025
Blinkist: Warren Buffett's Reading List
Undo
India-France bilateral goods trade in 2024-25 totalled $15.3 billion.
"We could look at global capability centres, and we have a fair bit coming in from all across the world to India, to leverage the huge pool of talent and skill there," Goyal said.
Live Events
He also suggested setting up working groups between businesses of India and France and expanding the frontiers of knowledge and engagement in the emerging area of artificial intelligence.
India and the EU are working to accept each other's sensitivities and come out with a fair, equitable and balanced
free trade agreement
which respects the domestic situation on both sides.
Goyal said the aim is also to remove some of the roadblocks, reduce the compliance burden on both sides, make it easier to engage and expand businesses, and have a rapid response mechanism that works to create mutual recognition agreements.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
17 minutes ago
- Mint
Mahua Moitra marries ex- BJD MP Pinaki Misra: Who is firebrand TMC leader's husband?
It's official now. Trinamool Congress Member of Parliament (MP) Mahua Moitra has married senior Biju Janata Dal (BJD) leader Pinaki Misra. The wedding reportedly took place on May 3 in Germany. Moitra confirmed the wedding in a post on X thanking people for 'love and wishes' Born in 1959, Misra is a known politician who has been an MP four times. He was elected to Lok Sabha from Puri in Odisha for the first time in 1996 when he defeated defeating then-Union Minister Braja Kishore Tripathy. Misra was re-elected again in 2009, 2014 and 2019. A senior Advocate in the Supreme Court of India, Misra has had an illustrious political and legal career spanning nearly three decades. Misra, 65, holds BA(Hons) History from St Stephen's College, Delhi and LLB from Faculty of Law, University of Delhi. Moitra is his second wife. He was earlier married to Sangita Misra and has one daughter and one son. Moitra is his second wife. Misra has been member of the Parliamentary Committee on External Affairs, subordinate legislation and Civil Aviation. Misra specialises in Corporate Law, Foreign Exchange, Customs and Excise Laws, Mining related Laws, Company Laws, Environmental Laws and Constitutional Laws. Misra played soccer, hockey and cricket during school and college days and was captain of St Stephen`s College Football Team. Misra has travelled to over 30 countries so far. In 2013, he travelled to Sri Lanka as part of the Indian Parliamentary delegation led by the Lok Sabha speaker at the Commonwealth Parliamentary Conference. The same year he was in Austria as part of the Indian Parliamentary delegation. The Misra family controled companies including Ocean Grand Resorts and Hotels Pvt. Ltd, Jupiter Estates Pvt. Ltd, White Lily Estates Pvt. Ltd and Janpath Properties Pvt. Ltd. Misra had stakes in Brady Telesoft Pvt. Ltd and WH Brady and Co. Ltd. too. Moitra, a former investment banker, is TMC from Kirshnanagar in West Bengal. Before becoming MP, Moitra served as an MLA from Karimpur before winning the Krishnanagar Lok Sabha seat in 2019 as a TMC candidate. Though expelled from Parliament in 2023 over a controversy, she made a strong comeback by winning again in 2024. Known widely for her viral 'early signs of fascism' speech, Moitra has also held key roles in the party and was previously married to Danish financier Lars Brorson. She later dated advocate Jai Anant Dehadrai. TMC MP Saayoni Ghosh also wished the newly-wed couple. 'Congratulations Mm & Pm… Wishing you a lifetime of love and laughter,' she said.
Time of India
23 minutes ago
- Time of India
Apple gives Tata India iPhone repair business as partnership expands, sources say
Apple has brought in Tata Group to handle repairs for iPhones and MacBook devices in its fast-growing Indian market, signalling the Indian conglomerate's deepening role in the U.S. tech giant's supply chain, two people familiar with the matter said. As Apple looks beyond China for manufacturing, Tata has fast emerged as its key supplier and already assembles iPhones for local and foreign markets at three facilities in south India, with one of them also making some iPhone components. In its latest partnership expansion, Tata is taking over the mandate from an Indian unit of Taiwan's Wistron, ICT Service Management Solutions, and will carry out such after-sales repairs from its Karnataka iPhone assembly campus, both sources said. The market for repairs is only going to boom in India, the world's second-biggest smartphone market, as iPhone sales skyrocket. Counterpoint Research estimates around 11 million iPhones were sold in India last year, giving Apple a 7 per cent market share, compared to just 1 per cent in 2020. The latest contract award signals Apple's growing confidence on Tata as it hopes to win more business from the world's most valuable smartphone company. "Tata's deepening partnership with Apple could also pave the groundwork for Apple directly selling refurbished devices in India, like how it does in the United States currently," said Prabhu Ram, a vice president at Cybermedia Research. The takeover from ICT by Tata is currently ongoing, both sources said, who declined to be named as they were not authorized to speak on the matter. Apple and Wistron did not respond to requests for comment, while a spokesperson for Tata declined to comment. While Apple's official service centres across India can do basic repairs, they would now ship phones and laptops to Tata's facility for more complex issues. Wistron's ICT however will continue to service other clients excluding Apple, one of the sources said. Amid an impending threat of U.S. President Donald Trump's tariffs on China, India is also emerging as a favoured destination for iPhone exports. Apple CEO Tim Cook has said the bulk of iPhones sold in the United States during June quarter will be made at factories in India.
Time of India
23 minutes ago
- Time of India
Lower wage growth impacting consumption; tax cuts and rate cuts tools to spur growth: Report
Weakening wage and job growth cycle is impacting consumption sentiment , and tax cuts and rate cuts will help accelerate momentum, according to a report by ICICI Bank Global Markets. The report highlights that wage growth for listed Indian companies nearly halved in the financial year (FY) 2025, slowing to 7.5 per cent from an average of 15 per cent year-on-year (YoY) between FY22 and FY24, impacting consumption. The deceleration in wage growth can be attributed to the tepid demand and global economic uncertainty. The report adds that the slowdown, coupled with high inflation and elevated interest rates, has eroded consumers' discretionary income, particularly in urban areas. Spending across sectors has dampened. "Lower interest rates should lead to further recovery in consumption as repo-linked loans get repriced lower and reduce the interest outgo for consumers," according to ICICI Bank Global Markets report . "We believe further monetary support is required to spur consumption when inflation is easing," it said. Backing its assertion, the report added that Fast-Moving Consumer Goods (FMCG) sales in urban centres are trailing rural markets. In contrast, passenger vehicle sales growth has sharply decelerated to 4.5 per cent in FY25 from 8.8 per cent the previous year. On the job growth front, the report added that once a strong hiring engine, the IT sector continues to grapple with demand challenges from tech disruptions, monetary tightening, and trade volatility. Net hiring peaked at 293,000 in FY22 and saw a net contraction of 70,000 by FY24. The Indian economy grew by 6.5 per cent in real terms in the recently concluded financial year 2024-25, according to the Ministry of Statistics and Programme Implementation's official data. While the economic growth was 7.4 per cent in the January-March quarter (Q4) of FY25. This was a sharp rise from the 6.2 per cent recorded in the previous quarter. Given the underlying weakness in urban demand , the government announced an income tax relief of Rs 1 trillion in the Union Budget 2025-26. The other factors favouring a consumption recovery are lower food inflation as well as the recent uptick seen in GST collections. In the last two months we have seen a visible acceleration in GST collections, with gross GST revenues increasing by 16.4 per cent YoY in May and 12.6 per cent YoY in April, respectively.
