logo
Piyush Goyal concludes historic Norway visit, focuses on strengthening trade ties

Piyush Goyal concludes historic Norway visit, focuses on strengthening trade ties

Economic Times01-05-2025

Commerce Minister Piyush Goyal concludes Norway visit.
Synopsis Piyush Goyal's visit to Norway, the first by an Indian Commerce Minister in over 25 years, aimed to strengthen bilateral trade and economic relations. Discussions with Norwegian leaders focused on enhancing trade under the India-EFTA TEPA, exploring new cooperation opportunities, and fostering innovation-led growth. Union Minister of Commerce and Industry Piyush Goyal has concluded his visit to Norway, marking the first such visit by an Indian Commerce Minister in over 25 years.
ADVERTISEMENT The visit focused on strengthening bilateral trade and economic relations, with key engagements involving Norway's political and business leadership.
In a social media post shared on Thursday, Goyal said, "Concluded my productive visit to Norway, the first by a Commerce and Industry Minister from India in over 25 years. My engagements with the political and business leadership in the country give me immense confidence that our ties are set to enter a new phase of trust and growth."
During his visit, Goyal met Cecilie Myrseth, Norway's Minister of Trade and Industry. The two leaders held discussions on enhancing trade relations in line with the recently signed India-EFTA Trade and Economic Partnership Agreement (TEPA). They also explored new opportunities to boost bilateral cooperation in various sectors.Goyal also had the honour of visiting the Norwegian Parliament - Stortinget - where he interacted with distinguished members. The discussions focused on enhancing India-Norway trade ties and exchanging views on shared democratic values and people-centric governance.The minister said "It was an honour to visit the Norwegian Parliament - Stortinget and interact with some of the distinguished members. Had an extensive discussion on enhancing India-Norway trade and economic ties. We also exchanged views on our strong democratic traditions and commitment to development, rooted in people-centric governance".
ADVERTISEMENT A key highlight of the visit was the co-chairing of the Norway-India Business Executive Roundtable, alongside Minister Myrseth.The roundtable centered on expanding economic cooperation, fostering innovation-led growth, and exploring collaborations to deepen business engagement between the two nations.
ADVERTISEMENT The Minister also interacted with the India-Norway business community at the 'Innovation Norway' centre. He spoke about India's improved Ease of Doing Business, a favourable investment climate, and the country's leadership in global talent and technology.He also highlighted the investment opportunities under TEPA and encouraged Norwegian businesses to explore the growing Indian market.
ADVERTISEMENT In another engagement, Goyal participated in a panel discussion with leading Norwegian investors. He discussed investment prospects in India's capital markets and emphasized the potential of GIFT City as a new global financial hub.He positioned GIFT City as a gateway for global investors amid the changing economic landscape.
Goyal's visit is expected to lay the foundation for deeper commercial engagement between India and Norway, opening up new avenues for trade, investment, and innovation.
(You can now subscribe to our Economic Times WhatsApp channel)
(Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.)
Subscribe to The Economic Times Prime and read the ET ePaper online.
NEXT STORY

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Apple WWDC 2025: After Microsoft, Tim Cook-led tech giant's annual software event interrupted by protest; Watch video
Apple WWDC 2025: After Microsoft, Tim Cook-led tech giant's annual software event interrupted by protest; Watch video

Time of India

time19 minutes ago

  • Time of India

Apple WWDC 2025: After Microsoft, Tim Cook-led tech giant's annual software event interrupted by protest; Watch video

Days after Microsoft, Apple saw interruption during its annual software developer conference on Monday by a protester who marched in and unzipped his jacket to reveal a keffiyeh. The protester spoke for about 30 seconds before security walked him out, reported The Verge. The incident comes after a former Microsoft employee ignited controversy during the company's 50th anniversary celebration, confronting top executives including CEO Satya Nadella and former heads Bill Gates and Steve Ballmer. The employee, Vaniya Agrawal, an Indian-American software engineer, accused the tech giant of aiding violence in Gaza through its technologies.'Fifty thousand Palestinians in Gaza have been murdered with Microsoft technology. How dare you. Shame on all of you for celebrating on their blood,' she declared before being escorted out of the event. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Dubai villas | search ads Get Deals Undo Watch video here: Agrawal, who has since resigned from the company, described Microsoft as a 'digital weapons manufacturer' and condemned its alleged collaboration with the Israeli military. In a pointed critique, she called on Microsoft to end its ties with Israel, highlighting what she claimed was a $133 million agreement with Israel's Ministry of Defense involving AI and Azure tools. Live Events

Political Row Erupts After Man Linked To 2024 Bangladesh Protests Found On Bengal Voter List
Political Row Erupts After Man Linked To 2024 Bangladesh Protests Found On Bengal Voter List

News18

time19 minutes ago

  • News18

Political Row Erupts After Man Linked To 2024 Bangladesh Protests Found On Bengal Voter List

Last Updated: The man, identified as Newton Das, reportedly took part in the 2024 protests in Bangladesh that triggered a regime change. He was found on the voter list in West Bengal's Kakdwip. A fresh political storm erupted in West Bengal after a person allegedly involved in last year's student-led protests in Bangladesh that resulted in the ouster of then-Prime Minister Sheikh Hasina turned out to be a voter from the state's Kakdwip area. The man, identified as Newton Das, appeared in several images circulating on social media showing him taking part in the 2024 protests in Bangladesh, which triggered a regime change. The protests were triggered by a controversial quota system for government jobs. However, Newton insisted that he was an Indian citizen and showed documents, including a PAN card and Aadhaar card, to support his claim. However, he did not clarify on whether he lived in India or Bangladesh. 'Unexpectedly Got Caught Up' 'I had travelled to Bangladesh in 2024 for some issues related to our ancestral property, but I unexpectedly got caught up in the revolution there. I have been a voter in Kakdwip since 2014," he was quoted by news agency PTI as saying in a video message. 'Although I lost my voter card in 2017, I managed to get a new one the following year with help from the local MLA, Manturam Pakhira. I also cast my vote during the 2016 West Bengal Assembly elections." However, Newton's cousin Tapan offered a contradictory account, saying Newton was born in Bangladesh and exercises voting rights in both countries. 'Niutan was born in Bangladesh and holds voting rights in both countries. He came to India after the pandemic to sell some ancestral land and has stayed here since. He should be held responsible for registering as a voter in both places, that's clearly not right," Tapan told reporters. The Bharatiya Janata Party (BJP) seized on the controversy, accusing the ruling Trinamool Congress (TMC) of encouraging illegal immigration to manipulate electoral outcomes. 'This is the TMC blueprint — flood Bengal's voter rolls with illegal infiltrators and secure elections with ghost votes," the West Bengal BJP said on X. Union Minister and BJP leader Sukanta Majumdar said, 'Another shining example of the so-called 'Egiye Bangla Model"! The same Newton who was seen wielding a stick during Bangladesh's quota reform movement is now a registered voter in Kakdwip, West Bengal!" 'Thousands of Bangladeshi 'Newtons" voting in Bengal—courtesy of Mamata Banerjee's infiltration theory and appeasement politics. With illegal voters and these lathi-wielders miscreants as her support base, she's not running West Bengal… she's scripting a blueprint for Greater Bangladesh," he added. Another shining example of the so-called 'Egiye Bangla Model"!The same Newton who was seen wielding a stick during Bangladesh's quota reform movement is now a registered voter in Kakdwip, West Bengal! Thanks to the special encouragement of the failed Chief Minister… — Dr. Sukanta Majumdar (@DrSukantaBJP) June 7, 2025 His statements were echoed by the Leader of Opposition in the West Bengal Assembly, Suvendu Adhikari, who said there are lakhs of Bangladeshi nationals who are included in the voter rolls of West Bengal. BJP Mathurapur organisational district secretary Sanjay Das alleged that 'the Trinamool Congress is actively helping Bangladeshi infiltrators to enter India. In response, the TMC rejected the allegations, shifting the blame to the Centre and the Border Security Force (BSF), which guards the Indo-Bangladesh border. 'Our state government will do its part, but it's up to the Union government to ensure security," TMC spokesperson Kunal Ghosh said. Debashis Das, TMC's Sundarbans organisational district student wing president, was seen cutting cake with Das in a viral birthday party photo. " had no idea he was involved in the Bangladesh protests. The photo going around was taken at a birthday celebration with many people present. If someone like him managed to cross the border, it just shows the BSF isn't doing its job properly," he clarified. Get Latest Updates on Movies, Breaking News On India, World, Live Cricket Scores, And Stock Market Updates. Also Download the News18 App to stay updated! tags : bangladesh protests bjp vs tmc West Bengal Location : Kolkata, India, India First Published: June 09, 2025, 23:04 IST News politics Political Row Erupts After Man Linked To 2024 Bangladesh Protests Found On Bengal Voter List

Indian hospitality companies see little room for growth in FY26: Icra
Indian hospitality companies see little room for growth in FY26: Icra

Business Standard

time25 minutes ago

  • Business Standard

Indian hospitality companies see little room for growth in FY26: Icra

Growth in the Indian hospitality sector is expected to normalise in this financial year (2025-26/FY26) as revenue growth for listed companies is set to settle between 6 and 8 per cent, largely due to the base effect following three years of continuous double-digit revenue expansion seen by the industry between 2022-23 and 2024-25 (FY25). 'We estimate pan-Indian premium hotel occupancy to hold at 72–74 per cent in FY26, slightly higher than the 70–72 per cent levels witnessed in 2023-24 and FY25. The average room rates (ARRs) for premium hotels are projected to rise to ₹8,200–8,500 in FY26, after ₹8,000–8,200 in FY25,' credit rating agency Icra said in a new note on Monday, while revising the sector outlook to 'stable' from 'positive'. Supply growth is expected to lag demand over the next 12–18 months. Several hotels are undertaking renovations, refurbishment, and upgrades. While the near term may see muted foreign tourist arrivals in the aftermath of the terror attacks, the sector is expected to witness gradual recovery thereafter, along with demand driven by domestic tourism and improvements in infrastructure and air connectivity. Favourable demographics and anticipated growth in large-scale meetings, incentives, conferences, and exhibitions (MICE) events, with the opening of multiple new convention centres in the past few years, among other factors, will support growth over the medium term. Listed hospitality companies, like Taj parent Indian Hotels Company (IHCL) and the mid-scale chain Lemon Tree Hotels, continue to expect double-digit growth in FY26 while undertaking renovation activities across some of their properties. 'We expect to deliver strong growth with sustained margins and continued portfolio expansion, with a target of opening 30-plus hotels in FY26, three of which will be on our balance sheet. We are well on track to achieve our committed guidance of double-digit growth,' Puneet Chhatwal, managing director (MD) and chief executive officer of IHCL, told investors in a post-earnings call after announcing the company's January–March quarter (Q4) results last month. Companies are likely to report range-bound operating margins of 34–36 per cent for FY26, despite lower revenue growth. The margins will remain supported by factors like cost-rationalisation measures and asset-light expansions in recent periods. 'However, within the sample, it is likely to be a mixed bag, depending on renovations and increases in employee expenses amidst growing demand,' the note added. In FY25, IHCL spent over ₹1,000 crore towards capital expenditure (capex), of which half was used for renovations, routine maintenance, and digital initiatives. For FY26, the company has earmarked over ₹1,200 crore. 'There's also large renovations planned in some of our assets, including Taj Palace in Delhi, Fort Aguada in Goa, St James' Court in the UK, and Taj Bengal, Kolkata. So essentially, if you put it all together, 60–65 per cent of the capex would get spent on renovations and digital investments,' Chhatwal added during the analyst call. At Lemon Tree Hotels, meanwhile, renovation costs are expected to impact gross ARR and occupancy in the coming year. 'The timely completion of renovation activities in the owned portfolio will further improve gross ARR and occupancy. Increased investment in renovation expenses will continue into FY26 and a little bit into 2026–27, until the entire portfolio of our owned hotels — about 6,000 rooms — has been fully renovated and refurbished. After this, renovation expenses will close at 1.5–1.7 per cent of revenue on an ongoing basis,' Patanjali G Keswani, chairman and MD at the chain, told investors after announcing the company's Q4 results.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store