Latest news with #CommerceandIndustryMinistry
Indian Express
20 hours ago
- Business
- Indian Express
Inter-departmental huddle on textile trade amid EU, US FTA talks
The Commerce and Industry Ministry is set to hold a inter-departmental meeting on Tuesday to formulate textile export strategy amid the ongoing free trade agreement (FTA) negotiations with the European Union and the United States, The Indian Express has learned. The meeting will be attended by officials from Commerce ministry, Finance Ministry and the Reserve Bank of India (RBI) among others and is expected to discuss policy levers that could help Indian textile exporters gain a stronger foothold in key Western markets. The textile sector—one of India's largest employment generators and a major foreign exchange earner—has emerged as a priority area in the country's FTA push, particularly due to its labour-intensive nature and its potential to benefit from tariff concessions in the US and EU markets. While India's apparel exports have long faced stiff competition from lower-cost producers like Bangladesh and Vietnam, trade deals with the EU and US could offer Indian exporters a competitive edge through preferential access. The meeting is expected to focus on ironing out issues such as export financing, compliance with quality and sustainability standards, and the role of production-linked incentives (PLI), as India looks to position its textile industry as a major beneficiary of its expanding trade partnerships. Ravi Dutta Mishra is a Principal Correspondent with The Indian Express, covering policy issues related to trade, commerce, and banking. He has over five years of experience and has previously worked with Mint, CNBC-TV18, and other news outlets. ... Read More
Hans India
a day ago
- Business
- Hans India
Piyush Goyal leaves for Switzerland and Sweden to bolster India's trade ties
New Delhi: Union Minister of Commerce and Industry, Piyush Goyal, commenced his official visit to Switzerland on Monday as part of a five-day tour during which, he will also visit Sweden to further strengthen trade ties. This visit underscores India's steadfast commitment to deepening strategic and economic partnerships with key European nations, advancing robust trade and investment ties, and supporting a shared vision for resilient global growth, according to a Commerce and Industry Ministry statement. The visit marks a key milestone in enhancing India's engagement with two of Europe's most innovative economies. Goyal's meetings are designed to facilitate high-impact interactions with senior government officials, industry leaders, and business associations in both countries, the statement said. The minister will engage with global CEOs and prominent industry leaders in Switzerland to explore opportunities for strengthening bilateral trade and investment. The itinerary includes focused sectoral meetings with prominent Swiss industry leaders in areas such as Pharma and Life Sciences, and Precision Engineering/Machine Tools/High-tech Manufacturing. The minister will also connect with the ICAI Zurich Chapter and interact with the Indian media. A significant highlight will be meeting with Federal Councillor Guy Parmelin, fostering strong trade and diplomatic ties. A significant component of the high-level visit to Switzerland will include a series of one-on-one meetings with leading Swiss companies. Indian industry representatives will also participate in these crucial engagements, fostering direct dialogue and exploring specific collaboration opportunities. It will also feature participation in the 'Swissmem Industry Day' and a business roundtable with the Swiss Mechanical and Electrical (MEM) Industry, where deliberations will focus on the potential and opportunities arising from the India-EFTA Trade and Economic Partnership Agreement (TEPA). In Sweden, the minister will co-chair the 21st Session of the Indo-Swedish Joint Commission for Economic, Industrial and Scientific Cooperation (JCEISC) with Benjamin Dousa, Minister for International Development Cooperation and Foreign Trade. Goyal is also scheduled to hold bilateral meetings with Benjamin Dousa, Minister for Foreign Trade, and Hakan Jevrell, State Secretary to the Minister of Development Cooperation and Foreign Trade. These deliberations are aimed to reinforce the existing robust economic relationship and identify new opportunities for growth, aligning with India's long-term economic objectives and global partnerships, said the ministry. Key engagements will involve an India-Sweden Business Leaders' roundtable and one-on-one meetings with leading Swedish companies. These discussions will cover a wide range of industries where Sweden excels, including advanced manufacturing, innovation, green technologies and sustainable solutions. Companies like Ericsson, Volvo Group, IKEA, Sandvik, Alfa Laval and SAAB are among those with a significant presence or interest in enhancing ties with India. Goyal will also engage with the Indian diaspora and address media interactions, further strengthening the people-to-people connections and communicating the vision for the India-Sweden partnership. This visit reflects the deepening alignment of strategic priorities between India and its European partners, aiming to translate high-level commitments into sustainable economic partnerships that foster innovation, resilience, and shared growth, the statement added.
The Hindu
29-05-2025
- Business
- The Hindu
Indian Government assessing impact of U.S. court decision on Trump tariffs: Sources
The Indian government is assessing the potential impact of a U.S. court's ruling that said President Donald Trump's retaliatory tariffs on other countries were 'unconstitutional', according to government sources. These sources also confirmed that the U.S. team of negotiators for the ongoing India-U.S. Free Trade Agreement discussions would be in India on June 5-6, and added that negotiations were 'progressing well'. The Indian delegation, led by Commerce and Industry Ministry Piyush Goyal, returned from an around week-long trip to the U.S. last weekend. 'The Court of International Trade in the U.S. on May 28 ruled that the International Emergency Economic Powers Act of 1977— the legislation under which Mr. Trump imposed his 'Liberation Day' retaliatory tariffs— did not confer on the U.S. President the 'unbounded authority' to impose unlimited tariffs on nearly all countries in the world. As such, the court set aside the tariffs, which were in any case paused by Mr. Trump until July 8. 'The Worldwide and Retaliatory Tariff Orders exceed any authority granted to the President by IEEPA to regulate importation by means of tariffs,' the court noted. 'The Trafficking Tariffs fail because they do not deal with the threats set forth in those orders.' According to trade experts, India must use the opportunity provided by the U.S. court decision to pause and reassess its strategy in the FTA negotiations. 'India should resist any agreement shaped by threats or based on unlawful measures,' former Director General of Foreign Trade Ajay Srivastava said. 'Not only do these Trump-era tariffs violate World Trade Organisation rules, but the U.S. court has now confirmed they also breach U.S. domestic law.' 'With the Trump tariffs standing on shaky legal ground, India must pause and reassess its negotiation strategy before committing to an FTA that could disproportionately favor U.S. interests,' Mr. Srivastava added. Congress vs. Tharoor battle erupts over MP's comments on surgical strikes; he slams 'zealots' The discord between the Congress party and Shashi Tharoor intensified over his remarks on the 2016 surgical strikes across the Line of Control (LoC). Mr. Tharoor claimed, during a public address in Panama, that India had 'crossed the LoC to target Pakistani terror launch pads for the first time' in response to the Uri terror attacks. Mr. Tharoor, who is currently leading a parliamentary delegation abroad, described his critics as 'zealots' and 'trolls', while attempting to contextualise his statement in a social media post. He clarified that he was specifically referring to cross-border action taken in response to terrorist attacks and not to conventional warfare or earlier military operations. 'For those zealots fulminating about my supposed ignorance of Indian valour across the LoC: in the past, I was clearly and explicitly speaking only about reprisals for terrorist attacks and not about previous wars,' Mr. Tharoor wrote. He added that his remarks had been prefaced by reference to India's 'restrained' and 'constrained' responses in earlier incidents due to 'responsible respect for the LoC and the IB (International Border)'. However, the clarification did little to quell criticism within his party. Pawan Khera, chairperson of the Congress' media and publicity department, reposted an excerpt from Mr. Tharoor's own 2018 book The Paradoxical Prime Minister, in which he had accused the BJP of politicising military operations. 'The shameless exploitation of the 2016 surgical strikes along the Line of Control with Pakistan... marked a particularly disgraceful dilution of the principle that national security issues require both discretion and non-partisanship,' the excerpt read. Mr. Khera remarked, 'I agree with that Dr. @ShashiTharoor who wrote about surgical strikes in his book in 2018.' Unorganised Workers and Employees Congress chief Udit Raj was more scathing in his criticism, dubbing Mr. Tharoor a 'super spokesperson of the BJP' in a social media post on Wednesday. The post was subsequently reposted by both Mr. Khera and Congress general secretary in charge of communications Jairam Ramesh, suggesting a degree of endorsement. Mr. Tharoor, unfazed, responded, 'Critics and trolls are welcome to distort my views and words as they see fit. I genuinely have better things to do.' Adding to the debate, Mr. Udit Raj reiterated that the Indian Army had conducted multiple surgical strikes during the United Progressive Alliance (UPA) tenure but these were never publicised by the Congress-led government. 'The Army carried out a splendid Operation Sindoor; salute to it. Which surgical strike did the BJP carry out, which it is promoting?' he asked. Congress accuses BJP of trying to take political advantage of Operation Sindoor The Congress on Thursday accused the BJP of trying to take political advantage of Operation Sindoor with its reported plans to distribute vermilion among women across the country and said that the drive was a 'shield' to hide the Modi government's 'political and diplomatic failure'. Congress spokesperson Ragini Nayak referred to reports that have claimed the Modi government is preparing to take the success of Operation Sindoor to every household, under which 'sindoor' will be given to women as a gift from June 9, when the Modi government completes one year of its third term. 'It is a matter of great shame that the Modi government wants to use the vermilion as a shield to hide its political and diplomatic failure. How low will the Modi government stoop to take credit for the valour and bravery of the armed forces?' she asked at a press conference at the party's headquarters at 24, Akbar Road. The BJP has officially not shared any details of its plans for its anniversary celebrations to mark one year of 'Modi government 3.0'. There was no immediate comment from the ruling party on the Congress' claims. 'When Narendra Modi was not satisfied with putting up big posters of Operation Sindoor in every district and every corner of the country with his photo on it and by dressing up in army uniform... Now, the BJP has announced that it will go door-to-door and distribute 'sindoor',' Ms. Nayak claimed. If the BJP wants to go door-to-door and distribute vermilion, then it should first answer for whom and for what will this 'government vermilion' given by strangers be useful, the Congress spokesperson asked. 'Don't the self-proclaimed 'contractors of Hinduism' know that the sindoor (vermilion) in the parting of a Hindu Sanatani married woman's hair is applied by her husband or she gets it from her in-laws or from a Shakti Peeth/temple as a blessing for good fortune?' Ms. Nayak asked. 'How can the BJP-RSS people distribute vermilion among women when terrorists who ruined the married life of the women (in the Pahalgam terror attack) have not been killed yet?' she asked. Ms. Nayak claimed the box in which the vermilion will be kept will also have Prime Minister Narendra Modi's photo printed on it. 'BJP MLA Ranveer Singh Pathania says, 'The Air Force is useless because they were sleeping when Pakistan was attacking'. All this is happening, but Narendra Modi is silent. Madhya Pradesh Deputy CM Jagdish Devda has also said that the whole country, the entire army bows at the feet of Narendra Modi,' she claimed. The Congress spokesperson said that when the BJP-RSS come with vermilion, women must ask them — due to whose mistake the demands of so many women in Pahalgam were left unheard and who is responsible for the mistakes, and why has he not resigned. They must ask who is responsible for the losses 'we suffered after giving information/warning to Pakistan before the operation and when will his resignation be taken', she said. 'Thug Life' release in limbo in Karnataka, Kamal Haasan must apologise in two days, says film chamber The Karnataka Film Chamber of Commerce (KFCC) has demanded an apology from veteran actor Kamal Haasan for his controversial remarks on the Kannada language. The KFCC has said that it will halt the release of Kamal Haasan's movie Thug Life in Karnataka if the actor doesn't apologise in two days. Directed by Mani Ratnam, Thug Life is set to hit the screens worldwide on June 05, 2025. Talking about the row, M Narasimhalu, KFCC chairman, told The Hindu, 'It's no longer about a film. It's about an entire state.' During the audio launch of Thug Life in Chennai on May 24, 2025 (Saturday), Kamal Haasan made a remark that 'Tamil gave birth to Kannada.' The actor's statement spurred a row, with people from Karnataka, including pro-Kannada groups and the BJP, criticising him for hurting their sentiment. On May 29, 2025 (Thursday), the KFCC held a meeting with members of the Exhibitors Association of Karnataka and Distributors Association of Karnataka to discuss the issue. 'The KFCC stands by the sentiments of the people of Karnataka. Kamal Haasan has to apologise in the next two days for a smooth release of Thug Life in Karnataka. The decision was taken with the backing of distributors and exhibitors along with former presidents of KFCC.' Bengaluru is a significant market for big-star Tamil movies. Distributors face the threat of a huge loss in case the release of Thug Life is delayed in Karnataka. 'The distributors are seeking the help of the South Indian Film Chamber of Commerce to obtain an apology from Kamal Haasan. As of now, we have directed theatre owners and distributors to refrain from taking the film yet,' said Narasimhalu. In 2018, distributors faced the heat when the release of Kaala was banned in Karnataka following the controversial remarks of superstar Rajinikanth on the river Cauvery issue. After buying the film for a whopping rate, distributors endured a huge loss after the film missed its release on the opening day in Karnataka. Rajinikanth sparked a controversy when he asked the then Karnataka chief minister HD Kumaraswamy to release Tamil Nadu's share of water as mandated by the Supreme Court. 'If the Cauvery Management Board isn't formed soon, then the Centre will face the wrath of Tamil Nadu,' the superstar had said. Kaala eventually released a day later in Karnataka. M Narasimhalu recalled Baahubali 2 being the other big film that faced an issue in Karnataka before its release in 2021. Pro-Kannada groups threatened to ban the highly anticipated sequel due to Sathyaraj's 'anti-Kannada' comments in relation to the Cauvery row. All decks were cleared for the movie's release in Karnataka after the actor, and the film's director, SS Rajamouli, addressed the issue and requested the film's release. Elon Musk is leaving Trump administration after criticising President's 'big beautiful bill' Elon Musk is leaving his government role as a top adviser to President Donald Trump after spearheading efforts to reduce and overhaul the federal bureaucracy. The billionaire entrepreneur posted Wednesday about his decision on X, his social media website. 'As my scheduled time as a Special Government Employee comes to an end, I would like to thank President @realDonaldTrump for the opportunity to reduce wasteful spending,' he wrote. 'The @DOGE mission will only strengthen over time as it becomes a way of life throughout the government.' A White House official, who requested anonymity to talk about the change, confirmed that Mr Musk was leaving. Mr Musk's departure comes one day after he criticised the centrepiece of Mr Trump's legislative agenda, saying he was 'disappointed' by what the President calls his 'big beautiful bill'. The legislation includes a mix of tax cuts and enhanced immigration enforcement. While speaking to CBS, Mr Musk described it as a 'massive spending bill' that increases the federal deficit and 'undermines the work' of his Department of Government Efficiency, known as DOGE. 'I think a bill can be big or it could be beautiful,' Mr Musk said. 'But I don't know if it could be both.' His CBS interview came out Tuesday (May 27, 2025) night. Mr Trump, speaking in the Oval Office on Wednesday, defended his agenda by talking about the delicate politics involved with negotiating the legislation. 'I'm not happy about certain aspects of it, but I'm thrilled by other aspects of it,' he said. Mr Trump also suggested that more changes could be made. 'We're going to see what happens,' he said. 'It's got a way to go.' Mr Musk's criticism come as he steps back from his government work, rededicating himself to companies like the electric automaker Tesla and rocket manufacturer SpaceX. He's also said he'll reduce his political spending, because 'I think I've done enough.' At times, he's seemed chastened by his experience working in government. Although he hoped that DOGE would generate $1 trillion in spending cuts, he's fallen far short of that target. 'The federal bureaucracy situation is much worse than I realised,' he told The Washington Post. 'I thought there were problems, but it sure is an uphill battle trying to improve things in D.C., to say the least.' In Brief: Centre notifies appointment of three judges in Supreme Court Three judges were appointed to the Supreme Court on Thursday. The Supreme Court Collegium on Monday recommended the appointment of Karnataka High Court Chief Justice N.V. Anjaria, Gauhati High Court Chief Justice Vijay Bishnoi, and Bombay High Court's Justice A.S. Chandurkar as judges of the top court. Law Minister Arjun Ram Meghwal announced their appointment on X. 'In exercise of the powers conferred by the Constitution of India, the President, after consultation with the Chief Justice of India, is pleased to appoint Justices (i) N.V. Anjaria, Chief Justice, High Court of Karnataka; (ii) Vijay Bishnoi, Chief Justice, High Court of Gauhati; and (iii) A.S. Chandurkar, Judge, High Court of Bombay, as Judges of the Supreme Court of India,' he said. Evening Wrap will return tomorrow.
The Hindu
29-05-2025
- Business
- The Hindu
Indian govt assessing impact of U.S. court decision on Trump tariffs: Sources
The Indian government is assessing the potential impact of a U.S. court's ruling that said President Donald Trump's retaliatory tariffs on other countries were 'unconstitutional', according to government sources. These sources also confirmed that the U.S. team of negotiators for the ongoing India-U.S. Free Trade Agreement discussions would be in India on June 5-6, and added that negotiations were 'progressing well'. The Indian delegation, led by Commerce and Industry Ministry Piyush Goyal, returned from an around week-long trip to the U.S. last weekend. 'The Court of International Trade in the U.S. on May 28 ruled that the International Emergency Economic Powers Act of 1977— the legislation under which Mr. Trump imposed his 'Liberation Day' retaliatory tariffs— did not confer on the U.S. President the 'unbounded authority' to impose unlimited tariffs on nearly all countries in the world. As such, the court set aside the tariffs, which were in any case paused by Mr. Trump until July 8. 'The Worldwide and Retaliatory Tariff Orders exceed any authority granted to the President by IEEPA to regulate importation by means of tariffs,' the court noted. 'The Trafficking Tariffs fail because they do not deal with the threats set forth in those orders.' According to trade experts, India must use the opportunity provided by the U.S. court decision to pause and reassess its strategy in the FTA negotiations. 'India should resist any agreement shaped by threats or based on unlawful measures,' former Director General of Foreign Trade Ajay Srivastava said. 'Not only do these Trump-era tariffs violate World Trade Organization rules, but the U.S. court has now confirmed they also breach U.S. domestic law.' 'With the Trump tariffs standing on shaky legal ground, India must pause and reassess its negotiation strategy before committing to an FTA that could disproportionately favor U.S. interests,' Mr. Srivastava added.
Hans India
20-05-2025
- Business
- Hans India
Eight core industries record 0.5 per cent growth in April
New Delhi: The combined index of eight core industries increased by 0.5 per cent in April 2025 as compared to the same month of the previous year, according to data released by the Commerce and Industry Ministry on Tuesday. The production of steel, cement, coal, electricity, and natural gas recorded positive growth in April this year, according to the official statement. The eight core industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP) and are an indicator of the overall industrial growth. Steel production, which has close to 18 per cent weight in the index increased by 3.0 per cent in April, 2025 compared to the same month of the previous year. Its cumulative index increased by 6.9 per cent during April to March, 2024-25 over the corresponding period of the previous year. Cement production increased by 6.7 per cent during the month while its cumulative index increased by 6.3 per cent during April to March, 2024-25 over the corresponding period of the previous year. Both the steel and cement sector have shown strong growth as the government's massive investments in big ticket infrastructure projects such as highways, railways, seaports and airports have spurred demand for these products. Besides, there has also been a pick-up in the construction industry. Electricity generation, which has a weight of close to 20 per cent in the index, increased by 1 per cent in April, 2025 over the same month of the previous year. Its cumulative index increased by 5.2 per cent during April to March, 2024-25 over the corresponding period of the previous year. Coal production increased by 3.5 per cent in April 2025 over the same month last year, with its cumulative growth at 5.1 per cent during April to March, 2024-25 over corresponding period of the previous year. Natural gas production increased by 0.4 per cent in April this year compard to the same month last year. However, crude oil production declined by 2.8 per cent during the month compared to April 2024 year due to the ageing oilfields of ONGC. Petroleum refinery production declined by 4.5 per cent in April, 2025 over the same month last year. Its cumulative index increased by 2.8 per cent during April to March, 2024-25 over the corresponding period of the previous year. Fertiliser production declined by 4.2 per cent in April 2025, over the same month last year while its cumulative index increased by 2.9 per cent during April to March, 2024-25 over corresponding period of the previous year. The final growth rate of the eight core industries for January 2025 was observed at 5.1 per cent. The cumulative growth rate of the core sector during April to March, 2024-25 now works out to 4.5 per cent as compared to the corresponding period of last year, the official statement said.
