Latest news with #Goyal
Business Standard
an hour ago
- Business
- Business Standard
India to remain fastest-growing large economy in world for next 30 years
India to remain fastest-growing large economy in the world for next 30 years, said Union Minister for Commerce & Industry Piyush Goyal at CII Annual Business Summit 2025 today in New Delhi. Goyal stated that the country has maintained sustained growth of 6-7% and hopes to push it to 8% at constant prices. "Even amidst international upheavals, we are among the better-performing emerging markets. Today, India holds the 4th largest foreign exchange reserves in the world at about 690 billion dollars. Our inflation has remained below 4% for the last three months. The Reserve Bank has done a commendable job balancing liquidity and currency management," he said.
Time of India
2 hours ago
- Business
- Time of India
India to remain fastest-growing large economy in world for next 30 years: Piyush Goyal
Union Minister for Commerce and Industry Piyush Goyal said that India is set to remain the fastest-growing large economy in the world for the next 30 years. The commerce minister in his address at the CII Annual Business Summit 2025 in the national capital on Thursday highlighted India's economic performance. Goyal said the country has maintained a steady growth rate of 6-7 per cent and aims to push it further to 8 per cent at constant prices. He noted that despite global uncertainties, India remains one of the best-performing emerging markets. "Today, India holds the fourth-largest foreign exchange reserves in the world at about 690 billion dollars. Our inflation has remained below 4 per cent for the last three months. The Reserve Bank has done a commendable job balancing liquidity and currency management," Goyal said. The Minister emphasised India's appeal as an investment destination, noting that Indian companies have delivered nearly 20 per cent CAGR returns over the past 20-25 years. "FDI inflows are consistently breaking records. We are back on track on the growth trajectory, working through international trading relations," he said. Goyal also spoke about India's trade relations, stating that progress is being made on bilateral trade agreements with the USA and the 27-nation European Union bloc. He informed that negotiations have been launched with New Zealand and highlighted that India's FTA includes a forward looking investment clause, and investments from the Norwegian Pension Fund are not included in the FDI figure. The Union Minister cited the IMF projection that India will become the world's third-largest GDP by 2027. "Despite global volatility, uncertainty and complexity, India continues to power global growth through its own growth," he said. He also highlighted the cost-effectiveness of renewable energy in India, stating that renewable energy with storage is now available at Rs 3.30 per kilowatt hour. "Solar and wind plus storage make a compelling case for data centres to come to India," he added. Touching on inclusive growth, Goyal reaffirmed Prime Minister Narendra Modi's vision of dignity for every individual. Free healthcare, quality education and basic needs are being addressed. We are now seeing employment growth, and skill development centres are playing a key role. No child should be deprived, and no man should be left behind," he said. In conclusion, Goyal said India's growth is built on three tracks, strong macroeconomic fundamentals, global trust, and the aspirations of 140 crore Indians.
Time of India
4 hours ago
- Business
- Time of India
India to remain fastest-growing large economy for next three decades: Piyush Goyal
PTI file photo Union minister of commerce and industry Piyush Goyal said on Friday that India will remain the world's fastest-growing large economy for the next 30 years. Citing an IMF forecast, Goyal also said India is expected to become the third-largest economy by 2027. Speaking at the Confederation of Indian Industry (CII) annual business summit in Delhi, Goyal pointed to the country's stable GDP growth rate of 6–7 per cent despite global uncertainties, and said efforts were on to push that closer to 8 per cent in the coming years. Goyal noted the country now holds the world's fourth-largest foreign exchange reserves, and pointed to controlled inflation. "Today, India holds the fourth-largest foreign exchange reserves in the world at about 690 billion dollars. Our inflation has remained below 4 per cent for the last three months. The Reserve Bank has done a commendable job balancing liquidity and currency management," he said. On the investment front, Goyal said Indian companies have delivered nearly 20 per cent compound annual returns over the past two decades. He emphasised that India continues to attract record levels of foreign direct investment and remains a key player in global trade discussions. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Undo "FDI inflows are consistently breaking records. We are back on track on the growth trajectory, working through international trading relations," Goyal said. The minister also highlighted ongoing negotiations with the US, European Union, and New Zealand along with updates on India's free trade agreements. He said that India's FTA includes a forward-looking investment clause, and investments from the Norwegian Pension Fund are not included in the FDI figure. Goyal also touched on India's renewable energy pricing, saying that solar and wind energy with storage is now priced at Rs 3.30 per unit. He said this affordability could position India as a major hub for green tech-driven industries. "Solar and wind plus storage make a compelling case for data centres to come to India," he said. The minister also said that 'India's growth stands on three solid pillars- macroeconomic strength, global trust, and the aspirations of 140 crore Indians.' Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
India Gazette
4 hours ago
- Business
- India Gazette
India to remain fastest-growing large economy in world for next 30 years: Piyush Goyal
New Delhi [India], May 30 (ANI): Union Minister for Commerce and Industry Piyush Goyal said that India is set to remain the fastest-growing large economy in the world for the next 30 years. The commerce minister in his address at the CII Annual Business Summit 2025 in the national capital on Thursday highlighted India's economic performance. Goyal said the country has maintained a steady growth rate of 6-7 per cent and aims to push it further to 8 per cent at constant prices. He noted that despite global uncertainties, India remains one of the best-performing emerging markets. 'Today, India holds the fourth-largest foreign exchange reserves in the world at about 690 billion dollars. Our inflation has remained below 4 per cent for the last three months. The Reserve Bank has done a commendable job balancing liquidity and currency management,' Goyal said. The Minister emphasised India's appeal as an investment destination, noting that Indian companies have delivered nearly 20 per cent CAGR returns over the past 20-25 years. 'FDI inflows are consistently breaking records. We are back on track on the growth trajectory, working through international trading relations,' he said. Goyal also spoke about India's trade relations, stating that progress is being made on bilateral trade agreements with the USA and the 27-nation European Union bloc. He informed that negotiations have been launched with New Zealand and highlighted that India's FTA includes a forward looking investment clause, and investments from the Norwegian Pension Fund are not included in the FDI figure. The Union Minister cited the IMF projection that India will become the world's third-largest GDP by 2027. 'Despite global volatility, uncertainty and complexity, India continues to power global growth through its own growth,' he said. He also highlighted the cost-effectiveness of renewable energy in India, stating that renewable energy with storage is now available at Rs 3.30 per kilowatt hour. 'Solar and wind plus storage make a compelling case for data centres to come to India,' he added. Touching on inclusive growth, Goyal reaffirmed Prime Minister Narendra Modi's vision of dignity for every individual. Free healthcare, quality education and basic needs are being addressed. We are now seeing employment growth, and skill development centres are playing a key role. No child should be deprived, and no man should be left behind,' he said. In conclusion, Goyal said India's growth is built on three tracks, strong macroeconomic fundamentals, global trust, and the aspirations of 140 crore Indians. (ANI)
Time of India
5 hours ago
- Business
- Time of India
Converting civil disputes with arbitration clause into criminal cases abuse of legal process: HC
Raipur: The Chhattisgarh high court has quashed an FIR filed against a trader in 2019, ruling that the dispute was civil and contractual in nature. The FIR, registered at Raipur's Deendayal Nagar Police Station, involved charges under the IPC Sections 406 and 420, pertaining to criminal breach of trust and cheating, respectively. A division bench of chief justice Ramesh Sinha and justice Arvind Kumar Verma, citing Supreme Court precedents, emphasised that converting a civil dispute into a criminal one, especially when an arbitration clause exists, was an abuse of legal process. The case originated from an agreement on Aug 14, 2018, between M/s RK Engineering, owned by Anil Kumar Goyal, and M/s Kedhari Traders for the sale of power plant scrap. Goyal alleged that Kedhari Traders received Rs 7.5 crore but allowed him to lift material worth only Rs 1.89 crore before stopping supply, demanding more money, and refusing a refund. However, Kedhari Traders countered that Goyal defaulted on payments as per the agreement. The Rs 30 crore contract required Rs 10 crore to be paid by Sept 15, 2018, and Rs 5 crore by Oct 15, 2018. Goyal paid only Rs 7.5 crore, leading to defaults. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Undo Kedhari Traders issued a termination notice on Oct 27, 2018, which Goyal's firm acknowledged. Further, Kedhari Traders informed the court that even after the agreement's termination on Nov 20, 2018, Goyal and his partner, Sabhir Aga, continued unauthorised material removal, prompting a separate complaint under Section 378 IPC at Verna Police Station, Goa, on Dec 5, 2018. Kedhari Traders also highlighted that a legal notice from Goyal's counsel on Feb 11, 2019, disputing the termination, did not lead to any legal challenge as per the agreement's dispute resolution clauses. Kedhari Traders responded on 1 March 2019, asserting the termination was lawful and the matter purely civil. The high court noted the significant delay, with no investigation for two-and-a-half years after the FIR's registration on May 30, 2019, until a CrPC Section 41 notice was served on Kedhari Traders on Jan 28, 2022. Kedhari Traders' counsels argued the FIR lacked grounds for a cognisable offence and was a coercive tactic. They stressed that the agreement specified dispute resolution through courts in Hyderabad or arbitration in Goa, rendering the Raipur FIR unsustainable. Citing Supreme Court precedents in cases such as Rikhab Birani & Another Vs. State of Uttar Pradesh & Another and Sharif Ahmed and Another Vs. State of Uttar Pradesh and Another, the high court reiterated that criminal proceedings with ulterior motives can be quashed. The court concluded that the commercial dispute was civil, aligning with Supreme Court rulings in Vinod Natesan Vs. State of Kerala and Sachin Garg Vs. State of UP, which discourage converting civil matters into criminal cases. Thus the high court quashed all criminal proceedings against Kedhari Traders.
