Latest news with #India-EFTATradeandEconomicPartnershipAgreement
India Today
09-08-2025
- Business
- India Today
Ease of doing business: Piyush Goyal resolves Swiss firm's land issue in 2.5 hours
Union Commerce and Industry Minister Piyush Goyal resolved a complex land allocation issue for a major Swiss company during a live business conference, completing the process in just 2 hours and 34 intervention occurred at the 18th SWISSMEM Industry Day, where Goyal was addressing over 1,000 Swiss industry representatives and a delegation of 90 Indian companies as part of efforts to operationalise the India-EFTA Trade and Economic Partnership Agreement (TEPA).advertisementDuring morning discussions with Swiss company executives, a representative from Endress Hauser Flowtec AG, a precision engineering firm operating in Maharashtra for over two decades, raised concerns about land acquisition for expanding their manufacturing facility. "When I was meeting with some of your industry persons earlier in the morning, I met a gentleman from Endress and Hauser," Goyal told the conference audience."Endress and Hauser is a company working in India over the last 20 years since 2003. It's grown significantly but wishes to grow further and they highlighted to me that they were in need of another 10 acres, about 40,000 square meters of land which is currently next to their plant but is a green zone."The company required the land, designated as a protected green zone, for expansion but faced bureaucratic procedures that typically take months to complete."At 11:33, I messaged the Secretary of Industry in Maharashtra, my home state, with his application and a couple of slides showing that he's doing good work there," Goyal announced to the conference."I've just received a reply at 2:07. How long back is that? I've lost track of time. At 2:07, so that's just about 2 hours and a half hours, 2 and a quarter hours," the Minister continued, as applause erupted from the Maharashtra Industrial Development Corporation (MIDC) approved the land allocation and agreed to relocate the green zone to another area to accommodate the company's expansion needs."Roughly around 40,000 square meters can be made available," Goyal announced. "We're just going to move that green - not that we are cancelling the green area, it'll be shifted to another location so that Endress and Hauser can get the peace that they want. India can, India will deliver."The swift resolution served as a demonstration to potential Swiss investors about India's approach to business facilitation. "This is a real-time example of quick government response and it served as a strong message that India can, and India will deliver," Goyal Minister used the moment to reinforce his pitch to Swiss companies, adding: "You make me truly nervous. I hope, I hope some Swiss companies will stay. I hope, I hope that some Swiss companies still will stay here after all this announcement."advertisementGoyal's visit to Switzerland from June 9-10 was part of economic diplomacy efforts to strengthen India-EFTA relations. During his stay, he met with Federal Councillor Guy Parmelin and State Secretary Helene Budliger Artieda to discuss implementation strategies for TEPA."I come to meet you with the aspirations of 1.4 billion Indians who dream as high as your towering Alps and who desire a better future. I come with an arm of friendship to the talented engineers, innovators, and entrepreneurs of Switzerland," Goyal told Swiss industry Minister outlined India's economic trajectory: "I bring a story of a country that in the last 30 years has grown from a 270 billion dollar economy to a 4 trillion dollar economy today. As we work towards celebrating India's 100 years of independence, it aspires to grow from a 4 trillion dollar economy to a 30-35 trillion dollar economy."During his address, Goyal proposed creating a dedicated Swiss business enclave: "We could even create a Swiss enclave, an area dedicated to Swiss businesses." The proposed enclave would include restaurants, hotels, schools and colleges for Swiss citizens working at the Swiss business persons who will have to choose where in India they would like to set up a Swiss enclave. I leave it to the Swiss companies to decide. I have requested the president of SWISSMEM and also the government of Switzerland to engage with their industry and identify where they would like us to look at a Swiss enclave," he visit occurs as the India-EFTA Trade and Economic Partnership Agreement prepares for implementation. "All the four countries have ratified the FTA. The documents have been launched with a repository, which is Norway, and the TEPA will come into effect from October 1," Goyal agreement includes $100 billion in direct investments from EFTA nations over 15 years, potentially creating one million jobs. EFTA comprises Switzerland, Norway, Iceland, and Liechtenstein."TEPA is officially called the Trade and Economic Partnership Agreement, but I look upon this as the Trust and Efficiency Partnership Agreement," Goyal said.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)- EndsTune InMust Watch
India Gazette
10-06-2025
- Business
- India Gazette
Piyush Goyal invites Swiss firms to join India's USD 30 trillion economy push by 2047
Bern [Switzerland], June 10 (ANI): Union Minister of Commerce and Industry Piyush Goyal addressed Swiss industry leaders and innovators on Tuesday at the prestigious Swissmem Industry Day in Switzerland. Highlighting India's transformative growth story and vast opportunities for collaboration, Goyal extended a warm invitation to the Swiss business community to be active partners in India's journey towards becoming a USD 30-35 trillion economy by 2047, the Ministry of Commerce & Industry said in a release. Speaking at an event, Goyal said, 'I come to meet you with the aspirations of 1.4 billion Indians who dream as high as your towering Alps and who desire a better future. I come with an arm of friendship to the talented engineers, innovators, and entrepreneurs of Switzerland.' In a symbolic gesture of partnership, Goyal proposed the creation of a dedicated Swiss Enclave in India--a zone tailored for Swiss businesses--to provide comfort and a sense of home for Swiss enterprises looking to establish a base in India. As per the release, the Minister highlighted India's remarkable transformation--from a USD 270 billion economy 30 years ago to a USD 4 trillion economy today--and its ambition to grow further to USD 30-35 trillion as the nation approaches 100 years of independence. He noted India's youthful demographic with an average age of 28.4 years and emphasised that the nation will continue to remain young and vibrant for decades to come. Goyal underlined the advantages of India as a trusted, rule-of-law-based, and democratic country where Swiss businesses can operate without fear of discrimination. 'Democracy, demographic dividend, decisive leadership, and diversity make India a dependable partner,' he said. Referring to the India-EFTA Trade and Economic Partnership Agreement (TEPA), Goyal termed it a 'Trust and Efficiency Partnership'--a relationship built on mutual confidence and complementarity. He expressed optimism that this partnership would mark the beginning of a new era of cooperation between India and the four EFTA nations, opening new avenues for trade, investment, and innovation. 'I particularly invite Switzerland's SME sector to witness India's remarkable evolution over the last decade. This will give you the confidence we aspire for,' stated the Minister. He highlighted that in the past 10 years, India has added 80 new airports, including a new one in partnership with Zurich Airport. 'Our port capacity has doubled, and national highways and expressways are now comparable to those in Germany. We've also added 104 new inland waterways and doubled our power generation capacity, with solar energy capacity growing 50 times. The government's annual expenditure of over $125 billion on infrastructure creates a powerful multiplier effect for India's growth story.' India's robust education ecosystem was also highlighted. The Minister pointed out that the country produces the highest number of STEM graduates globally, 43 per cent of whom are women. 'This talent pool, combined with scale and speed, makes India an ideal investment destination,' he said. Quoting World Bank data, Goyal noted that extreme poverty in India has fallen to just 5 per cent, down by 270 million people in the last 11 years, and is expected to be eliminated in the near future. He described India's growth model as a blend of welfare and consumption-led growth, backed by investments in manufacturing and technology. 'India today stands ready and willing to welcome global partners. We are a country on the move, full of opportunities,' he said. Goyal concluded by extending a personal invitation to the Swiss business community to visit India: 'Come discover India. Come experience Incredible India. Come witness the beauty and transformation of a nation that is emerging from the shadows and claiming its rightful place in the comity of nations,' added the release. (ANI)
The Hindu
10-06-2025
- Business
- The Hindu
No declining trend in FDI into India: Piyush Goyal
There is no declining trend in Foreign Direct Investments (FDI) into India, though periodic fluctuations may occur sometimes due to global interest rate changes, Commerce and Industry Minister Piyush Goyal has said. Mr. Goyal added that India is seeing renewed overseas inflows and the government is open to suggestions and will adopt new measures to promote FDI in the country. Over the last eleven financial years (2014-25), India attracted FDI worth USD 748.78 billion, an increase of 143 per cent over the previous eleven years (2003-14), which saw USD 308.38 billion in inflows. Spent an engaging evening with Indian business delegates. Held insightful conversations on exciting opportunities, partnerships, and new avenues for trade & investment between India & Switzerland, emerging from the India-EFTA Trade and Economic Partnership Agreement. 🇮🇳🇨🇭 — Piyush Goyal (@PiyushGoyal) June 10, 2025 Additionally, the number of source countries for FDI increased from 89 in 2013-14 to 112 in 2024-25, underscoring India's growing global appeal as an investment destination, Mr. Goyal said. Given these figures, "I don't think that there is any declining trend, periodically there may be some changes, and that happens more due to changes in interest rate cycles in other countries, so if the bond yields in some countries become exorbitantly high, money tends to flow into those countries. we have once again seen money flowing back into India," Mr. Goyal told reporters here. In 2024-25, India received a total FDI of USD 81 billion, which is the highest in the last three years, he said. With USD 81 billion, India is back into the FDI growth trajectory, he said, adding, "We are a listening government. We are open to suggestions and we are always ready to adopt newer measures". The highest was USD 84.83 billion in 2021-22. The minister is here on an official visit to hold meetings with Swiss leaders and companies to boost trade and investments between the two countries. Foreign direct investment in India fell 24.5 per cent year-on-year to USD 9.34 billion in the January-March quarter of 2024-25 but grew 13 per cent to USD 50 billion during the entire previous financial year. Total FDI, which includes equity inflows, reinvested earnings and other capital, grew by 14 per cent to USD 81.04 billion during the last financial year. The same stood at USD 71.3 billion in 2023-24. During 2024-25, Singapore emerged as the largest source of FDI with USD 14.94 billion inflows. It was followed by Mauritius (USD 3.73 billion against USD 8.34 billion), the US (USD 5.45 billion), the Netherlands (USD 4.62 billion), the UAE (USD 3.12 billion), Japan (USD 2.47 billion), Cyprus (USD 1.2 billion), UK (USD 795 million), Germany (USD 469 million), and Cayman Islands (USD 371 million). Sectorally, inflows rose in services, trading, telecommunication, automobile, construction development, non-conventional energy and chemicals.
Hans India
10-06-2025
- Business
- Hans India
Piyush Goyal meets top business leaders in Switzerland, explores new avenues
Commerce and Industry Minister Piyush Goyal on Tuesday said he held insightful conversations with leading business leaders in Switzerland on exciting opportunities, partnerships, and new avenues for trade and investment between both the nations. In a post on social media platform X, the minister said he spent an engaging evening with Indian business delegates. 'Held insightful conversations on exciting opportunities, partnerships, and new avenues for trade and investment between India and Switzerland, emerging from the India-EFTA Trade and Economic Partnership Agreement,' he noted. Goyal on Monday commenced his official visit to Switzerland as part of a five-day tour during which, he will also visit Sweden to further strengthen trade ties. 'Had a wonderful experience today visiting the Swiss Parliament and meeting my friend @ParmelinG, Swiss Federal Councillor. Had the opportunity to view some precious lithograph paintings, titled Cortège, made by the renowned Swiss-French architect Le Corbusier during his stay in Chandigarh in 1960,' said the minister. He also met the Chairman and Committee Members of the recently established ICAI Switzerland Zurich Chapter. 'Had a detailed discussion on promoting India's fintech expertise and collaboration opportunities in the BFSI (Banking, Financial Services and Insurance) sector, especially in the innovative startup ecosystem,' said Commerce Minister. Goyal also met CEOs of Swiss SMEs from the precision engineering, machine tools and advanced manufacturing sectors, and highlighted India's strong manufacturing ecosystem and explored collaboration opportunities, along with underscoring India's potential to serve as a regional hub for global markets. In a series of sectoral meetings, he interacted with CEOs of several Swiss pharmaceutical and life sciences companies who are closely looking at investing in India. 'Had an exciting interaction on their vision & growth plans. Glad to hear their appreciation for India's growth potential, innovation ecosystem & the 'Make in India' success,' said the minister. 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.
India Gazette
09-06-2025
- Business
- India Gazette
Piyush Goyal begins Switzerland visit interacting with business leaders
Bern [Switzerland], June 9 (ANI): Union Commerce Minister Piyush Goyal began his two-day Switzerland visit with an interaction with CEOs of select Swiss companies and prospective investors in India over lunch on Monday. 'Glad to learn that the Swiss industry is looking forward to the implementation of the India-EFTA Trade and Economic Partnership Agreement. Promising opportunities lie ahead for India and Switzerland,' he wrote on X. Further, in a series of sectoral meetings, he interacted with the CEOs of several Swiss pharmaceutical and life sciences companies that are considering investing in India. 'Had an exciting interaction on their vision and growth plans. Glad to hear their appreciation for India's growth potential, innovation ecosystem and the 'Make in India' success,' Piyush Goyal wrote in another X post. Union Minister of Commerce and Industry Piyush Goyal, commenced his official visit to Switzerland on Monday, as part of his ongoing visit to Switzerland and Sweden from 9-13 June 2025. '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,' his ministry said in a statement. 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 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. The day will also feature participation in the Swissmem Industry Day and a Business Round Table 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),' the commerce ministry statement said. (ANI)
