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India Gazette
an hour ago
- Business
- India Gazette
India-US negotiating
Bern [Switzerland], June 10 (ANI): Union Commerce and Industry Minister Piyush Goyal on Tuesday said that India and the US were in the process of negotiating a fair and equitable trade agreement that will benefit both economies. Addressing a press conference over India-US trade deal and Future trade agreement with the European Union, Piyush Goyal said, 'PM Narendra Modi and US President Trump met in February our leaders have decided to enter into a bilateral trade agreement which will be mutually beneficial for both the economies, businesses on both sides and the people of both countries. We are negotiating to make a nice, fair, equitable and balanced agreement to promote business.' Highlighting that both America and India are 'very close friends, allies and strategic partners', Piyush Goyal said that the trade deal is an opportunity to expand bilateral trade and strengthen the partnership between the two nations. 'Both America and India are very close friends, allies and strategic partners. For us, the relationship with the United States of America as our largest bilateral trade partner and as a country which is home to millions of persons of Indian origin, a country which has provided education to millions of Indians, a country with which we have shared very strong ties, whether in the world of business or geopolitically, we believe it's an opportunity for us to expand our bilateral trade and strengthen our partnership...' Goyal seemed confident of pushing through trade agreements despite the volatile geopolitical conditions around the world. 'We, in India, look at every challenge and crisis as an opportunity. I am not really concerned about what's happening in the world. I believe this will open up new vistas of opportunity for India. I am looking at the ways we can increase business across the world. We are having robust discussions with the the three important agreements of Europe, hopefully done in the next month or two, with our agreements with the different countries in the Middle East and is today coming out of the shadows. In this situation, any turbulence in the rest of the world will hurt India less than it will hurt the rest. We have a big runway of growth ahead of us,' he said. Goyal highlighted the FTA with the European Nations as a sign from which India will draw inspiration. 'I believe, a new era of partnership, friendship and togetherness between the 4 (European Free Trade Association) EFTA nations, Switzerland, Norway, Liechtenstein and Iceland with India is going to begin in is officially called the Trade and Economic Partnership Agreement, but I look upon this as the Trust and Efficiency Partnership draw a lot of inspiration from your journey. We believe it is a very natural can add huge value to the future of members and the business community,' he said. The minister began his Switzerland visit with a lunch interaction with CEOs of select Swiss companies and prospective investors who are exploring investment possibilities in India. The meeting provided a platform for the business leaders to share their plans and learn more about India's investment environment. (ANI)
India Gazette
an hour ago
- Business
- India Gazette
in 30 years from 270 billion to 4 trillion dollars: Piyush Goyal
Bern [Switzerland], June 10 (ANI): Union Commerce and Industry Minister Piyush Goyal on Tuesday highlighted India's remarkable economic performance, stating that the country has surged from a USD 270 billion economy to USD 4 trillion in just three decades. Addressing the Swissmem Industry Day in Switzerland, Goyal said India aspires to be a USD 30-35 trillion economy by the time the country marks 100 years of independence. He said this provides 'largest ever economic opportunity in the world'. '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,' the Minister said. 'That's the largest ever economic opportunity... Our average age is only 28.4 years. For the next 30 years, India will continue to be a young country. This talent, skillset and desire for a better future drive India as the fastest-growing large economy today,' he added. Goyal also spoke about the significant opportunity for businesses of Switzerland in India, emphasising the supportive environment in the country. 'I believe a new era of partnership, friendship and togetherness between the four (European Free Trade Association) EFTA nations - Switzerland, Norway, Liechtenstein and Iceland, and India is going to begin in is officially called the Trade and Economic Partnership Agreement, but I look upon this as the Trust and Efficiency Partnership Agreement,' he said. 'We draw a lot of inspiration from your journey. We believe it is a very natural partnership... We can add huge value to the future of members of Swissmem and the business community. 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 if they are decided so far,' he added. Goyal also talked of India's growing ties with the United States. He said Prime Minister Narendra Modi and President Trump met in February 2025 and the two countries have decided to enter into a bilateral trade agreement that will be mutually beneficial for both the economies. The minister began his Switzerland visit with a lunch interaction with CEOs of select Swiss companies and prospective investors who are exploring investment possibilities in India. Goyal held extensive engagements with Swiss industry leaders yesterday in Bern, Switzerland, aimed at deepening economic cooperation and exploring new avenues under the recently signed Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association. (ANI)
Time of India
an hour ago
- Business
- Time of India
India's story - in 30 years from 270 billion to 4 trillion dollars: Piyush Goyal
Union Commerce and Industry Minister Piyush Goyal on Tuesday highlighted India's remarkable economic performance, stating that the country has surged from a USD 270 billion economy to USD 4 trillion in just three decades. Addressing the Swissmem Industry Day in Switzerland, Goyal said India aspires to be a USD 30-35 trillion economy by the time the country marks 100 years of independence. He said this provides "largest ever economic opportunity in the world". "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," the Minister said. "That's the largest ever economic opportunity... Our average age is only 28.4 years. For the next 30 years, India will continue to be a young country. This talent, skillset and desire for a better future drive India as the fastest-growing large economy today," he added. Live Events Goyal also spoke about the significant opportunity for businesses of Switzerland in India, emphasising the supportive environment in the country. "I believe a new era of partnership, friendship and togetherness between the four (European Free Trade Association) EFTA nations - Switzerland, Norway, Liechtenstein and Iceland, and India is going to begin in is officially called the Trade and Economic Partnership Agreement, but I look upon this as the Trust and Efficiency Partnership Agreement," he said. "We draw a lot of inspiration from your journey. We believe it is a very natural partnership... We can add huge value to the future of members of Swissmem and the business community. 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 if they are decided so far," he added. Goyal also talked of India's growing ties with the United States. He said Prime Minister Narendra Modi and President Trump met in February 2025 and the two countries have decided to enter into a bilateral trade agreement that will be mutually beneficial for both the economies. The minister began his Switzerland visit with a lunch interaction with CEOs of select Swiss companies and prospective investors who are exploring investment possibilities in India. Goyal held extensive engagements with Swiss industry leaders yesterday in Bern, Switzerland, aimed at deepening economic cooperation and exploring new avenues under the recently signed Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association.
Economic Times
2 hours ago
- Business
- Economic Times
India's story - in 30 years from 270 billion to 4 trillion dollars: Piyush Goyal
Piyush Goyal highlighted India's economic growth at the Swissmem Industry Day. India's economy has grown significantly in three decades. India aims for substantial economic expansion by its 100th independence anniversary. Goyal emphasized opportunities for Swiss businesses in India. He mentioned the upcoming Trade and Economic Partnership Agreement. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Union Commerce and Industry Minister Piyush Goyal on Tuesday highlighted India's remarkable economic performance, stating that the country has surged from a USD 270 billion economy to USD 4 trillion in just three the Swissmem Industry Day in Switzerland, Goyal said India aspires to be a USD 30-35 trillion economy by the time the country marks 100 years of said this provides "largest ever economic opportunity in the world"."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," the Minister said."That's the largest ever economic opportunity... Our average age is only 28.4 years. For the next 30 years, India will continue to be a young country. This talent, skillset and desire for a better future drive India as the fastest-growing large economy today," he also spoke about the significant opportunity for businesses of Switzerland in India, emphasising the supportive environment in the country."I believe a new era of partnership, friendship and togetherness between the four (European Free Trade Association) EFTA nations - Switzerland, Norway, Liechtenstein and Iceland, and India is going to begin in is officially called the Trade and Economic Partnership Agreement, but I look upon this as the Trust and Efficiency Partnership Agreement," he said."We draw a lot of inspiration from your journey. We believe it is a very natural partnership... We can add huge value to the future of members of Swissmem and the business community. 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 if they are decided so far," he also talked of India's growing ties with the United said Prime Minister Narendra Modi and President Trump met in February 2025 and the two countries have decided to enter into a bilateral trade agreement that will be mutually beneficial for both the minister began his Switzerland visit with a lunch interaction with CEOs of select Swiss companies and prospective investors who are exploring investment possibilities in held extensive engagements with Swiss industry leaders yesterday in Bern, Switzerland, aimed at deepening economic cooperation and exploring new avenues under the recently signed Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association.
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Business Standard
5 hours ago
- Automotive
- Business Standard
China's rare earth ban to have short term hit; seeking alternatives: Goyal
Commerce and Industry Minister Piyush Goyal on Monday said China's restrictions on the export of rare earth elements and related magnets will have short-term impacts on the domestic automotive and white goods sectors. He further added that the government and the industry are working actively on solutions, including diplomatic engagement, to resolve the matter. Goyal is on an official visit to Switzerland to meet Swiss leaders and businesses and explore new avenues under the recently signed Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA). "Obviously, there are issues around the stopping of permanent magnets from China to India, which will affect our auto sector, particularly, and several white gods and other sectors Some companies have put in their applications, and we hope that good sense should prevail and they will get their approvals for permanent magnets," he told reporters. A wake-up call: Goyal Goyal further added that the companies are also looking at Indian Rare Earths Limited (IREL) by providing the necessary materials to be able to develop, speed up the development of domestic products. "In a way, it's a wake-up call for all those who have become over-reliant on certain geographies. It's a wake up call for the whole world that you need trusted partners in your supply chain," Goyal said. When questioned about the possibility of introducing a production-linked incentive (PLI) scheme for the sector, the minister said that he has engaged with the automobile companies, who remain "very" confident about resolving the issue. "They are in dialogue with our innovators, startups and they say they will take care of any funding requirement or pricing correction that may need to encourage faster roll out and growth of this sector," Goyal said. What's the rare earth magnet issue? In response to increased tariffs from the United States under President Donald Trump, China introduced new export controls on seven key rare earth elements and associated magnets starting April 4. The elements affected—samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium—are essential in sectors such as defence, energy, and automotive technology. Under the new rules, Chinese firms must now obtain special defence-related licences before they can export these materials. China is home to about half of the world's rare earth reserves and is responsible for 70 per cent of global extraction and more than 90 per cent of processing. While the United States, Brazil, and Australia also have significant reserves, India's share stands at around 7 to 8 per cent. However, Australia, Brazil, and the US produce very little in terms of rare earth magnets. Hong Kong contributes 10 to 15 per cent of rare earth ore extraction, whereas Japan and South Korea account for 2 to 4 per cent. Vietnam and Malaysia handle 7 to 8 per cent of processing, with the majority of processing activities still concentrated in China. According to media reports, global automakers have expressed concerns over potential supply-chain disruptions caused by the export ban of rare earth magnets. In Japan, Suzuki Motor had to halt production of its Swift model due to the shortage. Meanwhile, India's auto industry group SIAM has reportedly warned the government of a complete production halt as early as late May or early June. (With inputs from PTI.)
