Latest news with #UnionCommerce
Times of Oman
2 days ago
- Business
- Times of Oman
India's electronics export surged 47% in Q1 2025-26: Piyush Goyal
New Delhi: India's electronics exports surged over 47 per cent year-on-year in Quarter 1 of 2025-26 over the same quarter in 2024-25, Union Commerce and Industry Minister Piyush Goyal said in a post on X. The exports during the quarter were to the tune of $12.4 billion. "Our electronics exports have seen a surge of over 47% in Q1 of 2025-26 over the same quarter in 2024-25. It is a sweet success story for 'Make In India', which has led to an exponential growth in our electronics production from $31 Bn to $133 Bn in a decade beginning 2014-15," the minister wrote on X. The government has created several enablers for making India Aatmanirbhar in manufacturing. As a result, India has moved from having 2 mobile manufacturing units in 2014 to over 300 today, he said. "One of the greatest journeys has been our transformation from a mobile importer to becoming the world's second-largest mobile phone manufacturer. The electronics sector has also generated large-scale employment opportunities with solar modules, networking devices, charger adapters, and electronic parts, also playing a key role in strengthening our exports," the X post read. Exports of electronics goods jumped from Rs 38,000 crore in 2014-15 to Rs 3.27 lakh crore in 2024-25, an 8-fold increase, the post said. For instance, in 2014-15, only 26 per cent of the mobile phones being sold in India were made in India; the rest were being imported. It is worth mentioning that today, 99.2 per cent of all mobile phones which are sold in India are made in India. The manufacturing value of mobile phones has surged from Rs 18,900 crore in FY14 to a staggering Rs 4,22,000 crore in FY24, Goyal said.
Time of India
31-07-2025
- Business
- Time of India
Govt committed to safeguarding India's farmers, workers and entrepreneurs: Piyush Goyal on US tariffs in LS
In response to the United States' decision to impose a 25% tariff on Indian goods and US President Donald Trump's critical remarks about the Indian economy, Union Commerce Minister Piyush Goyal told the Lok Sabha on Thursday that the government stands firm in protecting the interests of Indian farmers, workers, and entrepreneurs. 'We are committed to safeguarding the interests of our farmers, workers and small entrepreneurs. The government will take all necessary steps to protect national interest,' Goyal said in the lower house. Explore courses from Top Institutes in Please select course: Select a Course Category Management MCA healthcare Healthcare Public Policy Project Management Finance CXO Design Thinking Data Analytics Data Science Data Science Cybersecurity Others MBA Leadership Product Management Degree Digital Marketing Operations Management others Skills you'll gain: Duration: 11 Months IIM Kozhikode CERT-IIMK General Management Programme India Starts on undefined Get Details Skills you'll gain: Duration: 10 Months IIM Kozhikode CERT-IIMK GMPBE India Starts on undefined Get Details He also said that the government is examining implications of just announced 25 per cent US tariffs on Indian goods. In his address, Goyal detailed the timeline of US tariff decisions and how the country held several rounds of talks with Trump administration. 'On 2nd April 2025, the US President issued an executive order on reciprocal tariffs...10% baseline duty in effect since 5th April 2025. With a 10% baseline tariff, a total of 26% tariff was announced for India. Full country-specific additional tariff was scheduled to come into effect on 9th April 2025. But on 10th April 2025 this was extended initially for 90 days and then extended till 1st August 2025,' he said. "In March 2025, India and the US started talks for a just, balanced and mutually beneficial Bilateral Trade Agreement (BTA). The goal of this was to finish the first stage of the Agreement by October-November 2025," Goyal added. Live Events His remarks came hours after Trump posted on Truth Social, saying, 'I don't care what India does with Russia. They can take their dead economies down together, for all I care… Their tariffs are too high, among the highest in the world.' The US administration's move to levy 25% tariffs plus penalty on Indian exports comes amid Washington's growing discomfort with India's ongoing trade and energy ties with Russia. (More to come)
India Today
11-06-2025
- Business
- India Today
India, US eyeing interim trade deal by June-end? Inside the closed-door talks
India and the US made progress this week in their latest round of closed-door negotiations in New Delhi on a long-anticipated bilateral trade agreement, officials talks, held from June 4–10, focused on increasing market access for industrial and select agricultural goods, reducing tariffs, and easing non-tariff barriers. Both sides are aiming to finalise the first tranche of a comprehensive Bilateral Trade Agreement (BTA) by September-October this US delegation, led by the Additional US Trade Representative, held in-depth meetings with Indian trade officials led by chief negotiator Rajesh Agrawal. "The negotiations held with the US side were productive and helped in making progress towards crafting a mutually beneficial and balanced agreement, including through achievement of early wins," a government official told news agency talks also explored issues such as sanitary and phytosanitary measures (SPS), technical barriers to trade (TBT), digital trade, customs facilitation, and legal frameworks. Digital trade was a point of particular interest for the US, whose service providers flagged concerns about restrictions on cross-border data flows and competition regulations in indicated an interim pact is on the horizon. India is pressing for complete exemption from a punishing 26% reciprocal tariff on domestic goods. After the US suspended the proposed levies until July 9, the Indian side is racing to achieve a limited deal before that President Donald Trump and Prime Minister Narendra Modi had previously committed to concluding the BTA by fall 2025 and doubling bilateral trade to $500 billion by US was India's largest trading partner in 2024–25, with bilateral trade valued at $131.84 in Bern, Switzerland, Union Commerce Minister Piyush Goyal said India is committed to becoming an open investment environment."Total non-discrimination is guaranteed in India If you come to India and invest, you become an Indian company," Goyal said, calling Free Trade Agreements "a very big medium to promote that investment."Must Watch
Economic Times
10-06-2025
- Business
- Economic Times
Govt considering scheme to help MSME exporters register goods in new markets: Goyal
PTI In this image released by @PiyushGoyal via X on June 9, 2025, Union Commerce Minister Piyush Goyal during a meeting with the CEOs of Swiss SMEs from the precision engineering, machine tools & advanced manufacturing sectors, in Switzerland. BERN: The government is considering formulating a scheme to fund exporters, especially MSMEs, in registering new products in new markets with an aim to boost the country's outbound shipments, Commerce and Industry Minister Piyush Goyal has added that the entire cost of such registration will be funded by the government."I am thinking of coming out with a scheme that any MSME that needs to spend any amount of money to register their products any where in the world, particularly for new products, new markets, new exporters, the government will fund the whole cost," Goyal said here on June 9 while addressing Indian business minister is here on an official visit to hold meetings with Swiss leaders and companies to boost trade and investments between the two countries. This scheme is expected to be part of the Export Promotion Mission (EPM), which was announced in the Budget. It may include 12 components, including easy credit schemes for MSMEs, e-commerce exporters, facilitation of overseas warehousing, and global branding initiatives, to tap emerging export opportunities and strengthen trade tools for small EPM is divided into two broad categories - Providing Trade Finance Support (NIRYAT PROTSAHAN) and Driving International Holistic Market Access (NIRYAT DISHA) country's total exports of goods and services have increased to USD 825 billion in 2024-25 from USD 778 billion in the previous fiscal. MSMEs account for over 40 per cent of the country's he urged the Indian industry to focus on exporting value-added goods and run campaigns for brand building and marketing."I would urge you to come with an idea for the government to support (exporters) in brand building, in getting registrations around the world."We do a lot of rice exports, can we look at how to value add those exports. We need to brand the products, can we run campaigns, can we run joint campaigns to market Indian rice or grown in India rice," he increase the area of exhibition in the country, the minister informed that the second phase of construction at Bharat Madapam has been authorised."I have just authorised phase-2 of Bharat Mandapam, we are adding another few lakhs square feet," he added that a number of Free Trade Agreements (FTAs) have been signed and implemented by India with countries including the UAE and Australia to provide greater market access to Indian informed that active negotiations for FTAs are on with countries, including Oman, New Zealand, and the European Union (EU).India's FTA with the UAE helps the domestic industry to tap into the Gulf region, Africa and Central Europe. A similar pact was signed with the UK and four European nation bloc EFTA."I am sure the EU will come in very soon, so in a short span of a year and a half, we will get an FTA with all the major European countries with whom we wish to do business," Goyal said, adding Brazil wants to restart talks on the India-Mercosur trade this South American bloc (Argentina, Brazil, Paraguay and Uruguay), India has a Preferential Trade Agreement. "We already have negotiations with Chile and Peru," he said that the previous government in India focused on entering into FTAs with developing countries, which did not benefit India much."But we are doing with advanced counters," he said.
Time of India
02-06-2025
- Business
- Time of India
India emerges as key market for LNG, ranks fourth globally in 2024: TotalEnergies CEO
Synopsis TotalEnergies' Chairman Patrick Pouyanne highlighted India's growing importance as the fourth-largest LNG market globally in 2024. The French energy giant has invested nearly USD 5 billion in India over the past five years, focusing on gas infrastructure and renewable energy projects. Encouraged by Union Commerce Minister Piyush Goyal, TotalEnergies plans further expansion in India.
