Union Power Minister Piyush Goyal

Union Commerce and Industries Minister Piyush Goyal on Thursday asked the industry players to be bold and focus their energies on turning competitive, rather than depending on the government for support. Speaking at an event organised by the IMC Chamber of Commerce here, Goyal asked till when will the industry depend on the "crutches" of subsidies, high import duties and other similar protectionist measures. "Till when can we look up to the government (for support)? Or, till when can we win on crutches of subsidies and support, incentives, high import duties, the protectionist mindset, and being very defensive in our engagement with the world?" "We as a nation will have to decide to get out of this protectionist mindset and weak-kneed thinking", Goyal said, wondering if Michael Porter's seminal work on competitive advantage is relevant only till industry leaders are in business schools. Competitiveness will come from the industry's ability to innovate, upgrading manufacturing ...

Commerce and Industry Minister Piyush Goyal on Friday said the electric vehicle (EV) companies present in the meeting have unanimously agreed that they would no longer need subsidies once the existing subsidy regime ends. Stakeholders from the EV sector held deliberations with the minister here on issues pertaining to development of battery charging and swapping infrastructure. The minister also said that companies are free to choose their own business models. Whether they prefer to collaborate and share resources for battery swapping or sell vehicles with their own batteries, the decision is entirely up to them, he said. "Everybody was unanimous in the room that once the existing subsidy regime comes to an end, none of them requires the subsidy to grow further...Each sector has one or the other model which makes it self-sustaining and does not call for further subsidies," Goyal told reporters when asked about the views of companies on subsidies. In a bid to woo global EV makers i

"We are looking at opportunities across all sectors and would like to import labour from India -both skilled and unskilled"

Commerce and Industry Minister Piyush Goyal on Sunday said that removal of angel tax, which was introduced in 2012 by the UPA government, for all classes of investors will help startups attract investments. He also said that the customs duty reduction for gold and silver from 15 per cent to 6 per cent will not only help small artisans but also promote the country's gems and jewellery exports. "The Budget 2024-25 has removed the angel tax and through it, we will be able to attract investors into the country, he said here at a post-budget interaction with the industry. Further Goyal informed that the budget has announced the setting up of 12 industrial townships in the country. He said that one of these will be in Maharashtra and it will help create jobs and a strong ecosystem for the industry and trade. The budget has also announced steps to promote diamond trade. India is a world leader in the diamond cutting and polishing industry, which employs a large number of skilled workers

Tamil Nadu's main opposition, the AIADMK and the BJP on Tuesday slammed the state government over the latest power tariff hike announced on July 15, saying the people cannot be burdened due to the "administrative inefficiency" of the ruling DMK. AIADMK general secretary and Leader of the Opposition, Edappadi K Palaniswami, alleged that the tariff revision was a result of the DMK's "arrogance" following its clean sweep of the April 2024 Lok Sabha polls, where the party-led alliance had won all 39 seats in Tamil Nadu. Whenever DMK came to power in the state, power cuts and tariff increase were common, he alleged in a statement. "Due to the arrogance of winning all 39 seats and after the Vikravandi bypoll (which the DMK won), Chief Minister M K Stalin has gifted a five per cent power tariff revision to the people of Tamil Nadu," he said. The former chief minister pointed out that this was the third such revision effected after the DMK assumed power in 2021, and also referred to the ..

Asserting that the Indian economy has undergone a significant transformation in the last one decade, three union ministers on Thursday said the country's economic growth now is not only high but also inclusive. Speaking at a session on 'Can India seize its moment' at the World Economic Forum Annual Meeting 2024, union minister Hardeep Singh Puri said India has already seized the moment. "I say so because of the GDP growth we are clocking and the expectations from all quarters for a continued growth momentum," he said. Speaking in the same session, his Cabinet colleague Ashwini Vaishnaw said the last decade has seen a significant transformation in the Indian economy. "Major investments have happened in physical and digital infrastructure. That has had a huge impact on manufacturing and overall economic activity," he said. Smriti Irani, Minister for Women and Child Development, said she agrees with minister Puri that India has already seized the moment. She said India used to have

Union Minister Piyush Goyal on Saturday expressed confidence that by 2047 the country's economy will increase tenfold

International trade in the domestic currency will help reduce transaction cost for the industry and several countries are in discussion with the RBI on this, Commerce and Industry Minister Piyush Goyal said on Thursday. Last year, the RBI and finance ministry asked the top management of banks and representatives of trade bodies to push export and import transactions in the rupee. They want banks in India to connect with their foreign counterparts for opening special rupee vostro accounts to facilitate cross-border trade in the Indian currency rather than the popular mode of the US dollar. Goyal said that today several countries are realising that in trade, there is a need for change in currency for that and it involves a conversion cost, which in turn increases transactions cost also. "We can address these issues through rupee trade (arrangement)," he told reporters here, adding that several countries are under discussions with the RBI on the subject. Several banks, including HDFC

Union Minister for Commerce and Industry Piyush Goyal said on Thursday that PM GatiShakti National Master Plan and National Logistics Policy (NLP) together will greatly help both businesses and people

The power ministry has mandated all imported coal-based thermal plants to function with full capacity from March 16 to June 15 this year in order to meet the anticipated high demand of electricity. This order (under Section 11 of the Electricity Act) shall remain valid for generation and supply of power from March 16, 2023 to June 15, 2023, stated a notice sent to 15 thermal plants that use imported coal. Last year in May, the ministry had issued similar directions to such power plants to operate and generate power to their full capacity. The 15 imported coal-based power plants include Tata Power's and Adani Power's plants in Mundra in Gujarat; Essar power plant in Salaya; JSW Ratnagiri; Tata Trombay; Udupi Power; Meenakshi Energy; and JSW Torangallu. India's peak power demand is expected to touch 230GW in 2023. In December 2022, Union power secretary Alok Kumar had said that the government will take all possible measures to meet the 230 gigawatt (GW) single-day peak demand expect

The government has agreed for a discussion in the Rajya Sabha on rising prices of essential commodities on Tuesday, as the Opposition disrupted proceedings over the arrest of MP Sanjay Raut

According to the minister, India has a number of Covid vaccines and can help other developing countries to make vaccines

Open Network for Digital Commerce (ONDC) will provide equal opportunities to small retailers to enjoy the benefits of digital world and permit them to trade on a common platform, said Goyal

The country needs a self-reliant gem and jewellery sector and the government has made it a focus area to help boost both domestic as well as export growth, said Union Minister Piyush Goyal on Friday.

The government currently has no proposal to hike the prices of foodgrains sold through ration shops under the National Food Security Act (NFSA), Goyal said

Giri suggested that the basic customs duty should be slashed to a level which does not create great competitive disadvantage for Indian companies and reduction should be done in a phased manner

The plan is also up against supply issues with vendors reluctant to deliver to certain states due to payment concerns

Union power minister Piyush Goyal and the national security advisor, Ajeet Kumar Doval are accompanying Modi