PIYUSH GOYAL ON BUDGET 2023
Increase in exports, improvement in CAD, mnfg to help boost Indian economy: Goyal
India's merchandise exports show growth despite a widened trade deficit, reflecting a positive economic outlook. The Commerce Minister's participation in the gem and jewellery industry program signifies confidence in the country's economic trajectory.
Confident of over $800 billion exports in goods, services this fiscal, says Piyush Goyal
India recorded a current account surplus of USD 5.7 billion or 0.6 per cent of GDP in the March quarter. This is the first time in ten quarters that the crucial metric of the country's external strength has turned into surplus mode. In the year-ago period, the current account deficit stood at USD 1.3 billion or 0.2 per cent of GDP, and the same was USD 8.7 billion or 1 per cent of GDP in the preceding quarter ending December 2023.
Piyush Goyal to meet exporters Thursday
India’s goods exports in FY24 were $437.1 billion and imports were $675.4 billion. The ministry has been developing standard operating procedures to negotiate free trade agreements with other countries and could come up for discussion, said another person aware of the meeting. Exporters are also likely to take up the issue of extending the Production-Linked Incentive (PLI) scheme to leather intensive sectors such as leather and footwear.
Export duty on onions to stay as domestic prices recover
India's central government is unlikely to remove the 40% export duty on onions imposed last month, as domestic onion prices have almost doubled in the last month. The average rate of onions at the benchmark Lasalgaon APMC was Rs 28/kg on Tuesday, up 40% in the last 15 days and double of what it was a month ago. The rising onion prices have slowed down the pace of government onion procurement operations to create a strategic reserve under the Price Stabilisation Fund.
Modi govt has provided corruption-free regime; India to become third largest economy: Piyush Goyal
Union Minister Piyush Goyal on Monday said the Modi government has provided a corruption free regime in the last 10 years and the country in the next few years will become the world's third largest economy. Addressing a massive gathering of traders here, Goyal said the country's economy is growing at a faster pace and series of measures have been taken to promote growth.
Proposed SEZ Amendment Bill may figure in 100-day agenda
The government is considering several measures such as a flexible framework for the sale of products manufactured in SEZs in the domestic market, and streamlining approval processes for units.
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Startup Mahakumbh: PM Modi says India will become the world leader in AI
Startup Mahakumbh: PM Modi lauded India's youth's entrepreneurial spirit and the flourishing startup ecosystem on the last day of Startup Mahakumbh event, emphasising government support for innovative ideas, funding channels, incubators, IT services growth, AI strength, job creator mindset, women leading startups, and Rs 1 lakh crore fund.
India's exports will close fiscal at same level as last year despite uncertainties: Goyal
Goyal also said that the government measures such production-linked incentives schemes and focus on high-quality goods and services would help in containing the country's trade deficit.
Centre to take all measures to contain food prices: Piyush Goyal
Goyal, who is heading the food and consumer affairs ministry, asserted that the Modi government would continue to take measures to ensure that there is no stress on the household budget of "our Nari-Shakti". He highlighted that the government has spent in the last few years about Rs 28,000 crore to the price stabilisation fund to support the effort to fight against food inflation.
All you need to know about the decisions taken by the Cabinet today
.Thursday's announcements come in the run-up to the Lok Sabha polls, likely to take place in May, this year. On other fronts, the Central government is currently in a tug-of-war with scores of farmers who are protesting to avail legal support for minimum support prices as well as loan waivers.
Govt approves 4% hike in Dearness Allowance for govt employees at cost of Rs 12,869 crore per annum to exchequer
The Union cabinet has approved a 4% increase in Dearness Allowance (DA) for Central Government employees and Dearness Relief (DR) for pensioners starting January 1, 2024. This will increase the total exchequer by 50%, benefiting approximately 49.18 lakh employees and 67.95 lakh pensioners.
Cabinet raises jute MSP to Rs 5,335 per quintal
In the current season 2023-24, the government has procured a record amount of more than 6.24 lakh bales of raw jute through the Jute Corporation of India, at the cost of Rs 524.32 crore, benefitting around 1.65 lakh farmers.
Ujjwala Scheme: Govt extends Rs 300 LPG subsidy for beneficiaries for FY25
The Indian government has extended the Rs 300 per LPG cylinder subsidy to poor women under the Ujjwala Yojana for the next fiscal year, starting April 1. The extension, announced by Union Minister Piyush Goyal, is expected to benefit nearly 10 crore families and cost the government Rs 12,000 crore.
Bharat Tex 2024: Let’s take textile industry to countries where we know the market: Goyal
Union Minister of Textiles Piyush Goyal says industry and government officials should work together to help artisans earn more.
Piyush Goyal confident of rate cut by Reserve Bank in coming months
Commerce and Industry Minister Piyush Goyal expressed confidence that the Reserve Bank of India (RBI) would reduce interest rates as inflation remains under control. He noted that while the benchmark interest rate has been at 6.5% since February 2023, economic fundamentals in India are robust, with inflation averaging around 5-5.5% over the past decade. Goyal anticipated a reversal of rate hikes in the near future, given the controlled inflation post the Ukraine crisis.
Centre moots inter-ministerial panel to discuss MSP issue
A central government team, including ministers Piyush Goyal, Arjun Munda and Nityanand Rai, met farmer representatives in Chandigarh on Thursday. "They offered to form another committee which will meet frequently, in a time-bound manner," said a farmer representative, adding that the committee formed after the previous protest has not come out with a conclusive outcome despite meeting several times.
Govt launches Bharat rice at Rs 29/kg to provide relief to consumers
India's food minister, Piyush Goyal, introduced 'Bharat rice' at a subsidized rate of Rs 29 per kg to alleviate the impact of a 15% increase in retail rice prices over the past year. This rice will be available in 5 kg and 10 kg packs through various channels, including cooperatives, retail chains, and e-commerce platforms. Initially, the Food Corporation of India (FCI) will provide 5 lakh tonnes of rice to selected cooperatives and retail chains for distribution.
India continues to be bright spot of world despite challenges: Piyush Goyal
Commerce and Industry Minister Piyush Goyal stated that global economic uncertainties have impacted foreign direct investment (FDI), but India will continue to be a bright spot for overseas players. Goyal emphasized that when signing free trade agreements (FTAs) or bilateral investment treaties (BITs), the government ensures that the terms are favorable for India.
India taking steps to safeguard vessels in Red Sea: Piyush Goyal
Piyush Goyal discusses bilateral investment treaties and the importance of negotiating from a position of strength. He mentions concerns about the Red Sea situation and the potential impact on exports. Goyal believes that India will become the largest market for aircraft in the next 20-25 years, attracting manufacturers. The budget focuses on infrastructure investment to stimulate growth and boost multiple industries. The PLI scheme is expanding, with new sectors to be included based on their gestation period.
India to sustain exports growth despite global challenges, Budget provides strong foundation: Piyush Goyal
India sustains export growth despite global challenges arising from conflicts like the Israel-Hamas war. The Budget lays a strong foundation for economic growth. Geopolitical complexities and conflicts reshape globalization. Wars and crises disrupt global supply chains, impacting India's exports and logistics. The Budget focuses on every section of society, with announcements on e-mobility promotion and increased infrastructure spending, providing more opportunities for business and domestic industry. Finance Minister Sitharaman's priority is economic policies that foster growth and contribute to India becoming a developed country by 2047.
Budget 2024: How is Sitharaman placed between Chidambaram and Piyush Goyal?
Sitharaman is likely to follow the footsteps of previous finance ministers by incorporating electoral math into the budget. However, she plans to lower the budget deficit and increase capital spending, limiting the scope for large welfare schemes. Instead, smaller targeted benefits may be offered to critical voter segments such as tribals, OBCs, and females.
Modi govt may have more Budget measures for India's hinterland, a key voting bloc
Experts expect announcements around millets and MSP hikes in the 2024 interim budget. There is a need to ensure food security, include nutrition in policies, and prepare agriculture for the consequences of climate change. The government should correct the consumption and food production basket by giving crop-neutral incentive structures.
Over 40,000 compliances eliminated or simplified: Piyush Goyal
“We have made a focused effort to reduce the compliance burden with over 40,000 different compliances across the country either being eliminated or certainly simplified,” Goyal said in an interaction with innovators and entrepreneurs.
Easing startup tax benefits; Piyush Goyal to meet unicorn bosses
The government has an internal target of March 31, before which about 1,500 pending eligibility certificate applications would be cleared, joint secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Sanjiv said.
Commerce minister Piyush Goyal to meet top startup honchos on January 17
The Startup India initiative was launched by the Prime Minister Narendra Modi on 16th January 2016 to build a strong ecosystem for nurturing innovation, boosting startups, and encouraging investments in the startup ecosystem of the country.
No proposal to lift export curbs on wheat, rice, sugar: Piyush Goyal
India had banned wheat exports in May 2022, non-basmati rice exports from July 2023 and extended curbs on sugar exports beyond October 2023, as part of measures to control rising domestic prices.
13 states, Union Territories among achievers in logistics performance index 2023: DPIIT report
The report ranks states on the basis of their logistics ecosystem, highlights the key logistics-related challenges faced by the stakeholders and includes suggestive recommendations, according to the fifth LEADS (Logistics Ease Across Different States) 2023 report unveiled by Commerce and Industry Minister Piyush Goyal.
India grants record 41,010 patents in 2023-24 so far: Piyush Goyal
Prime Minister Narendra Modi said this is a "notable feat" and it marks a milestone in India's journey towards an innovation-driven knowledge economy.
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