India's exports touched a record high of $418 billion in 2021-22, Union Commerce Minister Piyush Goyal said on Sunday. 
 
"In March, India's exports touched around $40 billion which is itself a record as we have never bagged such a huge amount from exports in a month ever before," he added.

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Addressing a media briefing here, Goyal said that during 2021-22, $30 billion export was recorded on a monthly basis, and this was despite the second and third wave of Coronavirus pandemic hitting the country hard. 
 
The engineering goods exports hit a record $111 billion, of which about $16 billion worth goods were shipped to the US&nbsp;alone. 
 
"Our MSME sector, farmers, everybody together took India to new heights successfully," Goyal said.

Watch |&nbsp;Gudi Padwa: India's financial capital Mumbai welcomes New Year 
&nbsp;

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Mentioning about 'RRR'&nbsp;film, the Union Minister said it has been learnt that the film has done the highest-ever business of Rs 750 crore in the history of Indian cinema. 
 
Goyal said that similarly, Indian economy is also ready to break all records and the country has the capability to achieve impossible targets.

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"The growth has occurred in sectors that has smaller enterprises and involves the agriculture sector. I congratulate the farmers for raising the agricultural produce. Wheat exports have grown from 2 lakh tonnes in 2019-20 to 21.55 lakh tonnes last year and to over 70 lakh tonnes in 2021-22," the Commerce Minister said. 
 
Similar growth has been recorded in jute products, textiles, leather, gems and jewellery and other labour intensive sectors. 
 
"We will continue to work hard to enhance the capacity of MSMEs and farm sector to raise exports and create jobs," he added.

India's exports touched a record high of $418 billion in 2021-22, Union Commerce Minister Piyush Goyal said on Sunday. "In March, India's exports touched around $40 billion which is itself a record as we have never bagged such a huge amount from exports in a month ever before," he added.

India's exports touched a record high of $418 billion in 2021-22, Union Commerce Minister Piyush Goyal said on Sunday. "In March, India's exports touched around $40 billion which is itself a record as we have never bagged such a huge amount from exports in a month ever before," he added. Also read | Covid vaccine Covaxin supply through UN procurement agencies suspended by WHO Addressing a media briefing here, Goyal said that during 2021-22, $30 billion export was recorded on a monthly basis, and this was despite the second and third wave of Coronavirus pandemic hitting the country hard. The engineering goods exports hit a record $111 billion, of which about $16 billion worth goods were shipped to the US alone. "Our MSME sector, farmers, everybody together took India to new heights successfully," Goyal said. Watch | Gudi Padwa: India's financial capital Mumbai welcomes New Year Mentioning about 'RRR' film, the Union Minister said it has been learnt that the film has done the highest-ever business of Rs 750 crore in the history of Indian cinema. Goyal said that similarly, Indian economy is also ready to break all records and the country has the capability to achieve impossible targets. Also read | Amid economic crisis, India to send rice to Sri Lanka as part of credit facility "The growth has occurred in sectors that has smaller enterprises and involves the agriculture sector. I congratulate the farmers for raising the agricultural produce. Wheat exports have grown from 2 lakh tonnes in 2019-20 to 21.55 lakh tonnes last year and to over 70 lakh tonnes in 2021-22," the Commerce Minister said. Similar growth has been recorded in jute products, textiles, leather, gems and jewellery and other labour intensive sectors. "We will continue to work hard to enhance the capacity of MSMEs and farm sector to raise exports and create jobs," he added.

India's export touches record $418 billion in 2021-22, says Union Commerce Minister Piyush Goyal

India and Australia on Saturday signed a trade agreement that will open &nbsp;“one of the biggest economic doors there is to open in the world today”.

It will provide duty-free access in its market for over 6,000 broad sectors of India, including textiles, leather, furniture, jewellery and machinery.

The India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA) was inked by Commerce and Industry Minister Piyush Goyal and Australian Minister for Trade, Tourism and Investment Dan Tehan in a virtual ceremony.

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During the ceremony, India's Prime Minister Narendra Modi and Australian Prime Minister Scott Morrison were also present.

Morrison’s government is seeking to diversify export markets and reduce Australia's dependence on its biggest trading partner China. Both have&nbsp;been involved in several&nbsp;diplomatic spats that led to Beijing sanctioning certain Australian products.

The deal with India removes tariffs on more than 85 per cent of Australian goods exports to India, worth A$12.6 billion, rising to almost 91 per cent over 10 years.

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Goyal said the agreement would help in taking bilateral trade from $27.5 billion at present to $45-50 billion in the next five years.

India and Australia are "natural partners, connected by shared values of democracy, rule of law and transparency", Goyal said.&nbsp;

"Our relationship rests on the pillars of trust and reliability aptly reflected in our deepening geo-strategic engagement through the QUAD and the supply chain resilience initiative."

“Soon after this current agreement comes into force, we’ll get down to cracking the whip on the next stage to make this a comprehensive economic partnership,” he said.

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He further said the pact will contribute towards large employment generation, which is estimated at around 10 lakh over the next 5-7 years as the labour-intensive sectors are likely to gain the most.

"Post study work visas will provide extended options for working in Australia to eligible Indian graduates, post graduates and STEM (science, technology, engineering and mathematics) specialists," he said.

“These are never all or nothing deals as far as we're concerned, we see all of these as the next step and the next step and the next step,” said Tehan.

Morrison said “I have very strong hope, no matter who fills our chairs going forward, we’ll be able to … build on this ground-breaking agreement.”&nbsp;

"This agreement has been built on our strong security partnership and our joint efforts in the Quad, which has created the opportunity for our economic relationship to advance to a new level," he added.

(With inputs from agencies)

India and Australia on Saturday signed a trade agreement that will open “one of the biggest economic doors there is to open in the world today”. It will provide duty-free access in its market for over 6,000 broad sectors of India, including textiles, leather, furniture, jewellery and machinery.

India and Australia on Saturday signed a trade agreement that will open “one of the biggest economic doors there is to open in the world today”. It will provide duty-free access in its market for over 6,000 broad sectors of India, including textiles, leather, furniture, jewellery and machinery. The India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA) was inked by Commerce and Industry Minister Piyush Goyal and Australian Minister for Trade, Tourism and Investment Dan Tehan in a virtual ceremony. During the ceremony, India's Prime Minister Narendra Modi and Australian Prime Minister Scott Morrison were also present. Morrison’s government is seeking to diversify export markets and reduce Australia's dependence on its biggest trading partner China. Both have been involved in several diplomatic spats that led to Beijing sanctioning certain Australian products. The deal with India removes tariffs on more than 85 per cent of Australian goods exports to India, worth A$12.6 billion, rising to almost 91 per cent over 10 years. Also read | India looking at FTA with UAE, UK, Australia, Canada, Israel: Trade minister Piyush Goyal Goyal said the agreement would help in taking bilateral trade from $27.5 billion at present to $45-50 billion in the next five years. India and Australia are "natural partners, connected by shared values of democracy, rule of law and transparency", Goyal said. "Our relationship rests on the pillars of trust and reliability aptly reflected in our deepening geo-strategic engagement through the QUAD and the supply chain resilience initiative." “Soon after this current agreement comes into force, we’ll get down to cracking the whip on the next stage to make this a comprehensive economic partnership,” he said. In Pics: In a historic move, Australia returns 29 antiques to India He further said the pact will contribute towards large employment generation, which is estimated at around 10 lakh over the next 5-7 years as the labour-intensive sectors are likely to gain the most. "Post study work visas will provide extended options for working in Australia to eligible Indian graduates, post graduates and STEM (science, technology, engineering and mathematics) specialists," he said. “These are never all or nothing deals as far as we're concerned, we see all of these as the next step and the next step and the next step,” said Tehan. Morrison said “I have very strong hope, no matter who fills our chairs going forward, we’ll be able to … build on this ground-breaking agreement.” "This agreement has been built on our strong security partnership and our joint efforts in the Quad, which has created the opportunity for our economic relationship to advance to a new level," he added. (With inputs from agencies)

India, Australia sign trade deal to open 'biggest economic door'

Indian Union minister Piyush Goyal welcomed the first batch of home-bound Indians from Ukraine, after their flight touched down at Chhatrapati Shivaji Maharaj International Airport in Mumbai at 7.50 pm.&nbsp;

The Air India plane, which had taken off from the Henri Coanda International Airport, Bucharest, this afternoon, brought home 219 passengers, mostly students.

A large number of relatives of homebound passengers were present at the arrival concourse of the Mumbai airport to receive their loved ones.

Upon receiving the students, Goyal said, “Glad to see the smiles on the faces of Indians safely evacuated from Ukraine at the Mumbai airport.”

The minister asked the passengers to speak to their friends stranded in Ukraine and assure them not to worry.

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<blockquote class="twitter-tweet">
Welcome back to the motherland! 
 
Glad to see the smiles on the faces of Indians safely evacuated from Ukraine at the Mumbai airport. 
 
Govt. led by PM <a href="https://twitter.com/narendramodi?ref_src=twsrc%5Etfw">@NarendraModi</a> ji is working relentlessly to ensure safety of every Indian. <a href="https://t.co/fjuzjtNl9r">pic.twitter.com/fjuzjtNl9r</a>
— Piyush Goyal (@PiyushGoyal) <a href="https://twitter.com/PiyushGoyal/status/1497585222359355394?ref_src=twsrc%5Etfw">February 26, 2022</a></blockquote>
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He said the government is working in mission mode to ensure the safety of its people.

Goyal informed them about the talks that took place between PM Narendra Modi with Ukrainian President Volodymyr Zelensky over the safety of Indian citizens.

He told them that the Russians have also assured to help evacuate all the Indians.

The minister said more evacuation flights are being operated and the second flight is likely to land in Delhi in the wee hours of Sunday.

He also thanked Air India for its commitment to the national cause, which was met with applause by all the homecoming passengers.

Indian Union minister Piyush Goyal welcomed the first batch of home-bound Indians from Ukraine, after their flight touched down at Chhatrapati Shivaji Maharaj International Airport in Mumbai at 7.

Indian Union minister Piyush Goyal welcomed the first batch of home-bound Indians from Ukraine, after their flight touched down at Chhatrapati Shivaji Maharaj International Airport in Mumbai at 7.50 pm. The Air India plane, which had taken off from the Henri Coanda International Airport, Bucharest, this afternoon, brought home 219 passengers, mostly students. A large number of relatives of homebound passengers were present at the arrival concourse of the Mumbai airport to receive their loved ones. Upon receiving the students, Goyal said, “Glad to see the smiles on the faces of Indians safely evacuated from Ukraine at the Mumbai airport.” The minister asked the passengers to speak to their friends stranded in Ukraine and assure them not to worry. Welcome back to the motherland! Glad to see the smiles on the faces of Indians safely evacuated from Ukraine at the Mumbai airport. Govt. led by PM @NarendraModi ji is working relentlessly to ensure safety of every Indian. pic.twitter.com/fjuzjtNl9r — Piyush Goyal (@PiyushGoyal) February 26, 2022 × He said the government is working in mission mode to ensure the safety of its people. Goyal informed them about the talks that took place between PM Narendra Modi with Ukrainian President Volodymyr Zelensky over the safety of Indian citizens. He told them that the Russians have also assured to help evacuate all the Indians. The minister said more evacuation flights are being operated and the second flight is likely to land in Delhi in the wee hours of Sunday. He also thanked Air India for its commitment to the national cause, which was met with applause by all the homecoming passengers.

Watch | Indian minister Goyal receives first batch of citizens evacuated from war-hit Ukraine

India and United Arab Emirates (UAE) signed bilateral “comprehensive” trade pact, the biggest pact in ten years. Indian Prime Minister Narendra Modi welcomed investment from UAE. Indian Minister Piyush Goyal said the Comprehensive Economic Partnership Agreement (CEPA) would have strong anti-dumping measures.

India-UAE trade deal: What it means for both countries

Indian Prime Minister Narendra Modi and the UAE counterpart are expected to hold a virtual meeting in the coming week with key outcoming being the signing of the much-awaited free trade pact. Both sides are exploring Friday(18th) or Saturday(19th) of next week as possible days for the meeting, even as a formal confirmation is still awaited.

The draft for the FTA or the comprehensive economic partnership agreement (CEPA) was agreed in December while the negotiations started in October. Last week in response to a question, India's trade minister Piyush Goyal said, "with UAE we are at an advance stage and we hope to make some announcements very quickly on the UAE Free trade Agreement". &nbsp;UAE has stood as India's third largest trade partner for last 8 years. Bilateral trade in 1985 was $180 million (non-oil), while in the Financial year 2020-2021 the amount reached to above $43 billion dollars. Total foreign trade between 2 countries is about $60 billion.

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Calling the relationship "dynamic" UAE's envoy to Delhi UAE ambassador Ahmed AlBanna had earlier this month said, "we treasure our partnership with India" and signing of the CEPA "would unleash a golden era in the bilateral partnership and increase trade, investment and technological partnership" creating "employment ​opportunities in various sectors". He highlighted, that announcements have been made by UAE companies in "investing in J&amp;K, Punjab and many states.."&nbsp;

The signing of a trade agreement usually takes months or a year but India UAE was concluded in around 3-4 months' time. A joint communique will be released on the benefits of the FTA after the signing of the pact.

Crown Prince of Abu Dhabi Sheikh Mohamed bin Zayed Al Nahyan and PM Modi have held a number of conversations in the past. Indian Prime Minister Narendra Modi was to visit UAE on 6th January when the pact was supposed to be signed but visit could not materialize due to Omicron covid crisis. During the visit he was to visit India Pavillion at the mega Dubai expo. It showcases India's culture, Yoga, Ayurveda to Space programme.&nbsp;

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India and UAE have ‘Comprehensive Strategic Partnership 'and high-level visits have been common in last few years.&nbsp;PM Modi had visited the West Asian country in 2015, 2018, and 2019 and has been conferred the highest civilian award 'the Order of Zayed’ of the country. &nbsp;Sheikh Mohamed bin Zayed Al Nahyan visited India in February 2016 and again in 2017 as the Chief Guest at India’s Republic day celebrations. Both countries have deepened cooperation in defense, security, cyber security, health care, artificial intelligence, blockchain. The west Asian country is also the only foreign partner in India's strategic oil reserves and one of the largest investors in India, with a cumulative investment of $18 billion. The country host 3.4 million Indians, the largest Indian diaspora anywhere in the world.

On the anvil is also meet of the foreign ministers of India, UAE, Israel and United States, also known as the West Asian Quad or I2,U2. The foreign ministers could meet as early as March in UAE but depends on covid and geopolitical situation. UAE envoy said, "the newly formed west asian quad...is an offspring of the Abraham Accords and the India, UAE and Israel trilateral" and the "multilateral approach is critical to respond to threats".&nbsp;

UAE in past few weeks have seen number of attacks by Yemen based Houthi Rebels. The attack in January killed 2 Indians at Abu Dhabi National Oil Company. It is interesting to know UAE is non-permanent member of the United Nations Security council (UNSC) along with India. The country will be president of the council in March.&nbsp;

Indian Prime Minister Narendra Modi and the UAE counterpart are expected to hold a virtual meeting in the coming week with key outcoming being the signing of the much-awaited free trade pact.

Indian Prime Minister Narendra Modi and the UAE counterpart are expected to hold a virtual meeting in the coming week with key outcoming being the signing of the much-awaited free trade pact. Both sides are exploring Friday(18th) or Saturday(19th) of next week as possible days for the meeting, even as a formal confirmation is still awaited. The draft for the FTA or the comprehensive economic partnership agreement (CEPA) was agreed in December while the negotiations started in October. Last week in response to a question, India's trade minister Piyush Goyal said, "with UAE we are at an advance stage and we hope to make some announcements very quickly on the UAE Free trade Agreement". UAE has stood as India's third largest trade partner for last 8 years. Bilateral trade in 1985 was $180 million (non-oil), while in the Financial year 2020-2021 the amount reached to above $43 billion dollars. Total foreign trade between 2 countries is about $60 billion. Also read | India sends medical supplies to Kiribati amid Covid outbreak Calling the relationship "dynamic" UAE's envoy to Delhi UAE ambassador Ahmed AlBanna had earlier this month said, "we treasure our partnership with India" and signing of the CEPA "would unleash a golden era in the bilateral partnership and increase trade, investment and technological partnership" creating "employment opportunities in various sectors". He highlighted, that announcements have been made by UAE companies in "investing in J&K, Punjab and many states.." The signing of a trade agreement usually takes months or a year but India UAE was concluded in around 3-4 months' time. A joint communique will be released on the benefits of the FTA after the signing of the pact. Crown Prince of Abu Dhabi Sheikh Mohamed bin Zayed Al Nahyan and PM Modi have held a number of conversations in the past. Indian Prime Minister Narendra Modi was to visit UAE on 6th January when the pact was supposed to be signed but visit could not materialize due to Omicron covid crisis. During the visit he was to visit India Pavillion at the mega Dubai expo. It showcases India's culture, Yoga, Ayurveda to Space programme. Also read | India launches search operation to track Pak fishermen in Gujarat India and UAE have ‘Comprehensive Strategic Partnership 'and high-level visits have been common in last few years. PM Modi had visited the West Asian country in 2015, 2018, and 2019 and has been conferred the highest civilian award 'the Order of Zayed’ of the country. Sheikh Mohamed bin Zayed Al Nahyan visited India in February 2016 and again in 2017 as the Chief Guest at India’s Republic day celebrations. Both countries have deepened cooperation in defense, security, cyber security, health care, artificial intelligence, blockchain. The west Asian country is also the only foreign partner in India's strategic oil reserves and one of the largest investors in India, with a cumulative investment of $18 billion. The country host 3.4 million Indians, the largest Indian diaspora anywhere in the world. On the anvil is also meet of the foreign ministers of India, UAE, Israel and United States, also known as the West Asian Quad or I2,U2. The foreign ministers could meet as early as March in UAE but depends on covid and geopolitical situation. UAE envoy said, "the newly formed west asian quad...is an offspring of the Abraham Accords and the India, UAE and Israel trilateral" and the "multilateral approach is critical to respond to threats". UAE in past few weeks have seen number of attacks by Yemen based Houthi Rebels. The attack in January killed 2 Indians at Abu Dhabi National Oil Company. It is interesting to know UAE is non-permanent member of the United Nations Security council (UNSC) along with India. The country will be president of the council in March.

PM Modi, UAE counterpart to hold virtual meet; Trade pact to be signed

India's trade minister Piyush Goyal has said India is looking to have free trade agreement (FTA) with 5 countries - UAE, UK, Australia, Canada and Israel which are in various stages of progress, from near finalisation to the start of talks with visits.&nbsp;

Speaking at a presser, Piyush Goyal said, "We are looking for a free trade agreement, a comprehensive economic partnership agreement with the United Arab Emirates, which is close to finalisation."&nbsp;

The pact was to happen during Indian Prime Minister Narendra Modi's upcoming visit to UAE this week, but the visit could not happen due to Omicron variant crisis.

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With Australia, he said, "We are also at a very advanced stage with Australia on concluding the interim agreement which will cover very large areas of interests, particularly labour oriented sectors like textiles, pharma, footwear, leather products, agricultural products. So, we are working with a great focus on expanding bilateral relations with several countries."&nbsp;

Former Australian Prime Minister Tony Abbott and trade minister Dan Tehan had visited New Delhi last year to expedite the negotiation process. Australia, against which China had launched a trade war as part of weaponisation of trade is looking to diversify trading ties.

The Indian minister confirmed with the UK, New Delhi is "hoping to launch later this month" FTA talks and get an "interim trade agreement in place maybe by march this year".&nbsp;

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According to British newspapers, UK's international trade secretary Anne-Marie Trevelyan will be travelling to India later this month for talks on a trade deal which can see the UK offering to relax visa regulations for Indians.&nbsp;

London is keen on a trade pact with New Delhi in a post-Brexit world, especially in the backdrop of its tilt to the Indo-pacific. 
&nbsp; 
Mentioning Canada, he said, "Canadian minister has also shown interest at G20, Canadian PM had expressed desire to rapidly expand trade relations with India and we are hoping to launch negotiations with Canada in the next 2-3 months".&nbsp;

Bilateral trade in goods amounted to US$ 6.73 billion in 2019-20 when it comes to India-Canada trading ties. Canadian Pension Funds have invested around US$ 32.6 billion in India till 2020.

The minister point to "dialogue with Israel" on FTA said, "deep engagement with our missions aboard has started with businesses and importers of other countries."

India is Israel's third-largest trade partner in Asia and seventh largest globally. Both countries currently have US$4.14 billion of trade (April 2020 – February 2021), a figure that doesn't include the defense trade which has been increasing.

India's trade minister Piyush Goyal has said India is looking to have free trade agreement (FTA) with 5 countries - UAE, UK, Australia, Canada and Israel which are in various stages of progress, from near finalisation to the start of talks with visits.

India's trade minister Piyush Goyal has said India is looking to have free trade agreement (FTA) with 5 countries - UAE, UK, Australia, Canada and Israel which are in various stages of progress, from near finalisation to the start of talks with visits. Speaking at a presser, Piyush Goyal said, "We are looking for a free trade agreement, a comprehensive economic partnership agreement with the United Arab Emirates, which is close to finalisation." The pact was to happen during Indian Prime Minister Narendra Modi's upcoming visit to UAE this week, but the visit could not happen due to Omicron variant crisis. ALSO READ | Two terrorists belonging to Lashkar-e-Taiba killed in two operations With Australia, he said, "We are also at a very advanced stage with Australia on concluding the interim agreement which will cover very large areas of interests, particularly labour oriented sectors like textiles, pharma, footwear, leather products, agricultural products. So, we are working with a great focus on expanding bilateral relations with several countries." Former Australian Prime Minister Tony Abbott and trade minister Dan Tehan had visited New Delhi last year to expedite the negotiation process. Australia, against which China had launched a trade war as part of weaponisation of trade is looking to diversify trading ties. The Indian minister confirmed with the UK, New Delhi is "hoping to launch later this month" FTA talks and get an "interim trade agreement in place maybe by march this year". ALSO READ | Vaccination for 15-18 age group in India starts amid COVID-19 surge According to British newspapers, UK's international trade secretary Anne-Marie Trevelyan will be travelling to India later this month for talks on a trade deal which can see the UK offering to relax visa regulations for Indians. London is keen on a trade pact with New Delhi in a post-Brexit world, especially in the backdrop of its tilt to the Indo-pacific. Mentioning Canada, he said, "Canadian minister has also shown interest at G20, Canadian PM had expressed desire to rapidly expand trade relations with India and we are hoping to launch negotiations with Canada in the next 2-3 months". Bilateral trade in goods amounted to US$ 6.73 billion in 2019-20 when it comes to India-Canada trading ties. Canadian Pension Funds have invested around US$ 32.6 billion in India till 2020. The minister point to "dialogue with Israel" on FTA said, "deep engagement with our missions aboard has started with businesses and importers of other countries." India is Israel's third-largest trade partner in Asia and seventh largest globally. Both countries currently have US$4.14 billion of trade (April 2020 – February 2021), a figure that doesn't include the defense trade which has been increasing.

India looking at FTA with UAE, UK, Australia, Canada, Israel: Trade minister Piyush Goyal

Developed countries have reaped the benefits of energy, and they must accelerate their efforts to achieve net-zero (emissions) so those poor countries may have some carbon space, India said ahead of the COP26 climate summit.&nbsp;

'Net zero' emissions refers to a situation in which the amount of greenhouse gases generated equals the amount removed from the atmosphere, as achieved by measures such as tree planting and improved carbon-capture systems.&nbsp; 
 
Watch:

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"First of all what we have decided is global net zero. So all the countries put together will be net-zero which means the developed countries, which have already enjoyed the fruits of low-cost energy for several years have to go in for net-zero much faster and if possible going for net-negative so that they can release policy space and some carbon space for the developing countries to pursue their developing agenda," said India's Sherpa to G20 Summit and Union Minister Piyush Goyal. 
 
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"Second, in terms of the year, we still have to work on technological solutions... there are no available adequate technologies to be able to absorb large amounts of clean energy into the grids and maintain grid stability, therefore, we will have to look at more technology and innovation playing an important before we can identify a year," he added. 
 
<a href="https://www.wionews.com/world/new-era-eu-us-decide-to-end-dispute-over-steel-and-aluminum-425621">Also Read:&nbsp;'New era': EU, US decide to end dispute over steel and aluminum</a>

At the G20, India's Sherpa said that the leaders "really dug into the text" terminology confirming that the developed world has admitted that it has not done enough to achieve its pledges.

"Developed nations will have to be more open in giving funding, supplying technology, and (being) the facilitators to achieve the future transition to a clean energy world," he added. 
 
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After reports indicated that the globe is nowhere near preventing global temperature rise to 1.5 degrees by the end of this century, the Glasgow meeting has been dubbed the "final best chance to get runaway climate change under control."&nbsp;

(With inputs from agencies)

Developed countries have reaped the benefits of energy, and they must accelerate their efforts to achieve net-zero (emissions) so those poor countries may have some carbon space, India said ahead of the COP26 climate summit.

Developed countries have reaped the benefits of energy, and they must accelerate their efforts to achieve net-zero (emissions) so those poor countries may have some carbon space, India said ahead of the COP26 climate summit. 'Net zero' emissions refers to a situation in which the amount of greenhouse gases generated equals the amount removed from the atmosphere, as achieved by measures such as tree planting and improved carbon-capture systems. Watch: "First of all what we have decided is global net zero. So all the countries put together will be net-zero which means the developed countries, which have already enjoyed the fruits of low-cost energy for several years have to go in for net-zero much faster and if possible going for net-negative so that they can release policy space and some carbon space for the developing countries to pursue their developing agenda," said India's Sherpa to G20 Summit and Union Minister Piyush Goyal. Also Read: Italian PM Draghi warns world leaders on climate change "Second, in terms of the year, we still have to work on technological solutions... there are no available adequate technologies to be able to absorb large amounts of clean energy into the grids and maintain grid stability, therefore, we will have to look at more technology and innovation playing an important before we can identify a year," he added. Also Read: 'New era': EU, US decide to end dispute over steel and aluminum At the G20, India's Sherpa said that the leaders "really dug into the text" terminology confirming that the developed world has admitted that it has not done enough to achieve its pledges. "Developed nations will have to be more open in giving funding, supplying technology, and (being) the facilitators to achieve the future transition to a clean energy world," he added. In Pics | PM Modi, along with G20 leaders visit the iconic Trevi fountain in Rome After reports indicated that the globe is nowhere near preventing global temperature rise to 1.5 degrees by the end of this century, the Glasgow meeting has been dubbed the "final best chance to get runaway climate change under control." (With inputs from agencies)

Developed nations enjoyed fruits of energy, must reduce their emissions: India

Prime Minister Narendra Modi's mantra of sustainable lifestyles finds resonance in the G-20's Rome declaration on sustainable consumption and responsible production patterns in line with Sustainable Development Goal 12, Union Commerce Minister and India's G20 Sherpa Piyush Goyal said here on Sunday.

"For the first time, G20 has identified sustainable and responsible consumption and production along with the provision of finance and technology as critical enablers for achieving climate goals first decided at Paris," said Goyal.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/pm-modi-meets-spanish-pm-pedro-sanchez-on-sidelines-of-g20-summit-in-rome-425627">PM Modi meets Spanish PM Pedro Sánchez on sidelines of G20 summit in Rome</a>

Prime Minister Narendra Modi participated in the G-20 summit here and held several bilaterals with his counterparts.

Detailing the Rome declaration, Goyal said, "Coming out of the sustainable development point number 12 — which is aimed at encouraging the developed countries to reduce their luxurious and energy-intensive lifestyle — has been discussed and accepted.

"Underlining that energy and climate was clearly the centre stage of the discussion, Goyal said that India and many other developing countries have pushed for safeguarding the interest of the developing world.

"We are also joined by developed countries to increase the ambition from current levels of commitment," the union minister said.

<a href="https://www.wionews.com/videos/second-day-of-g20-summit-in-rome-425592">WATCH |</a>

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He also emphasised that the importance of energy security and the stability of energy markets has also been recognised by the G-20 leaders' summit.

The G-20 Sherpa further said that "we have also been able to push the commitment of the developed world to provide 100 billion dollars every year from now until 2025".

"And the commitment of all the countries to mobilise greater levels of capital for less developed countries and emerging economies," said Goyal.

Emphasising that G20 also agreed to extend the debt service suspension initiative, he said that through this, low-income courtiers will not be burdened with debt repayment at this critical time.

Prime Minister Narendra Modi's mantra of sustainable lifestyles finds resonance in the G-20's Rome declaration on sustainable consumption and responsible production patterns in line with Sustainable Development Goal 12, Union Commerce Minister and India's G20 Sherpa Piyush Goyal said here on Sunday.

Prime Minister Narendra Modi's mantra of sustainable lifestyles finds resonance in the G-20's Rome declaration on sustainable consumption and responsible production patterns in line with Sustainable Development Goal 12, Union Commerce Minister and India's G20 Sherpa Piyush Goyal said here on Sunday. "For the first time, G20 has identified sustainable and responsible consumption and production along with the provision of finance and technology as critical enablers for achieving climate goals first decided at Paris," said Goyal. Also read | PM Modi meets Spanish PM Pedro Sánchez on sidelines of G20 summit in Rome Prime Minister Narendra Modi participated in the G-20 summit here and held several bilaterals with his counterparts. Detailing the Rome declaration, Goyal said, "Coming out of the sustainable development point number 12 — which is aimed at encouraging the developed countries to reduce their luxurious and energy-intensive lifestyle — has been discussed and accepted. "Underlining that energy and climate was clearly the centre stage of the discussion, Goyal said that India and many other developing countries have pushed for safeguarding the interest of the developing world. "We are also joined by developed countries to increase the ambition from current levels of commitment," the union minister said. WATCH | He also emphasised that the importance of energy security and the stability of energy markets has also been recognised by the G-20 leaders' summit. The G-20 Sherpa further said that "we have also been able to push the commitment of the developed world to provide 100 billion dollars every year from now until 2025". "And the commitment of all the countries to mobilise greater levels of capital for less developed countries and emerging economies," said Goyal. Emphasising that G20 also agreed to extend the debt service suspension initiative, he said that through this, low-income courtiers will not be burdened with debt repayment at this critical time.

PM Modi's mantra of sustainable development finds resonance at G20 Rome declaration: Piyush Goyal

Indian Commerce Minister Piyush Goyal spoke at the G20 summit. He spoke of the recognition of COVID vaccines and talked of how COVID vaccines contribute to the global good.

Rome: Indian Commerce Minister Piyush Goyal speaks at G20 summit

Ahead of Indian PM Narendra Modi's G20 summit in Italy, here's WION's exclusive conversation with India's G20 Sherpa Piyush Goyal on climate change and covid pandemic and more, listen in.

WION in an exclusive conversation with India's G20 Sherpa Piyush Goyal

Commerce minister Piyush Goyal, who is India’s G20 sherpa or personal representative of the head of government for preparing for the grouping’s summit, spoke to WION about the country’s key agenda that will be raised in the meeting.

Speaking on the climate change issue, Goyal said India will raise the issues of the developing and least developing&nbsp;nations with regards to climate financing and transfer of technologies.

“India will play a pivotal role both at the G20 and the COP 26. It has been at the forefront of the climate change agenda. While we are, in the first place, not responsible for the problem, and despite supporting 17 per cent of the world population, our contribution to the global gas emission is just&nbsp;under 3 per cent.

"Yet, as a responsible global citizen, we are participating actively in the world’s efforts to resolve the future problems that climate change can bring. We are walking collectively with other nations and trying to protect the interests of the low- and middle-income countries, so that adequate finance and appropriate technologies at&nbsp;affordable prices are made available to them in their future development work,” Goyal&nbsp;told WION.

“We are ensuring that adequate policy space is available for the developing countries to bring prosperity to the people. And in some sense, India speaks and is a voice of billions of people who have been left behind in this space for prosperity. We are very confident that in G20, we will be a powerful voice in addressing concerns around climate change,” he added.

Also read |&nbsp;<a href="https://www.wionews.com/world/pm-modi-begins-engagements-in-rome-holds-meeting-with-european-council-european-commission-presidents-424989">PM Modi begins engagements in Rome, holds meeting with European Council, European Commission presidents</a>

India has been raising the issue of black money and terrorism in various international fora. Asked about India’s agenda on this&nbsp;issue at the summit, Goyal said, “The fact that world has moved towards accepting a minimum global corporate tax is itself reflective of the support that PM Modi’s idea got. Because ultimately when people were finding safe haven and avoiding paying taxes in any jurisdiction through various tax mechanisms, that itself was a form of encouraging money transfers and flows without accountability. So, I think we have come a long way. PM Modi continues to persevere and global attention to this very important subject and the good part is that the world is listening to him.”

Watch

<iframe allowfullscreen="" autoplay="1" frameborder="0" height="350" src="https://www.wionews.com/videos/wion-in-an-exclusive-conversation-with-indias-g20-sherpa-piyush-goyal-425154/embed" width="560"></iframe>

Speaking on exporting Covid vaccines, Goyal said that India has sufficient stocks of vaccines and will be speeding up its efforts to support other developing and less developed nations with affordable vaccines.

“India has demonstrated to the world of its tremendous capabilities, both in the development of vaccines and the rapid rollout of our vaccination programme. As you are aware, we administered a billion doses of vaccines to a very large section of our population. The speed at which we vaccinated, almost all willing adults are close to being vaccinated. In fact, as our health minister mentioned, we are running a door-to-door campaign to encourage people who are left out to come and take vaccines. We have sufficient stocks of vaccines available, and we will be supporting several other less developed and developing countries with affordable vaccines in sufficient measure,” Goyal said.

Indian Prime Minister Narendra Modi landed in Rome on Friday to take part in the two-day G20 Leaders' Summit.

Also read |&nbsp;<a href="https://www.wionews.com/world/chinese-president-xi-jinping-to-attend-g20-summit-online-424892">Chinese president Xi Jinping to attend G20 Summit online</a>

On Saturday, PM Modi is expected to meet Pope Francis at the Vatican before attending the first session of the summit - Global Economy and Global Health.

On the same day, he will also be meeting French President Emmanuel Macron, Indonesian President Joko Widodo and Singapore Prime Minister Lee Hosein Loong.

On Sunday, apart from the sessions at the summit, PM Modi is expected to meet Spain's Prime Minister Pedro Sanchez and outgoing German Chancellor Angela Merkel.

Sunday's G20 discussions will likely revolve around climate change, and environment and sustainable development,&nbsp;including a global summit on supply chain resilience.

Commerce minister Piyush Goyal, who is India’s G20 sherpa or personal representative of the head of government for preparing for the grouping’s summit, spoke to WION about the country’s key agenda that will be raised in the meeting.

Commerce minister Piyush Goyal, who is India’s G20 sherpa or personal representative of the head of government for preparing for the grouping’s summit, spoke to WION about the country’s key agenda that will be raised in the meeting. Speaking on the climate change issue, Goyal said India will raise the issues of the developing and least developing nations with regards to climate financing and transfer of technologies. “India will play a pivotal role both at the G20 and the COP 26. It has been at the forefront of the climate change agenda. While we are, in the first place, not responsible for the problem, and despite supporting 17 per cent of the world population, our contribution to the global gas emission is just under 3 per cent. "Yet, as a responsible global citizen, we are participating actively in the world’s efforts to resolve the future problems that climate change can bring. We are walking collectively with other nations and trying to protect the interests of the low- and middle-income countries, so that adequate finance and appropriate technologies at affordable prices are made available to them in their future development work,” Goyal told WION. “We are ensuring that adequate policy space is available for the developing countries to bring prosperity to the people. And in some sense, India speaks and is a voice of billions of people who have been left behind in this space for prosperity. We are very confident that in G20, we will be a powerful voice in addressing concerns around climate change,” he added. Also read | PM Modi begins engagements in Rome, holds meeting with European Council, European Commission presidents India has been raising the issue of black money and terrorism in various international fora. Asked about India’s agenda on this issue at the summit, Goyal said, “The fact that world has moved towards accepting a minimum global corporate tax is itself reflective of the support that PM Modi’s idea got. Because ultimately when people were finding safe haven and avoiding paying taxes in any jurisdiction through various tax mechanisms, that itself was a form of encouraging money transfers and flows without accountability. So, I think we have come a long way. PM Modi continues to persevere and global attention to this very important subject and the good part is that the world is listening to him.” Watch Speaking on exporting Covid vaccines, Goyal said that India has sufficient stocks of vaccines and will be speeding up its efforts to support other developing and less developed nations with affordable vaccines. “India has demonstrated to the world of its tremendous capabilities, both in the development of vaccines and the rapid rollout of our vaccination programme. As you are aware, we administered a billion doses of vaccines to a very large section of our population. The speed at which we vaccinated, almost all willing adults are close to being vaccinated. In fact, as our health minister mentioned, we are running a door-to-door campaign to encourage people who are left out to come and take vaccines. We have sufficient stocks of vaccines available, and we will be supporting several other less developed and developing countries with affordable vaccines in sufficient measure,” Goyal said. Indian Prime Minister Narendra Modi landed in Rome on Friday to take part in the two-day G20 Leaders' Summit. Also read | Chinese president Xi Jinping to attend G20 Summit online On Saturday, PM Modi is expected to meet Pope Francis at the Vatican before attending the first session of the summit - Global Economy and Global Health. On the same day, he will also be meeting French President Emmanuel Macron, Indonesian President Joko Widodo and Singapore Prime Minister Lee Hosein Loong. On Sunday, apart from the sessions at the summit, PM Modi is expected to meet Spain's Prime Minister Pedro Sanchez and outgoing German Chancellor Angela Merkel. Sunday's G20 discussions will likely revolve around climate change, and environment and sustainable development, including a global summit on supply chain resilience.

Exclusive: India’s G20 sherpa Piyush Goyal speaks to WION on country's agenda at summit

India's Union Commerce and Industry Minister Piyush Goyal said that the Dubai Expo 2020 will be a unique opportunity to showcase India's potential during a conversation with Zee News editor Sudhir Chaudhary in Dubai.

India's Union Commerce and Industry Minister Piyush Goyal said that the Dubai Expo 2020 will be a unique opportunity to showcase India's potential during a conversation with Zee News editor Sudhir Chaudhary in Dubai. The minister said that India is a leader today in the field of energy and the environment. He also added that the world knows about a country's potential. Goyal added that the world feels that they can safely give work to India without any worry. 'India's immense power' "The Dubai Expo 2020 will showcase India's immense power and will display the country's potential through the Indian pavilion at the expo. It will symbolise India's growing power. India is capable of meeting the needs of the world. The pavilion, which will remain even after the expo, will continue to showcase to world our country's immense potential," said Goyal. Goyal explained, "The image of India has changed under the leadership of PM Narendra Modi. Be it the field of technology or space, the world will see a new image of India. India is a leader today in the field of energy, environment. The world knows about our potential. India's time has come. The world has faith in India." ALSO READ | Australia recognises Covishield vaccine: Looks forward to welcome Indian students Challenges and opportunities "India has dealt well with several challenges that she had to face in the corona era. We have made digital expansion, we strengthened our healthcare. But India took several big steps before COVID, which became a boon in these tough times," said Goyal. He further added, "India connected people to the bank, brought electricity to large number of houses, those in need were provided with the gas stove, toilets were built. Imagine what would have happened if these facilities were not in place when COVID had hit! Also India has proven that it can be self-reliant when it came to vaccine. We are planning to make 30 crores vaccine this month. The world is watching and realising that partnership with India is necessary." Challenges of the supply chain "India's entrepreneurs and youth are full of confidence. India has lived up to the expectations even in the COVID period. We fulfilled every contract in the world. The world feels that they can safely give work to India and be free of worry. India understands and takes responsibility," the minister further said. Achieving the target of 5 trillion economy Goyal said, "People used to laugh when the Prime Minister used to make many promises earlier. When the PM talked about toilets in every house, people laughed. When the Prime Minister said that everyone will have a bank account, then people would laugh. But Prime Minister Narendra Modi delivered on his promises. The PM aims big and accomplishes things."

Exclusive: Dubai Expo 2020 will showcase India's potential to the world, says Piyush Goyal

Those critical of India’s and South Africa’s proposal argue that suspension of patents would not address the production and shortage issues.

'Vaccine patent suspension will help more nations': Piyush Goyal

India's commerce minister has asked automakers to find ways to reduce royalty payments to foreign parent companies for use of technology or brand names, two sources said, in an effort to boost local investment and reduce outflows.

India's commerce minister has asked automakers to find ways to reduce royalty payments to foreign parent companies for use of technology or brand names, two sources said, in an effort to boost local investment and reduce outflows. In India's competitive auto market, top-selling carmakers Maruti Suzuki and Hyundai Motor's local unit pay millions of dollars in royalties to parent companies in Japan and South Korean for using their technology and brand to build and sell cars. The minister, Piyush Goyal, in a meeting last week asked officials from groups representing carmakers and auto parts manufacturers to review such payments with a view to reducing them, said people with direct knowledge of the discussions. "The concern raised during the meeting was that the outflow is high, even for old technologies, and something should be done about it," said one of the sources. The sources declined to be named as the talks are private. The ministry did not respond to a request for comment. India, for years, has debated imposing stricter caps on royalty payments which spiked after 2009 when foreign investment rules were eased and restrictions on such payments were removed. The country's markets regulator last year suggested imposing curbs on payments exceeding 2% of revenue. The limit was finally set at 5% after complaints from some sectors and fears it may dissuade foreign firms from investing or sharing technology. Recently however, Indian Prime Minister Narendra Modi's government has made a renewed push to make the country a major manufacturing hub by encouraging domestic production and curbing imports. It also wants to increase local investment and reduce foreign outflows. While India does not restrict the amount that can be paid as royalty, any payment by a locally listed company exceeding 5% of revenues needs shareholder approval. Listed companies such as Maruti Suzuki and parts makers including Bosch, Schaeffler India and Wabco India typically pay royalties of between 1%-5% to their foreign owners. Maruti Suzuki paid 38.2 billion rupees ($510 million) as royalty to its Japanese parent Suzuki Motor in the fiscal year ending March 31, 2020, amounting to 5% of its revenue, according to its annual report. Privately-owned companies such as Hyundai's local unit paid $150 million or 2.6% of revenue as royalties to its South Korean parent in fiscal 2019 and Toyota Motor's India arm paid $88 million or 3.4% of revenue to its Japanese parent, government data shows. Royalty provision has been important in attracting foreign investments into various sectors in India, especially autos, said Vaibhav Gupta, partner at tax firm, Dhruva Advisors. "Depending on the form in which the government brings back such caps ... it may impact the ability of auto companies to benefit from the use of foreign brands and technical know-how," said Gupta. He said for many foreign companies royalties are a profit repatriation strategy and changes to these could impact operating and supply chain structures from a fiscal perspective. Maruti, Toyota and Bosch declined to comment. Hyundai, Schaeffler and Wabco did not respond to emails seeking comment. Such payments have also been a long-standing issue with minority shareholders. A February report by proxy firm Institutional Investor Advisory Services showed royalty paid by 31 leading Indian companies with foreign parents, including Maruti and Bosch, grew 9% in fiscal year 2019 to total $1.11 billion.

India urges automakers to cut royalties to foreign parent companies: Report

After concluding a "quick" trade deal, India and the US need to sit down on the negotiating table for working towards a more sustainable, robust and enduring partnership in the form of a free trade agreement (FTA), Commerce and Industry Minister Piyush Goyal said.

For the FTA, the minister said, India is willing to work with an open mind, with a willingness to open markets with a corresponding opportunity for Indian businesses in the US.

"I believe we have a quick trade deal which has some of the pending matters built up over the last couple of years which we need to get out of the way quickly. We are almost there. I think another couple of calls and we should be able to solve that out.

"Post that, as was already intimated to the US Congress, the US and India need to sit down on the negotiating table, I do not know if that can be done before the (US) elections or post the elections, but we need to work towards a much more sustainable, a much more robust, a much more enduring partnership in the form of a FTA," he said in a webinar of US-India Business Council.

Goyal said that both the countries should also look for a preferential trade agreement (PTA) which can include 50-100 products and services.

While in a PTA two trading partners eliminate or significantly reduce import duties on a limited number of goods traded between them, in a FTA the countries remove duties on maximum number of products.

"We believe we should also look at an early harvest in the form of a PTA, so that we can rather than waiting for the gains of a FTA, which may take several years to conclude, we could look at an early harvest of maybe 50 or 100 products and services, where we can engage with mutual trust and open spirit. So that the partnership between the US and India can kick start much faster," he added.

India and the US are negotiating a limited trade deal with a view to ironing out differences on trade issues to boost economic ties.

India is demanding exemption from high duties imposed by the US on some steel and aluminium products, resumption of export benefits to certain domestic products under the Generalized System of Preferences (GSP), and greater market access for its products from sectors such as agriculture, automobile, automobile components and engineering.

On the other hand, the US wants greater market access for its farm and manufacturing products, dairy items and medical devices, apart from cut in import duties on some information and communication technology products.

The US has also raised concerns over trade deficit with India.

After concluding a "quick" trade deal, India and the US need to sit down on the negotiating table for working towards a more sustainable, robust and enduring partnership in the form of a free trade agreement (FTA), Commerce and Industry Minister Piyush Goyal said.

After concluding a "quick" trade deal, India and the US need to sit down on the negotiating table for working towards a more sustainable, robust and enduring partnership in the form of a free trade agreement (FTA), Commerce and Industry Minister Piyush Goyal said. For the FTA, the minister said, India is willing to work with an open mind, with a willingness to open markets with a corresponding opportunity for Indian businesses in the US. "I believe we have a quick trade deal which has some of the pending matters built up over the last couple of years which we need to get out of the way quickly. We are almost there. I think another couple of calls and we should be able to solve that out. "Post that, as was already intimated to the US Congress, the US and India need to sit down on the negotiating table, I do not know if that can be done before the (US) elections or post the elections, but we need to work towards a much more sustainable, a much more robust, a much more enduring partnership in the form of a FTA," he said in a webinar of US-India Business Council. Goyal said that both the countries should also look for a preferential trade agreement (PTA) which can include 50-100 products and services. While in a PTA two trading partners eliminate or significantly reduce import duties on a limited number of goods traded between them, in a FTA the countries remove duties on maximum number of products. "We believe we should also look at an early harvest in the form of a PTA, so that we can rather than waiting for the gains of a FTA, which may take several years to conclude, we could look at an early harvest of maybe 50 or 100 products and services, where we can engage with mutual trust and open spirit. So that the partnership between the US and India can kick start much faster," he added. India and the US are negotiating a limited trade deal with a view to ironing out differences on trade issues to boost economic ties. India is demanding exemption from high duties imposed by the US on some steel and aluminium products, resumption of export benefits to certain domestic products under the Generalized System of Preferences (GSP), and greater market access for its products from sectors such as agriculture, automobile, automobile components and engineering. On the other hand, the US wants greater market access for its farm and manufacturing products, dairy items and medical devices, apart from cut in import duties on some information and communication technology products. The US has also raised concerns over trade deficit with India.

India, US need to sit down on negotiating table for FTA: Goyal

Indian Railways will be moving towards 100% electrification in the next three and half years and will be owning world’s first ‘clean railways’, said Minister of Railways Piyush Goyal on Thursday.

"Railways will move to 100 per cent electrification in the next 3.5 years and 100 per cent Net Zero operator in the next 9-10 years. By 2030, each one of us will be a proud citizen, owning the world's first large Clean Railways," said Goyal at a Confederation of Indian Industry (CII) event.

"Prime Minister has promoted--One Sun, One World, One Grid. India is taking the lead role in the International Renewable Community. Transitioning into the international solar grid is something we are all working on. With PM-KUSUM Yojana we are bringing farmers too in renewable energy fold," he added.

He added that the Prime Minister has said that India has become a model for the world when the transition to renewable energy is mentioned. Today, every willing citizen has access to power at affordable prices.

"We have invested deeply in the transmission sector for widespread availability of sector. I do hope the states support us to make power 24x7 available at affordable prices," said Goyal.

"Renewable energy is the way forward. Dependency on fossil fuel is not viable. Along with environmental benefits, renewable energy is good for the nation economically," he added.

(With inputs from ANI)

Indian Railways will be moving towards 100% electrification in the next three and half years and will be owning world’s first ‘clean railways’, said Minister of Railways Piyush Goyal on Thursday.

Indian Railways will be moving towards 100% electrification in the next three and half years and will be owning world’s first ‘clean railways’, said Minister of Railways Piyush Goyal on Thursday. "Railways will move to 100 per cent electrification in the next 3.5 years and 100 per cent Net Zero operator in the next 9-10 years. By 2030, each one of us will be a proud citizen, owning the world's first large Clean Railways," said Goyal at a Confederation of Indian Industry (CII) event. "Prime Minister has promoted--One Sun, One World, One Grid. India is taking the lead role in the International Renewable Community. Transitioning into the international solar grid is something we are all working on. With PM-KUSUM Yojana we are bringing farmers too in renewable energy fold," he added. He added that the Prime Minister has said that India has become a model for the world when the transition to renewable energy is mentioned. Today, every willing citizen has access to power at affordable prices. "We have invested deeply in the transmission sector for widespread availability of sector. I do hope the states support us to make power 24x7 available at affordable prices," said Goyal. "Renewable energy is the way forward. Dependency on fossil fuel is not viable. Along with environmental benefits, renewable energy is good for the nation economically," he added. (With inputs from ANI)

100% electrification in Railways in next 3.5 years, says Piyush Goyal

A new set of reforms and policy recommendations were made by the top Indian and US CEOs at the India-US CEO Forum to further boost bilateral investment opportunities across various sectors.

Union Commerce and Industry Minister Piyush Goyal and US Secretary of Commerce Wilbur Ross reiterated the extraordinary momentum developed in the India-US bilateral ties, driven by strong shared interests in promoting global stability, security and economic prosperity.

They were speaking at the India-US CEO Forum along with senior government functionaries, including Guruprasad Mohapatra, Secretary, Department for Promotion of Industry and Internal Trade, Taranjit Sandhu, Indian Ambassador to the US, and Kenneth Juster, the US Ambassador to India.

During the interaction, a new set of reforms and policy recommendations deliberated jointly by CEO forum members were presented at the meeting, to further boost bilateral investment opportunities across key sectors of the economy, including healthcare and pharmaceuticals, aerospace and defence, infrastructure and manufacturing, entrepreneurship and promoting small businesses, energy, water and environment, ICT and digital infrastructure, financial services, trade and investments, among others, a statement from Commerce Ministry said.

The CEO Forum, comprising CEOs from leading Indian and US-based companies, was co-chaired by N Chandrasekaran, chairman of Tata Sons and James Taiclet, president and Chief Executive Officer, Lockheed Martin.

"Minister Goyal reiterated the extraordinary momentum developed in the India-US bilateral ties, driven by strong shared interests in promoting global stability, security and economic prosperity. He also empasised the importance of small businesses in the economies of both countries and the need to increase employment and skill in the sector. He urged the forum to be the leaders in charting out a new path in a post-COVID world," the statement added.

Highlighting the vast untapped potential of the India-US commercial relationship and the potential risk of inward-looking policies in a post-COVID world, Ambassador Juster urged each working group in the Forum to offer a few policy level suggestions readily agreeable and actionable to both sides.&nbsp;

A new set of reforms and policy recommendations were made by the top Indian and US CEOs at the India-US CEO Forum to further boost bilateral investment opportunities across various sectors.

A new set of reforms and policy recommendations were made by the top Indian and US CEOs at the India-US CEO Forum to further boost bilateral investment opportunities across various sectors. Union Commerce and Industry Minister Piyush Goyal and US Secretary of Commerce Wilbur Ross reiterated the extraordinary momentum developed in the India-US bilateral ties, driven by strong shared interests in promoting global stability, security and economic prosperity. They were speaking at the India-US CEO Forum along with senior government functionaries, including Guruprasad Mohapatra, Secretary, Department for Promotion of Industry and Internal Trade, Taranjit Sandhu, Indian Ambassador to the US, and Kenneth Juster, the US Ambassador to India. During the interaction, a new set of reforms and policy recommendations deliberated jointly by CEO forum members were presented at the meeting, to further boost bilateral investment opportunities across key sectors of the economy, including healthcare and pharmaceuticals, aerospace and defence, infrastructure and manufacturing, entrepreneurship and promoting small businesses, energy, water and environment, ICT and digital infrastructure, financial services, trade and investments, among others, a statement from Commerce Ministry said. The CEO Forum, comprising CEOs from leading Indian and US-based companies, was co-chaired by N Chandrasekaran, chairman of Tata Sons and James Taiclet, president and Chief Executive Officer, Lockheed Martin. "Minister Goyal reiterated the extraordinary momentum developed in the India-US bilateral ties, driven by strong shared interests in promoting global stability, security and economic prosperity. He also empasised the importance of small businesses in the economies of both countries and the need to increase employment and skill in the sector. He urged the forum to be the leaders in charting out a new path in a post-COVID world," the statement added. Highlighting the vast untapped potential of the India-US commercial relationship and the potential risk of inward-looking policies in a post-COVID world, Ambassador Juster urged each working group in the Forum to offer a few policy level suggestions readily agreeable and actionable to both sides.

India, US CEOs suggest reforms to further boost bilateral investment opportunities

India has started trade talks with the European Union (EU) and is open to dialogue with the United Kingdom for a free trade agreement, Reuters reported quoting the trade minister on Saturday.

India has started trade talks with the European Union (EU) and is open to dialogue with the United Kingdom for a free trade agreement, Reuters reported quoting the trade minister on Saturday. Piyush Goyal said that Asia's third-largest economy is open to engage with the UK for a preferential trade agreement with the ultimate goal of a free trade agreement between the countries. He said that he is also in dialogue with the European Union's trade commissioner for a deal that could start with a preferential trade agreement. The ultimate goal here too would be to have a free trade agreement, he noted. India currently has no trade deal with the EU. Trade talks between the two regions stalled in 2013.

India in talks with EU for trade deal, open to pact with UK: Piyush Goyal

Prime Minister Narendra Modi will deliver the&nbsp;inaugural address at the India Global Week 2020 on Thursday, his first speech to a global audience in the post-Covid-19 era.

Modi tops a list of speakers across three days between Thursday and Saturday, including External Affairs Minister S. Jaishankar, Commerce Minister Piyush Goyal, IT &amp; Law Minister Ravi Shankar Prasad and Skills Minister Mahendra Nath Pandey, from India.

The line-up covers a special address by The Prince of Wales and several UK Cabinet Ministers, including Foreign Secretary Dominic Raab, Home Secretary Priti Patel, Health Secretary Matt Hancock, and International Trade Secretary Lizz Truss &nbsp;all underlining the centrality of India to a post-Covid, post-Brexit Britain, a statement from Manoj Ladwa, Founder &amp; CEO, India Inc Group &amp; Chairman, India Global Week said.

Other international speakers on a diverse range of topics, from geopolitics and business to culture and diaspora, and across four country streams of Australia, Singapore, the UK and the US include Steve Waugh, Former Australian Cricketer; Mukesh Aghi, President and CEO, US-India Strategic Partnership Forum; Chng Kai Fong, Managing Director, Economic Development Board, Singapore; and William Russell, Lord Mayor of the City of London.

Other big highlights include Kunal Nayyar, of `The Big Bang Theory` fame, in conversation with Sadhguru, Founder, Isha Foundation; a conversation with Spiritual Leader Sri Sri Ravi Shankar. 
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Prime Minister Narendra Modi will deliver the inaugural address at the India Global Week 2020 on Thursday, his first speech to a global audience in the post-Covid-19 era.

Prime Minister Narendra Modi will deliver the inaugural address at the India Global Week 2020 on Thursday, his first speech to a global audience in the post-Covid-19 era. Modi tops a list of speakers across three days between Thursday and Saturday, including External Affairs Minister S. Jaishankar, Commerce Minister Piyush Goyal, IT & Law Minister Ravi Shankar Prasad and Skills Minister Mahendra Nath Pandey, from India. The line-up covers a special address by The Prince of Wales and several UK Cabinet Ministers, including Foreign Secretary Dominic Raab, Home Secretary Priti Patel, Health Secretary Matt Hancock, and International Trade Secretary Lizz Truss all underlining the centrality of India to a post-Covid, post-Brexit Britain, a statement from Manoj Ladwa, Founder & CEO, India Inc Group & Chairman, India Global Week said. Other international speakers on a diverse range of topics, from geopolitics and business to culture and diaspora, and across four country streams of Australia, Singapore, the UK and the US include Steve Waugh, Former Australian Cricketer; Mukesh Aghi, President and CEO, US-India Strategic Partnership Forum; Chng Kai Fong, Managing Director, Economic Development Board, Singapore; and William Russell, Lord Mayor of the City of London. Other big highlights include Kunal Nayyar, of `The Big Bang Theory` fame, in conversation with Sadhguru, Founder, Isha Foundation; a conversation with Spiritual Leader Sri Sri Ravi Shankar.

PM Modi to deliver inaugural address at India Global Week 2020 on Thursday

Union Ministers Nirmala Sitharaman, Piyush Goyal and Prakash Javadekar will brief media on the outcome of the cabinet meeting at 3 pm on Friday.

Chaired by Prime Minister Narendra Modi, the Cabinet is scheduled to meet today. According to Union Cabinet sources, Joint Secretaries of all five ministries, including the Ministry of External Affairs, Health, Civil Aviation, Finance and Commerce will address a press conference every day.

Also Read: <a href="https://www.wionews.com/india-news/yes-bank-crisis-will-not-let-any-institution-to-fall-says-fm-nirmala-sitharaman-284776">Yes Bank crisis: Will not let any institution to fall, says FM Nirmala Sitharaman</a>

The press conference comes at a time when the country is facing economic slowdown, coronavirus scare and Yes Bank crisis.

There are speculations that the Cabinet might give a nod to Reserve Bank of India's reconstruction scheme for the troubled Yes Bank.

Also Read: <a href="https://www.wionews.com/india-news/potential-investor-will-have-to-pick-up-49-stake-in-yes-bank-sbi-shown-willingness-rbi-284817">Potential investor will have to pick up 49% stake in Yes Bank; SBI shown willingness: RBI</a>

The State Bank of India had said on Thursday that it will buy 725 crore shares of Yes Bank at the price of Rs 10 per share, subject to regulatory approvals.

The Opposition has been targetting Centre over handling of economy and coronavirus outbreak.

So far 73 people were tested positive for COVID-19 in India. World Health Organisation (WHO) on Wednesday had declared the coronavirus outbreak a 'pandemic'&nbsp;and expressed deep concern.

Union Ministers Nirmala Sitharaman, Piyush Goyal and Prakash Javadekar will brief media on the outcome of the cabinet meeting at 3 pm on Friday. Chaired by Prime Minister Narendra Modi, the Cabinet is scheduled to meet today.

Union Ministers Nirmala Sitharaman, Piyush Goyal and Prakash Javadekar will brief media on the outcome of the cabinet meeting at 3 pm on Friday. Chaired by Prime Minister Narendra Modi, the Cabinet is scheduled to meet today. According to Union Cabinet sources, Joint Secretaries of all five ministries, including the Ministry of External Affairs, Health, Civil Aviation, Finance and Commerce will address a press conference every day. Also Read: Yes Bank crisis: Will not let any institution to fall, says FM Nirmala Sitharaman The press conference comes at a time when the country is facing economic slowdown, coronavirus scare and Yes Bank crisis. There are speculations that the Cabinet might give a nod to Reserve Bank of India's reconstruction scheme for the troubled Yes Bank. Also Read: Potential investor will have to pick up 49% stake in Yes Bank; SBI shown willingness: RBI The State Bank of India had said on Thursday that it will buy 725 crore shares of Yes Bank at the price of Rs 10 per share, subject to regulatory approvals. The Opposition has been targetting Centre over handling of economy and coronavirus outbreak. So far 73 people were tested positive for COVID-19 in India. World Health Organisation (WHO) on Wednesday had declared the coronavirus outbreak a 'pandemic' and expressed deep concern.

Sitharaman, Piyush Goyal, Prakash Javadekar to brief media on Union Cabinet decisions

Minister of Commerce and Industry and Railways Piyush Goyal on Friday said that $5 trillion economy is an achievable goal in the coming five years.

"India has a rich pool of management talent. Millions of people have devoted their life serving the nation, serving corporations, serving businesses and serving the government. $5 trillion economy is something that 1.3 billion people will be engaged in creating. It is an achievable goal in the coming five years," he said.

Goyal, who was speaking at the All India Management Association's (AIMA) 64th foundation day and 14th National Management Day, also urged all to come together with collaboration and cooperation, for fulfilling Prime Minister Narendra Modi's vision and mission for the $5 trillion economy, and truly making India a superpower.

Goyal said the MSME is a sector which truly deserves recognition because some of them are doing truly wonderful work.

MSMEs are the largest creator of jobs, largest exporters and largest contributors to the ecosystem and India as a nation cannot survive without them.

"We should all ensure on becoming a nation builder and take our governance and good management practices to the remotest parts of the country," added Goyal.

 
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Minister of Commerce and Industry and Railways Piyush Goyal on Friday said that $5 trillion economy is an achievable goal in the coming five years. "India has a rich pool of management talent.

Minister of Commerce and Industry and Railways Piyush Goyal on Friday said that $5 trillion economy is an achievable goal in the coming five years. "India has a rich pool of management talent. Millions of people have devoted their life serving the nation, serving corporations, serving businesses and serving the government. $5 trillion economy is something that 1.3 billion people will be engaged in creating. It is an achievable goal in the coming five years," he said. Goyal, who was speaking at the All India Management Association's (AIMA) 64th foundation day and 14th National Management Day, also urged all to come together with collaboration and cooperation, for fulfilling Prime Minister Narendra Modi's vision and mission for the $5 trillion economy, and truly making India a superpower. Goyal said the MSME is a sector which truly deserves recognition because some of them are doing truly wonderful work. MSMEs are the largest creator of jobs, largest exporters and largest contributors to the ecosystem and India as a nation cannot survive without them. "We should all ensure on becoming a nation builder and take our governance and good management practices to the remotest parts of the country," added Goyal.

$5 trillion economy an achievable goal in coming 5 years: Piyush Goyal

World leaders gathered in Davos for the World Economic Forum 2020 to work towards a cohesive and sustainable world. Climate activists and protestors took to the streets in Davos after US President Donald Trump delivered his keynote address. Commerce and Industry Minister of India Piyush Goyal spoke at 50th World Economic Forum. Piyush Goyal said that India won't engage with Regional Comprehensive Economic Partnership (RCEP) unless there is greater transparency.

WION Dispatch: Piyush Goyal speaks at World Economic Forum

The <a href="https://www.wionews.com/india-news/we-understand-indias-concerns-but-rcep-deal-could-benefit-her-exporters-china-260287">Regional Comprehensive Economic Partnership</a> (RCEP) agreement was an unbalanced agreement, which was not fulfilling the guiding principles on which the pact was initiated,&nbsp;India's Industry and Commerce Minister Piyush Goyal said in Davos as he led the Indian delegation to the annual World Economic Forum.

Speaking during a session at WEF, Goyal said, "RCEP was an unbalanced trade agreement, which was not fulfilling the guiding principles on which the RCEP was started. Therefore, India chose not to participate in it."&nbsp;

The Union Minister further said that India is not willing to engage with the RCEP unless it sees a "greater degree of transparency, open government, regulatory practice and greater market access."

<a href="https://www.wionews.com/india-news/rcep-pull-out-in-the-face-of-chinese-products-potentially-flooding-the-market-india-wants-to-reduce-deficits-and-keep-data-localisation-intact-260125">Also read | RCEP pull-out: India stands by reduced trade deficits, data localisation, and enhancing domestic markets</a>

"Trade negotiations are very complex issues. We are not negotiating trade with deadlines and in a hurry. The FTAs that were entered into from 2009-12, sadly did not have as many stakeholder consultations as our government is doing," said Goyal.

Last year,<a href="https://www.wionews.com/india-news/decision-to-stay-away-from-rcep-was-bold-historic-for-india-amit-shah-261907"> India decided not to join the RCEP agreement</a> as its key concerns were not addressed.

The key issues behind India's decision not to be part of RCEP included inadequate protection against import surge, insufficient differential with China, possible circumvention of rules of origin, keeping the base year as 2014 and no credible assurances on market access and non-tariff barriers.

The RCEP is a proposed free trade agreement (FTA) between the ten member-states of ASEAN and FTA partners.

Meanwhile, at WEF, Goyal&nbsp;had a number of engagements with various ministers of other countries and CEOs of prestigious companies including, Apple CEO Tim Cook, Tadashi Maeda, Governor of Japan Bank for International Cooperation.

(With inputs from agencies)

The Regional Comprehensive Economic Partnership (RCEP) agreement was an unbalanced agreement, which was not fulfilling the guiding principles on which the pact was initiated, India's Industry and Commerce Minister Piyush Goyal said in Davos as he led the Indian delegation to the annual World Economic Forum.

The Regional Comprehensive Economic Partnership (RCEP) agreement was an unbalanced agreement, which was not fulfilling the guiding principles on which the pact was initiated, India's Industry and Commerce Minister Piyush Goyal said in Davos as he led the Indian delegation to the annual World Economic Forum. Speaking during a session at WEF, Goyal said, "RCEP was an unbalanced trade agreement, which was not fulfilling the guiding principles on which the RCEP was started. Therefore, India chose not to participate in it." The Union Minister further said that India is not willing to engage with the RCEP unless it sees a "greater degree of transparency, open government, regulatory practice and greater market access." Also read | RCEP pull-out: India stands by reduced trade deficits, data localisation, and enhancing domestic markets "Trade negotiations are very complex issues. We are not negotiating trade with deadlines and in a hurry. The FTAs that were entered into from 2009-12, sadly did not have as many stakeholder consultations as our government is doing," said Goyal. Last year, India decided not to join the RCEP agreement as its key concerns were not addressed. The key issues behind India's decision not to be part of RCEP included inadequate protection against import surge, insufficient differential with China, possible circumvention of rules of origin, keeping the base year as 2014 and no credible assurances on market access and non-tariff barriers. The RCEP is a proposed free trade agreement (FTA) between the ten member-states of ASEAN and FTA partners. Meanwhile, at WEF, Goyal had a number of engagements with various ministers of other countries and CEOs of prestigious companies including, Apple CEO Tim Cook, Tadashi Maeda, Governor of Japan Bank for International Cooperation. (With inputs from agencies)

RCEP was unbalanced trade agreement, says Piyush Goyal at World Economic Forum

Prime Minister Narendra Modi on Thursday remembered Netaji Subhas Chandra Bose on his birth anniversary and said that India will always remain grateful to him for his bravery and indelible contribution to resisting colonialism.

"On 23rd January 1897, Janakinath Bose wrote in his diary, 'A son was born at midday.' This son became a valorous freedom fighter and thinker who devoted his life towards one great cause - India's freedom. I refer to Netaji Bose, who we proudly remember on his Jayanti today," Prime Minister Modi tweeted.

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India will always remain grateful to Netaji Subhas Chandra Bose for his bravery and indelible contribution to resisting colonialism. He stood up for the progress and well-being of his fellow Indians. <a href="https://t.co/otUlFanULs">pic.twitter.com/otUlFanULs</a>
— Narendra Modi (@narendramodi) <a href="https://twitter.com/narendramodi/status/1220177665203888128?ref_src=twsrc%5Etfw">January 23, 2020</a></blockquote>
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"India will always remain grateful to Netaji Subhas Chandra Bose for his bravery and indelible contribution to resisting colonialism. He stood up for the progress and well-being of his fellow Indians," he added.

Union Ministers Piyush Goyal and Kiren Rijiju also paid tribute to Netaji on his birth anniversary.

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Heartfelt tributes to the great patriot, Netaji Subhas Chandra Bose on his Jayanti. 
 
An exceptional freedom fighter &amp; leader, his patriotic zeal and valour continues to serve as a beacon of inspiration for all of us. <a href="https://t.co/hPes3sD3rh">pic.twitter.com/hPes3sD3rh</a>
— Piyush Goyal (@PiyushGoyal) <a href="https://twitter.com/PiyushGoyal/status/1220156191998906369?ref_src=twsrc%5Etfw">January 23, 2020</a></blockquote>
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"Heartfelt tributes to the great patriot, Netaji Subhas Chandra Bose on his Jayanti. An exceptional freedom fighter and leader, his patriotic zeal and valour continues to serve as a beacon of inspiration for all of us," Goyal tweeted.

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My deepest respect and salute to the great son of India, Netaji Subhash Chandra Bose on his birth anniversary. A rich tribute to the hero of India's Independence movement🙏 <a href="https://t.co/BAvJW2ywhF">pic.twitter.com/BAvJW2ywhF</a>
— Kiren Rijiju (@KirenRijiju) <a href="https://twitter.com/KirenRijiju/status/1220178287344771073?ref_src=twsrc%5Etfw">January 23, 2020</a></blockquote>
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Rijiju also took to the micro-blogging site and wrote, "My deepest respect and salute to the great son of India, Netaji Subhas Chandra Bose on his birth anniversary. A rich tribute to the hero of India's Independence movement."&nbsp;

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Prime Minister Narendra Modi on Thursday remembered Netaji Subhas Chandra Bose on his birth anniversary and said that India will always remain grateful to him for his bravery and indelible contribution to resisting colonialism.

Prime Minister Narendra Modi on Thursday remembered Netaji Subhas Chandra Bose on his birth anniversary and said that India will always remain grateful to him for his bravery and indelible contribution to resisting colonialism. "On 23rd January 1897, Janakinath Bose wrote in his diary, 'A son was born at midday.' This son became a valorous freedom fighter and thinker who devoted his life towards one great cause - India's freedom. I refer to Netaji Bose, who we proudly remember on his Jayanti today," Prime Minister Modi tweeted. India will always remain grateful to Netaji Subhas Chandra Bose for his bravery and indelible contribution to resisting colonialism. He stood up for the progress and well-being of his fellow Indians. pic.twitter.com/otUlFanULs — Narendra Modi (@narendramodi) January 23, 2020 × "India will always remain grateful to Netaji Subhas Chandra Bose for his bravery and indelible contribution to resisting colonialism. He stood up for the progress and well-being of his fellow Indians," he added. Union Ministers Piyush Goyal and Kiren Rijiju also paid tribute to Netaji on his birth anniversary. Heartfelt tributes to the great patriot, Netaji Subhas Chandra Bose on his Jayanti. An exceptional freedom fighter & leader, his patriotic zeal and valour continues to serve as a beacon of inspiration for all of us. pic.twitter.com/hPes3sD3rh — Piyush Goyal (@PiyushGoyal) January 23, 2020 × "Heartfelt tributes to the great patriot, Netaji Subhas Chandra Bose on his Jayanti. An exceptional freedom fighter and leader, his patriotic zeal and valour continues to serve as a beacon of inspiration for all of us," Goyal tweeted. My deepest respect and salute to the great son of India, Netaji Subhash Chandra Bose on his birth anniversary. A rich tribute to the hero of India's Independence movement🙏 pic.twitter.com/BAvJW2ywhF — Kiren Rijiju (@KirenRijiju) January 23, 2020 × Rijiju also took to the micro-blogging site and wrote, "My deepest respect and salute to the great son of India, Netaji Subhas Chandra Bose on his birth anniversary. A rich tribute to the hero of India's Independence movement."

'India will always remain grateful to Netaji Subhas Chandra Bose': PM Narendra Modi

Union Commerce Minister Piyush Goyal on Friday made a U-turn on the <a href="https://www.wionews.com/business-economy/amazons-1-billion-investment-in-india-no-big-favour-piyush-goyal-274739">remark that he made on Amazon&nbsp;investment</a> in India yesterday.&nbsp;

Goyal said his statement was misconstrued and added that although the government welcomes all investments but it should adhere to rules and regulations and should not create unfair competition for small traders.&nbsp;

"We welcome all types of investments. But if the foundation of any investment violates law then there will be a legal process. Some people think I said something negative against Amazon. If you look at the context of my statement, I said investment should come within the law and regulations. This process is followed across the world," the minister said.&nbsp;

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"There are some laws regarding eCommerce in India. We welcome investments that come under those laws. But this investment should not create unfair competition to small traders and retail businessmen in India," he said.

On Thursday, Goyal had said that Jeff Bezos-led Amazon has not done India any favour by investing a billion dollars.&nbsp;

"They (Amazon) may have put in a billion dollars but if they make a loss of a billion dollars every year, then jolly well will have to finance that billion dollars. So, it is not as if they are doing a favour to India when they invest a billion dollars," Goyal had said on Thursday.&nbsp;

Bezos on Wednesday announced plans to invest one billion dollars (about Rs 7,092 crore) in India and enabling 10 billion dollars in cumulative exports in the next five years by digitally enabling micro, small, and medium enterprises (MSMEs) and traders.

(With inputs from ANI)&nbsp;

 
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Union Commerce Minister Piyush Goyal on Friday made a U-turn on the remark that he made on Amazon investment in India yesterday. Goyal said his statement was misconstrued and added that although the government welcomes all investments but it should adhere to rules and regulations and should not create unfair competition for small traders.

Union Commerce Minister Piyush Goyal on Friday made a U-turn on the remark that he made on Amazon investment in India yesterday. Goyal said his statement was misconstrued and added that although the government welcomes all investments but it should adhere to rules and regulations and should not create unfair competition for small traders. "We welcome all types of investments. But if the foundation of any investment violates law then there will be a legal process. Some people think I said something negative against Amazon. If you look at the context of my statement, I said investment should come within the law and regulations. This process is followed across the world," the minister said. × "There are some laws regarding eCommerce in India. We welcome investments that come under those laws. But this investment should not create unfair competition to small traders and retail businessmen in India," he said. On Thursday, Goyal had said that Jeff Bezos-led Amazon has not done India any favour by investing a billion dollars. "They (Amazon) may have put in a billion dollars but if they make a loss of a billion dollars every year, then jolly well will have to finance that billion dollars. So, it is not as if they are doing a favour to India when they invest a billion dollars," Goyal had said on Thursday. Bezos on Wednesday announced plans to invest one billion dollars (about Rs 7,092 crore) in India and enabling 10 billion dollars in cumulative exports in the next five years by digitally enabling micro, small, and medium enterprises (MSMEs) and traders. (With inputs from ANI)

My statement was misconstrued, government welcomes all investments: Piyush Goyal on Amazon remark 

Amazon hasn't done India any big favours by investing $1 billion in the country, its trade minister said on Thursday, laying bare the tensions with the US&nbsp;online retail giant during a visit by its CEO Jeff Bezos.

Amazon and Walmart's Flipkart are facing mounting criticism from India's brick-and-mortar retailers, which accuse the US&nbsp;giants of violating Indian law by racking up billions of dollars of losses to fund deep discounts and discriminating against small sellers. The companies deny the allegations.

"They may have put in a billion dollars but then if they make a loss of a billion dollars every year then they jolly well have to finance that billion dollars," Indian trade minister Piyush Goyal told a security conference in New Delhi.

Also read:&nbsp;<a href="https://www.wionews.com/world/amazon-ceo-af-gets-trolled-online-as-he-visits-gandhi-memorial-274635">Amazon CEO Jeff Bezos gets trolled online as he visits Gandhi memorial at Rajpath</a>

"So it's not as if they are doing a great favour to India when they invest a billion dollars."

Bezos, who is currently in India, said on Wednesday Amazon would invest $1 billion to bring small businesses online in the country, seen as part of the company's efforts to dispel criticism.

Ahead of Bezos'&nbsp;visit, the Competition Commission of India launched a probe into Amazon and Flipkart to look at allegations of deep discounts and whether the companies discriminate against small sellers.

Goyal said the allegations were "an area of concern for every Indian".

Amazon hasn't done India any big favours by investing $1 billion in the country, its trade minister said on Thursday, laying bare the tensions with the US online retail giant during a visit by its CEO Jeff Bezos.

Amazon hasn't done India any big favours by investing $1 billion in the country, its trade minister said on Thursday, laying bare the tensions with the US online retail giant during a visit by its CEO Jeff Bezos. Amazon and Walmart's Flipkart are facing mounting criticism from India's brick-and-mortar retailers, which accuse the US giants of violating Indian law by racking up billions of dollars of losses to fund deep discounts and discriminating against small sellers. The companies deny the allegations. "They may have put in a billion dollars but then if they make a loss of a billion dollars every year then they jolly well have to finance that billion dollars," Indian trade minister Piyush Goyal told a security conference in New Delhi. Also read: Amazon CEO Jeff Bezos gets trolled online as he visits Gandhi memorial at Rajpath "So it's not as if they are doing a great favour to India when they invest a billion dollars." Bezos, who is currently in India, said on Wednesday Amazon would invest $1 billion to bring small businesses online in the country, seen as part of the company's efforts to dispel criticism. Ahead of Bezos' visit, the Competition Commission of India launched a probe into Amazon and Flipkart to look at allegations of deep discounts and whether the companies discriminate against small sellers. Goyal said the allegations were "an area of concern for every Indian".

Amazon's $1 billion investment in India no big favour: Piyush Goyal

The Indian Commerce Minister Piyush Goyal has refused to Amazon boss Jeff Bezos. Sources are telling WION that the Minister has taken a tough stand against Amazon. Piyush Goyal declined to schedule a meeting despite the e-commerce giant's request.

India takes tough stand against Amazon, Piyush Goyal snubs Jeff Bezos

Rajasthan with effect from November 20, which is expected to lead to an annual saving of Rs. 11.50 crores per annum.

<a href="https://www.wionews.com/india-news/piyush-goyal-to-make-statement-in-rajya-sabha-over-indias-position-in-rcep-267328">Union Railway Minister</a> on Monday posted on his Twitter account: "Railways takes a decisive step to cut down on electricity bill &amp; reduce operating cost. Securing additional power flow from Bihar &amp; Rajasthan, Railways to save Rs 121 crores on a yearly basis."

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Railways takes a decisive step to cut down on electricity bill &amp; reduce operating cost. 
 
Securing additional power flow from Bihar &amp; Rajasthan, Railways to save ₹121 crores on a yearly basis.<a href="https://t.co/jErSRhccoV">https://t.co/jErSRhccoV</a>
— Piyush Goyal (@PiyushGoyal) <a href="https://twitter.com/PiyushGoyal/status/1204082018369376261?ref_src=twsrc%5Etfw">December 9, 2019</a></blockquote>
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Indian Railways takes about 1475 MW of power under open access as deemed licensee in 11 states and <a href="https://www.wionews.com/south-asia/ntpc-arm-to-begin-300-mw-power-supply-to-bangladesh-from-midnight-164604">Damodar Valley Corporation</a> (DVC) area. These efforts are resulting into an annual saving of over Rs. 3600 Crores per annum and since the commencement of power flow under open access with effect from November 2015 on business as usual mode, it has resulted into a total saving of over Rs. 12400 Crores.

The Bhartiya Rail Bijli Company Limited (BRBCL) is a joint venture company of <a href="https://www.wionews.com/india-news/rahul-gandhi-to-visit-raebareli-after-ntpc-plant-explosion-23337">National Thermal Power Corporation </a>(NTPC) and Ministry of Railways to produce electricity for traction purpose to Railways at a low cost. It has equity participation of NTPC and Railways at 74 per cent and 26 per cent respectively.

Out of four units (each unit of 250 MW), power flow from three units of this plant has already been started for Indian Railways. The first unit started operation in January 2017.

The main beneficiary of this plant is Railways which is getting 90 per cent of the power produced and balance 10 per cent power is given to the Bihar.

Rajasthan with effect from November 20, which is expected to lead to an annual saving of Rs. 11.50 crores per annum. Union Railway Minister on Monday posted on his Twitter account: "Railways takes a decisive step to cut down on electricity bill & reduce operating cost.

Rajasthan with effect from November 20, which is expected to lead to an annual saving of Rs. 11.50 crores per annum. Union Railway Minister on Monday posted on his Twitter account: "Railways takes a decisive step to cut down on electricity bill & reduce operating cost. Securing additional power flow from Bihar & Rajasthan, Railways to save Rs 121 crores on a yearly basis." Railways takes a decisive step to cut down on electricity bill & reduce operating cost. Securing additional power flow from Bihar & Rajasthan, Railways to save ₹121 crores on a yearly basis.https://t.co/jErSRhccoV — Piyush Goyal (@PiyushGoyal) December 9, 2019 × Indian Railways takes about 1475 MW of power under open access as deemed licensee in 11 states and Damodar Valley Corporation (DVC) area. These efforts are resulting into an annual saving of over Rs. 3600 Crores per annum and since the commencement of power flow under open access with effect from November 2015 on business as usual mode, it has resulted into a total saving of over Rs. 12400 Crores. The Bhartiya Rail Bijli Company Limited (BRBCL) is a joint venture company of National Thermal Power Corporation (NTPC) and Ministry of Railways to produce electricity for traction purpose to Railways at a low cost. It has equity participation of NTPC and Railways at 74 per cent and 26 per cent respectively. Out of four units (each unit of 250 MW), power flow from three units of this plant has already been started for Indian Railways. The first unit started operation in January 2017. The main beneficiary of this plant is Railways which is getting 90 per cent of the power produced and balance 10 per cent power is given to the Bihar.

Indian Rail takes decisive step to cut electricity bill, reduce operating cost: Piyush Goyal

Union Minister of Railways and Commerce and Industry Piyush Goyal will be making a statement in Rajya Sabha on Tuesday regarding `India`s position in Regional Comprehensive Economic Partnership (RCEP), reported news agency ANI.

Union Minister of Railways and Commerce and Industry Piyush Goyal will be making a statement in Rajya Sabha on Tuesday regarding `India`s position in Regional Comprehensive Economic Partnership (RCEP), reported news agency ANI. Recently External Affairs Minister S Jaishankar and Goyal gave detailed presentations on Prime Minister Narendra Modi`s recent foreign visits and India`s stand on the RCEP in the BJP parliamentary party meeting, the report added quoting sources. This presentation assumed significance as India decided not to join the RCEP agreement as its key concerns were not addressed. The key issues behind India`s decision included inadequate protection against import surge, insufficient differential with China, possible circumvention of rules of origin, keeping the base year as 2014 and no credible assurances on market access and non-tariff barriers. RCEP is a proposed free trade agreement (FTA) between the ten member-states of ASEAN and FTA partners. Goyal had said earlier that the country will be open to further discussions on RCEP if its demands are met and the trade deficit is balanced. (With inputs from ANI)

Piyush Goyal to make statement in Rajya Sabha over India's position in RCEP

Japanese trade minister Hiroshi Kajiyama will be meeting his Indian counterpart Piyush Goyal on Tuesday in New Delhi. Regional Comprehensive Economic Partnership (RCEP) will be the top focus during the meeting tomorrow.

Japan is keen that India joins the RCEP from which New Delhi had withdrawn in November during the East Asia Summit. India said that the outcome of the pact is not a balanced one and does not provide adequate protection against import surge among other things.

Earlier this month, the Japanese foreign minister said that, "Japan is making diplomatic efforts to realize the Regional Comprehensive Economic Partnership (RCEP) with the participation of all 16 countries, including India".

Explaining his government's position Kajiyama said, "what is driving our efforts is Japan’s firm conviction that the framework of the RCEP can truly boost the region’s economic potential only with the participation of India" which is the "world’s most populous democratic country and a major strategic player connecting the Asia-Pacific and the Indian Ocean."

RCEP deal is expected to go ahead with 15 countries. The negotiation for the deal started in 2012 in Cambodia and will be one of the biggest free trade agreement in the world. 
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Japanese trade minister Hiroshi Kajiyama will be meeting his Indian counterpart Piyush Goyal on Tuesday in New Delhi. Regional Comprehensive Economic Partnership (RCEP) will be the top focus during the meeting tomorrow.

Japanese trade minister Hiroshi Kajiyama will be meeting his Indian counterpart Piyush Goyal on Tuesday in New Delhi. Regional Comprehensive Economic Partnership (RCEP) will be the top focus during the meeting tomorrow. Japan is keen that India joins the RCEP from which New Delhi had withdrawn in November during the East Asia Summit. India said that the outcome of the pact is not a balanced one and does not provide adequate protection against import surge among other things. Earlier this month, the Japanese foreign minister said that, "Japan is making diplomatic efforts to realize the Regional Comprehensive Economic Partnership (RCEP) with the participation of all 16 countries, including India". Explaining his government's position Kajiyama said, "what is driving our efforts is Japan’s firm conviction that the framework of the RCEP can truly boost the region’s economic potential only with the participation of India" which is the "world’s most populous democratic country and a major strategic player connecting the Asia-Pacific and the Indian Ocean." RCEP deal is expected to go ahead with 15 countries. The negotiation for the deal started in 2012 in Cambodia and will be one of the biggest free trade agreement in the world.

With RECP in focus, Japanese trade minister to meet Piyush Goyal on Tuesday 

A US delegation will be in India next week to give final touches to the India-US trade deal, reported news agency ANi quoting sources. The report quoting a source said that the trade talks have been very constructive and covered a wide range of issues that were pending on the table.

A US delegation will be in India next week to give final touches to the India-US trade deal, reported news agency ANi quoting sources. The report quoting a source said that the trade talks have been very constructive and covered a wide range of issues that were pending on the table. It's learnt that the list of important items that have been on the table have been resolved and a package is being worked upon, ANI has learnt. Commerce and Industry minister Piyush Goel was in Washington on a three-day trip from November 12 to hold talks with his American counterpart Robert Lighthizer and seek a breakthrough on some key knotty trade issues. On November 14, Goyal held a high-level industry interaction with business and industry representatives in New York. From D.C., the minister went to New York. The minister and his US counterpart Ambassador Robert Lighthizer also had a telephonic conversation as a follow up of the meeting. Goyal's visit helped develop a good rapport between the minister and his counterpart resulting in mutual understanding on equitable access for both sides, sources added. Tensions on trade front emerged between the two countries in June after US President Donald Trump revoked preferential trade privileges, in response to which India imposed tariffs on 28 US products, including almonds and apples. India was the biggest beneficiary of the Generalised System of Preferences (GSP), a programme designed to help developing countries sell to US consumers. On its part, India had also imposed retaliatory tariffs on 25 American goods, after the Donald Trump administration rescinded GSP. (With inputs from ANI)

US officials to visit India next week to give final touches to trade deal

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