Union Minister of Commerce and Industry Piyush Goyal. File
| Photo Credit: PTI

We are very confident that the Indian economy is poised for both healthy and organised growth and providing opportunities to lakhs of people across India, Union Minister Piyush Goyal said

Healthy increase in the country’s exports, improvement in the current account deficit (CAD) and focus on expanding manufacturing will help the Indian economy register a healthy growth rate, Union Commerce and Industry Minister Piyush Goyal has said. He was here to participate in a programme of the gems and jewellery industry.

The Minister expressed confidence that India’s goods and services exports would cross $800 billion this fiscal. It was $778 billion in 2023-24 and USD 776 billion in 2022-23.

Mr. Goyal said that the mood amongst industry and exporters is “wonderful” and a “very great” sense of confidence is there among the investors about the India growth story.

“I think this year we will end with over $800 billion exports…We also focus a lot on expanding our manufacturing capacities, so that our import dependencies can come down and CAD is also showing healthy improvement in the last few months. We are very confident that the Indian economy is poised for both healthy and organised growth and providing opportunities to lakhs of people across India,” the Minister told PTI.

S&P Global Ratings has retained India’s GDP growth forecast for the current financial year at 6.8% and said high interest rates and lower fiscal spur would temper demand.

While another rating agency Fitch estimates India’s growth at 7.2% in FY25, the Asian Development Bank (ADB) estimates India’s GDP to grow at 7%.

Moody’s Ratings and Deloitte India estimates India’s GDP to grow at 6.6% in 2024-25 fiscal, while Morgan Stanley projects a growth rate of 6.8%.

When asked if the Ministry is looking at bringing an amendment bill on special economic zones (SEZs), Mr. Goyal said that several suggestions are on the table and are under consideration.

India recorded a current account surplus of $5.7 billion or 0.6% of GDP in the March quarter. This is the first time in ten quarters that the crucial metric of the country’s external strength has turned into surplus mode.

In the year-ago period, the current account deficit stood at $1.3 billion or 0.2% of GDP, and the same was $8.7 billion or 1% of GDP in the preceding quarter ending December 2023.

India’s merchandise exports rose by 9.1% to $38.13 billion in May even as the trade deficit widened to a seven-month high of USD 23.78 billion during the month, according to the latest government data.

New Delhi:

The BJP has ruled out any change in its leadership in Maharashtra, where the party had its second worst setback after Uttar Pradesh in the Lok Sabha elections. “There will be no change in leadership in Maharashtra,” Union Minister Piyush Goyal told reporters this evening after key leaders of the Maharashtra unit met party chief JP Nadda and Union Home Minister Amit Shah.

The BJP won just nine seats in Maharashtra in the recent Lok Sabha elections, down from its 2019 tally of 23.

The tally was seen as a manifestation of the people’s disapproval of the political shake-up over the last few years and the BJP’s role in it.

The tremors had started with Uddhav Thackeray’s breaking ranks with the NDA and joining hands with Sharad Pawar and the Congress after the 2019 Lok Sabha election.

But before the newly formed Maha Vikas Aghadi could stake claim to form government, Devendra Fadnavis made an attempt to form government with the help of Sharad Pawar’s nephew Ajit Pawar and a few of his loyalists.

Three years later, the Shiv Sena split, pulling down the MVA government, and rebel leader Eknath Shinde formed government with the BJP, and became the Chief Minister.  He had subsequently let slip that the plan was formed with the help of the BJP.

It was followed by the split in the NCP. In both cases, the Election Commission awarded the party name and symbol to the rebels.

The verdict made the people’s disapproval clear. Both Uddhav Thackeray faction of the Shiv Sena and Sharad Pawar’s NCP won a huge mandate, and the Congress too benefited.

In 2019, the BJP – allied with the undivided Sena led by Uddhav Thackeray – won 23 of 25 Lok Sabha seats it contested in Maharashtra. The Shiv Sena contested 23 and won 18. This time, the BJP won just nine seats. Its allies — the splinter units of the Sena led by Eknath Shinde and NCP led by Ajit Pawar — won eight of the 19 seats they contested.

Union Minister of Consumer Affairs, Food and Public Distribution Piyush Goyal addresses virtually during the 60th Foundation Day celebration of the Food Corporation of India (FCI), in New Delhi on Sunday. Secretary, Department of Food and Public Distribution, Sanjeev Chopra, and CMD Food Corporation of India (FCI) Ashok k.k. Meena are also seen.
| Photo Credit: ANI

The role of the Food Corporation of India (FCI) is not only to deliver ration, but also to instill confidence in farmers and beneficiaries by bringing in transparency, efficiency and accountability, said Union Food Minister Piyush Goyal here on Sunday in his address on the 60th foundation day of the FCI. Mr. Goyal urged the youth and officers in the FCI to turn as whistleblowers to ensure transparency in running the organisation.

He said the FCI should emerge as a trusted partner of farmers and people of the country. “The FCI plays a crucial role in facilitating flagship schemes such as Pradhan Mantri Garib Kalyan Anna Yojana [PMGKAY] by providing ration to beneficiaries in every corner of the country,” the Minister said, reminding the officers that the role of the FCI was not only to deliver the ration. He added that Prime Minister Narendra Modi had promised to make India free of corruption and asked the youth and staff of the FCI to bring in transparency and become whistleblowers.

‘Ensure quality’

Mr. Goyal said the FCI needed to embrace digitalisation and technology by ensuring quality. “Quality can be achieved in areas such as inspection, procurement, transportation, distribution and storage,” he said, and suggested the FCI to reduce operational costs through route optimisation, mechanised loading/unloading, innovative storage solutions and others.

The Minister said the open market sale scheme (domestic) operations had also proved to be an effective tool in moderating the prices of wheat and rice. “Bharat Atta, Bharat Dal, interventions regarding onion and tomato have assisted the Government of India in price stabilisation,” Mr. Goyal said.

New Delhi:

Union Minister Piyush Goyal on Tuesday dismissed the allegations in connection with Apple’s ‘state-sponsored attack’ message to some Opposition leaders and said that someone might have played a prank on them.

“I think perhaps someone played a prank on the Opposition leaders. They should lodge an official complaint and the Government will take appropriate action on that basis,” Mr Goyal told ANI.

Hitting out at the Opposition leaders, the Union Minister said that the Opposition is going through a weak phase, thus they see conspiracy in everything.

“I think the Opposition is going through a very weak phase these days, so they see conspiracy in everything. The reality is that Apple has itself cleared that this was some sort of malfunction and this message has reached people in 150 countries. It seems that this was an error from Apple’s end, hackers too are active across the world. This will be investigated. Apple too has been told to join in,” he said.

“They (Opposition) can claim anything they want but the country knows their situation, they are so tangled in their infighting. They should look at their weaknesses first instead of commenting on us. It is clear that the government has no role in this and the government doesn’t need to do anything like this,” the Union Minister added.

Earlier in the day, Congress national president Mallikarjun Kharge and party’s General Secretary organisation KC Venugopal also received the “Apple warning message” on their phone on Tuesday along with other opposition leaders from the INDIA bloc, sources said.

The leaders of the opposition parties have alleged that the Government was behind this attempt to breach their devices.

After receiving the warning messages, multiple political leaders have alleged that their Apple devices have been the victim of alleged hacking. The leaders shared the screenshot of the warning received on their devices.

“This is not an allegation. The message has already been received. What is happening? They want to see who is talking to whom…We have not heard anything from the government. I have not heard a single word from the government’s side. They should clarify,” RJD MP told ANI on Tuesday.

AAP MP Raghav Chaddha also got the alleged hacking notification on his phone and claimed that this was an attack on the people of India.

Shiv Sena MP Priyanka Chaturvedi, who also claimed alleged hacking of her phone alleged that this is a sponsored program of the Central Government.

“The way I received a warning last night, shows that this is a sponsored program of the Central Government and that I need to take precautions. The warning clearly says that these attacks are ‘state-sponsored’. Why are the leaders of the Opposition only getting such messages? This shows that large-scale surveillance is underway. There should be an investigation on this, and the Centre needs to give a clarification on the same,” Priyanka Chaturvedi told ANI.

However, according to the Apple support page on its website, State-sponsored attacks are highly complex, cost millions of dollars to develop, and often have a short shelf life. The vast majority of users will never be targeted by such attacks.

Apple says if it discovers activity consistent with a state-sponsored attack, it will notify the targeted users in two ways. A Threat Notification will be displayed at the top of the page after the user has signed in to appleid.apple.com. Additionally, Apple will send an email and iMessage notification to the email addresses and phone numbers associated with the user’s Apple ID.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Prime Minister Narendra Modi with Madhya Pradesh Chief Minister Shivraj Singh Chouhan and Union Energy Minister Piyush Goyal and senior BJP leader Kailash Vijayvargiya, near Khandwa, Madhya Pradesh. File photo
| Photo Credit: A.M. Faruqui

Amid the debate over Bharatiya Janata Party’s chief ministerial face for the upcoming assembly polls in Madhya Pradesh, Union Minister of Commerce & Industry Piyush Goyal has said the ‘lotus’ is his party’s face in every election.

Political circles in Madhya Pradesh are abuzz with speculation about plans of the ruling BJP’s central leadership after it fielded a number of stalwarts including Union Ministers as candidates for the MP Assembly polls.

Also read: People’s choice will be CM face in Madhya Pradesh: Kamal Nath

Various statements made by BJP leaders also fuelled a debate over the party’s chief ministerial face.

Asked about the BJP’s chief ministerial face in Madhya Pradesh, Goyal, while talking to reporters in Neemuch on Sunday, said, “Lotus is our face in every election. Lotus is revered by all of us. We go among the people with lotus.”

“We all are workers and have a commitment to make India a developed country,” he said.

“We are committed to bring joy and enthusiasm in the life of every Indian, to fulfill all their aspirations, to serve for a bright future, welfare of the poor and good governance,” the Union Minister said, and expressed confidence that his party will emerge victorious in the upcoming polls.

A recent statement of MP Chief Minister Shivraj Singh Chouhan prompted the main opposition Congress to claim that after being sidelined, he was trying to put pressure on Prime Minister Narendra Modi.

Speaking at a gathering in Dindori last week, Mr. Chouhan asked the public whether he is running a good government or a bad government.

“…So, should this government move ahead or not? Should ‘Mama’ (maternal uncle, as he is popularly called) become chief minister or not?” he asked.

Priyanka’s dig at BJP

Congress general secretary Priyanka Gandhi Vadra, while addressing a public meeting in Madhya Pradesh on October 5, claimed Mr. Chouhan will not get the top post after the elections.

Reacting to Mr. Chouhan’s remarks made in Dindori, MP Congress chief Kamal Nath on Saturday claimed the CM was trying to put pressure on PM Modi.

Eight-term MLA and senior state cabinet minister Gopal Bhargava, speaking at a gathering earlier this month in his constituency Rehli in Sagar district, said he would be contesting his last election, and he also felt that in this election no one was being projected as the chief minister candidate.

“It is not being told who will be the chief minister….I felt he (his Guru) must have some wish, that the word has come from God,” Mr. Bhargava said.

Mr. Chouhan, the longest serving chief minister of Madhya Pradesh, has been seen of late getting emotional at public events and rallies.

At an event held in his home-turf Budhni recently, he asked people if he should contest the election or not. During a rally, he told women that they would miss a “brother” when he is not around.

The BJP has so far announced candidates for 79 out of the total 230 assembly seats in the state. The candidates include Union ministers Narendra Singh Tomar, Prahlad Patel and Faggan Singh Kulaste as well as senior leader from Indore Kailash Vijayvargiya, all political heavyweights being seen as contenders for the chief minister’s post.

Last week, Mr. Vijayvargiya said he was contesting the election not to become just an MLA, and the party would give him some important responsibility.

In the 2018 MP assembly polls, the Congress won a maximum of 114 seats in the 230-member House, while the BJP bagged 109 seats.

The Congress formed a coalition government under Kamal Nath with the support of the Samajwadi Party, Bahujan Samaj Party and independent candidates.

The Nath government, however, collapsed after 15 months when a section of Congress MLAs, most of them loyal to Union minister Jyotiraditya Scindia, quit and joined the BJP.

The saffron party returned to power in March 2020 with Shivraj Singh Chouhan as Chief Minister once again.

Union Minister of Commerce and Industry Piyush Goyal meets Kemi Badenoch, U.K. Secretary of State for Business and Trade, on August 26, 2023
| Photo Credit: ANI

Indian and U.K. officials will continue their negotiations till the month-end to iron out differences on the proposed free trade agreement (FTA), the Commerce Ministry said on August 27.

This meeting will be followed by a review at the higher level, it said.

Following the G20 Trade and Investment Ministers Meeting (TIMM) at Jaipur, the progress of the negotiations was reviewed by Commerce and Industry Minister Piyush Goyal and UK’s Secretary of State for Trade Kemi Badenoch on August 26.

Also read | The U.K.-India relationship is alive with opportunity

“Teams are going to continue negotiations till the end of August 2023 which will be followed by stock taking at the higher level,” it said.

While expressing satisfaction over the last 12 rounds of negotiations wherein several chapters have been finalized, both exuded confidence that the next round of talks to be similarly successful.

“Both Chief Negotiators apprised the ministers about the current state of play, issues outstanding for resolution and their continuous joint efforts to iron out the same,” the Ministry added.

The Ministers directed the officials to maintain a good pace of exchanges with a better understanding of each other’s aspirations and sensitivities.

“Both leaders expressed their unwavering commitment to reaching a conclusion on a fair, balanced, and mutually beneficial trade deal that will enhance economic cooperation between the two countries,” it added.

In a separate statement, the Ministry said that Mr. Goyal and Swiss State Secretary for Economic Affairs Helene Budliger Artieda also held talks on ways to strengthen economic ties.

They reviewed the progress made in the ongoing negotiations for a Trade and Economic Partnership Agreement (TEPA) between India and EFTA (European Free Trade Association).

The EFTA members are Iceland, Liechtenstein, Norway, and Switzerland.

“Both leaders reiterated their shared vision of achieving a mutually beneficial trade deal based on the principle of reciprocity that reflects the evolving economic landscapes of both India and the EFTA countries,” it said.

“There is work ongoing with a number of economies, including the U.K., on intellectual property (IP) rights and modernisation in an effort to improve Indian protocols,” Union Minister of Commerce and Industry Piyush Goyal has said.

Responding to questions from a gathering of Indian-origin chartered accountants (CAs) from the U.K. Chapter of the Institute of Chartered Accountants of India (ICAI) at the conclusion of his London visit on Wednesday evening, the Minister – a qualified CA – covered a range of topics including IP rights and corporation tax to environmental, social and corporate governance (ESG).

He said the process to harmonise with international standards is high on the government’s agenda because integrating with world thinking on standards and IP is important for the fast-paced growth of the Indian economy.

“With the UK we are working on IP rights or IP modernisation. Our effort is to improve the Indian protocols around intellectual property rights and areas associated with it, but I feel it will have to be a little more gradual process,” said Goyal.

“Similarly, we are working very actively on quality standards in India. The BIS (Bureau of Indian Standards) for non-food products and FSSAI (Food Safety and Standards Authority of India) on food products are trying to develop standards. Wherever it’s possible, we are trying to harmonise also with international standards. But it’s not possible in everything…we are roughly at about 90 per cent of our standards harmonised with what is generally accepted standards,” he said.

“But I can assure you we are conscious that if we have to develop our economy at a fast pace, we’ll also have to integrate ourselves with the world thinking on standards, on intellectual property. Though it may be a process, we are moving very rapidly and hoping to become a preferred destination for other countries. So, it’s very high on our agenda,” he added.

The minister forecast that over the next three or four years, Indian standards will be seen as world class and accepted across the world.

While he veered away from any direct reference to the ongoing India-UK free trade agreement (FTA) while “negotiations are on”, the minister mentioned that the issue of transfer pricing was among the matters that had emerged as part of efforts to find wider solutions in the trade talks.

“There is no written rule or unwritten rule that any one geography or one set of people are honest and the other set is dishonest… so transfer pricing will remain an issue by issue, case by case subject and there can’t be a one size fits all,” he said.

Asked about the corporate tax levels in India, the minister was clear that India’s rates were at a comparable level having been reduced significantly in the last nine years.

“We have been successful through G20 in getting the world to bring in a minimum corporate tax of 15 per cent,” he noted.

Goyal, who was in the UK on a three-day visit which coincided with the 11th round of FTA negotiations with the UK, met his British counterpart Kemi Badenoch to build momentum behind the process. The Commerce Ministry issued a statement following the meeting to say that “considerable progress was achieved during their frank and open discussions on various difficult issues”.

Piyush Goyal, Minister of Commerce & Industry. File.
| Photo Credit: Kamal Narang

Union Commerce, Industry and Textiles Minister Piyush Goyal is heading for a two-day visit to London, starting Monday, to take forward negotiations for bilateral trade pacts with the United Kingdom and the four-nation European Free Trade Association (EFTA) bloc.

Mr. Goyal will engage in high-level meetings with his U.K. counterparts, including the Secretary of State for International Trade, as well as representatives from various sectors and industries. U.K.’s Minister for International Trade Nigel Huddleston said last week that half of the chapters in the proposed bilateral trade agreement had been worked out and concluded already.

“These meetings will provide an opportunity to discuss the key priorities and objectives of the Free Trade Agreement [FTA] negotiations, with a focus on addressing trade barriers, promoting investments, and fostering greater cooperation in areas such as technology, innovation, and intellectual property rights,” the Commerce Ministry said in a statement.

Meetings are also scheduled with ministers from the EFTA member-countries — Switzerland, Norway, Iceland, and Liechtenstein — to assess the progress made in the ongoing negotiations of a Trade and Economic Partnership Agreement (TEPA). The pact will strive to enhance trade and economic cooperation between India and the EFTA member-countries, fostering an environment conducive to increased investments, reduced trade barriers, and greater market access.

File photo used for representational purposes only. The Union Cabinet approved a ₹143 hike in the MSP of paddy to ₹2,183/quintal for 2023-24.
| Photo Credit: Nagara Gopal

The Centre has set the Minimum Support Price (MSP) for paddy sown in the kharif or monsoon season at ₹2,183 per quintal, a hike of ₹143 per quintal in comparison to last year. The 2023-24 MSPs for 17 kharif crops and variants were approved at a meeting of the Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, .

The sowing of the crops, mainly paddy, has started in most States. While the Centre said that its aim was to ensure reasonably fair remuneration for the farmers and to encourage crop diversification, several farmers’ organisations said that the increase was not in tune with rising input costs.

Also Read | An MSP scheme to transform Indian agriculture

‘Highest increase’

Food Minister Piyush Goyal told reporters after the CCEA meeting that farmers will benefit from the increase in the MSP at a time when the retail inflation is declining. “In agriculture, we have been fixing MSP from time to time based on the recommendations of Commission for Agricultural Costs and Prices (CACP). The increase in MSP of the kharif crops for this year is highest compared to the previous years,” he said.

Apart from paddy, new MSPs have been set for major pulses. The MSP for moong is ₹8,558 per quintal, an increase of ₹803 from last year, one of the highest increases among kharif crops. The MSP for tur or arhar has been set at ₹7,000 per quintal, which is estimated to be 58% above the cost of production. This is in keeping with the Centre’s promise to set MSPs which are at least one and a half times the all-India weighted average cost of production.

Bajra, tur margins high

“The expected margin to farmers over their cost of production are estimated to be highest in case of bajra (82%) followed by tur (58%), soybean (52%) and urad (51%). For the rest of the crops, the margin to farmers over their cost of production is estimated to be at least 50%,” said an official statement.

The MSP of ‘A’ grade variety of paddy has been increased to ₹2,203 per quintal from ₹2,060. For jowar (hybrid) and jowar (maldandi) the rates are ₹3,180 and ₹3,225 per quintal respectively. Last season, it was ₹2,970 and ₹2,990. For maize, the increase is ₹128 per quintal and the new rate will be ₹2,090. For ragi, this year’s MSP will be ₹3,846 per quintal, which is an increase of ₹268.

Among oilseeds, the MSP for sesamum is ₹8,635 per quintal, ₹6,377 for groundnut, and ₹4,600 for soybean. In the case of niger seed, the new MSP is ₹7,734 per quintal, and for sunflower seed, it is ₹6,760. For cotton (long stable) and cotton (medium stable), the MSPs are at ₹7,020 per quintal and ₹6,620 per quintal respectively.

‘Faulty production estimates’

The Samyukt Kisan Morcha, a platform of about 500 farm outfits, questioned the Centre’s claims and said that the new MSPs were not linked to the real expenses of farming. Senior SKM leader Ashok Dhawale said that the MSP for kharif crops is nowhere near the C2+50% formula proposed by the Swaminathan Commission.

“The cost of production estimates given by the government are themselves extremely faulty and underrated, and thus the MSP figures are also very unsatisfactory. The SKM and All India Kisan Sabha express anger at the constant short-changing of farmers by the BJP regime led by Narendra Modi, and vow to intensify their struggle for a fair and just MSP, which can only be won by changing the current BJP government in the general elections next year,” he said in a statement.

Senior farm leader Hannan Mollah said that the Centre has not taken into account the increase in irrigation costs and fertiliser costs. “The government has betrayed the farmers by announcing MSP far below C2+50%. It has not put up the ‘Report on Price Policy of Kharif Crops for 2023-24 Season’ by the CACP yet,” he added.