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MP Is Emerging As An Economic Tiger, Says Piyush Goyal

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Speaking about the numerous investment opportunities in Madhya Pradesh at the MP Global Investors Summit, Goyal said it has emerged as the ideal investment destination

Union Minister for Commerce and Industry Piyush Goyal today highlighted Madhya Pradesh as an ideal investment destination and called upon investors from across the world to become partners in the progress and growth of MP. Goyal virtually addressed the Madhya Pradesh Global Investors Summit 2023 at its inaugural day today. 

“Central location, ample land, infrastructure and skilled resources make MP an ideal investment destination,” Goyal said. Talking about the summit, the union minister said that this summit offers an opportunity to the industry to participate in the vibrant future of India. 

Speaking about the numerous investment opportunities in Madhya Pradesh, Goyal said it has emerged as the ideal investment destination. It has ample land, infrastructure, skilled resources and offers massive opportunities in agriculture, food processing, pharmaceuticals, automobiles, tourism, textiles and renewable Energy. He mentioned that the Gross State Domestic Product of MP grew by nearly 20 per cent last year. 

Goyal expressed confidence that the Green hydrogen Mission launched by PM, combined with support of Madhya Pradesh government, will help in bringing huge investments in several sectors particularly in green hydrogen and renewable energy. Goyal also mentioned that there will be an upward curve for MP’s textile sector, which contributes 24 per cent of organic cotton production in the world.

The union ministry further said that the Prime Minister Narendra Modi has always focused on encouraging the development and economic growth in states, thus providing huge opportunities to the people in the remotest parts of India. He said PM Modi believes that states will be the strong pillars to support developed India, a commitment that the entire nation has taken along with PM on 15 August 2022, as the nation celebrated ‘Azadi Ka Amrit Mahotsav’ on 75 years of India’s independence. 

Referring to PM’s opening address at the Summit wherein he spoke about various initiatives of the centre like PM Gati Shakti, National Infrastructure Master Plan and Digital India, Goyal said all these have been possible under the visionary leadership of PM Narendra Modi. Citing examples of One Nation, One Tax, IBC, One Nation One Grid, he said the government is developing infrastructure like never before.

Stating that MP is emerging as an economic tiger, he hoped that MP will continue to grow at the speed of cheetah which were released in Kuno National Park by PM some months ago. He exuded confidence that MP will further accelerate the country’s economy by attracting industries with newer opportunities. 

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Exporters Raise Concerns Over Ocean Freight Tax And EU GSP Withdrawal: Report

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The growth of goods exports in India has soften to single digits during second quarter of FY23 and expectedly there may be a contraction in October and November. Along with chemical exporters, the gems and jewellery sector exporters too highlighted the issue of constrained supply of gold because of various compliances, sought Refund of Duties and Taxes on Exported Products scheme benefits

The exporters point out some concerns with the government amid slowing growth of merchandise shipments. Their concerns include withdrawal of EU (European Union) Generalised System of Preferences (GSP) for certain specific sectors, goods and services tax on ocean freight, export duty on stainless steel, longer period of realization and repatriation of export proceeds and a demand slowdown in China and the United States.

The growth of goods exports in India has soften to single digits during second quarter of FY23 and expectedly there may be a contraction in October and November. The exports in India of plastics, stone, machinery and mechanical appliances worth 7.9 billion dollar to the EU will not witness low or zero-duty concessions from January 2023, according to exporters.

They also seek benefits of the Refund of Duties and Taxes on Exported Products (RoDTEP) scheme to be extended to pharmaceuticals, chemicals and steel products as they do not form part of the same, at present. Steel being another key input in engineering goods whose exports went down 10.85 per cent on year-on-year basis in September.

The chairman of Engineering Export Promotion Council, India, Arun Kumar Garodia said the last two months have witnessed a decline in engineering exports due to the Russia-Ukraine crisis, and gas crisis in the EU. GST on ocean and air freight along with Export duty on certain specific steel products have been added to the challenges.

The meeting that commerce and industry minister Piyush Goyal had with export promotion councils on 7 November, addressed the issues. Quoting the low global liquidity, the Federation of Indian Export Organisations raised concerns over longer tenure of realisation and repatriation of export proceeds which currently is nine months. The longer period eill act as a marketing tool to boost exports, it said.

Along with chemical exporters, the gems and jewellery sector exporters too highlighted the issue of constrained supply of gold because of various compliances, sought RoDTEP benefits. According to media reports, increasing imports of raw materials and intermediates from China but slow exports growth from India to China and the US were also discussed, restating e-visas for tourists from the UK and Canada

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Piyush Goyal Holds Third Meeting With Textile Advisory Group

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Goyal reviewed the actions initiated subsequent to the last interactive meeting held at New Delhi

Union Minister of Textiles, Commerce & Industry, Consumer Affairs and Food & Public Distribution Piyush Goyal held a meeting with the Textile Advisory Group in New Delhi on Tuesday. At the meeting he emphasised the need for good quality cotton seeds to boost production. On mechanization of picking by use of hand-held kapas plucker machines, developed by SIMA-CDRA, which would support the farmer producer. Goyal reviewed the actions initiated subsequent to the last interactive meeting held at New Delhi. A holistic plan for increasing cotton productivity was presented by ICAR-Central Institute for Cotton Research – (CICR), Nagpur for bringing improvement in cotton productivity through farmer awareness program, HDPS and global best farm practices.

Goyal stressed the importance of branding Indian cotton and creating loyalty and a pull for the ‘Kasturi’ branded products. He also stressed implementation of cotton bales quality control order under BIS act 2016 is a must for the standardisation of cotton bales in terms of technical quality parameters and identification of cotton bale traceability He also drew attention to modern testing facilities which would be created through BIS and TRAs. Additionally, faermer producer organisations will be actively involved to empower cotton farmers. 

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Core Sector Output Witness 7.9% Surge In Sep

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In the last year during September, the growth rate stood at 5.4 per cent. Prior to that, it recorded 4.1 per cent in August. In June when the output expanded by 13.1 per cent, made it the previous high

The production of eight infrastructure sectors has witnessed a surge by 7.9 per cent during September, keeping it the highest during last three months. This has resulted due to better performance by coal, fertiliser, cement and electricity segments, as per the official data released on 31 October. 

In the last year during September, the growth rate stood at 5.4 per cent. Prior to that, it recorded 4.1 per cent in August. In June when the output expanded by 13.1 per cent, made it the previous high. The growth in the production of eight infrastructure sectors viz. coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity was recorded at 9.6 per cent in April-September this year as against to 16.9 per cent a year ago.

The output of coal, fertiliser, cement and electricity during September went up by 12 per cent, 11.8 per cent, 12.1 per cent and 11 per cent, respectively. At the same time, the refinery products’ output surged by 6.6 per cent as against 6 per cent in the same month last year. Whereas, crude oil and natural gas production squeezed by 2.3 per cent and 1.7 per cent, respectively, during the month under review. 

The commerce and industry, Minister Piyush Goyal through a tweet said, ” A reason why India is being called a global bright spot is the strength of its core industries. Output of 8 core industries in September grew 7.9 per cent.” 

Investment Information and Credit Rating Agency of India Limited (ICRA), Chief Economist Aditi Nayar commenting on the data said that the core sector growth rebounded to a robust 7.9 per cent in September, after considering two months of moderation.

With this growth it may be expected that the IIP (index of industrial production) may revert to a modest 4-6 per cent YoY (year on year) rise in that month, from the unpredicted contraction in August 2022. Most probably, the IIP data for September is expected to be outr in the second week of November by the government. The contribution of eight core industries accounts to 40.27 per cent in the IIP.

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India Will Achieve Export Target Of USD 2 Trillion By 2030: Piyush Goyal

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The minister was confident enough to say that sustaining the export momentum will enable Indian exports to deal with the global headwinds and will surpass growth in exports by a “big” margin

Commerce and Industry Minister Piyush Goyal said that India will hit a target of two trillion dollar for goods and services export by 2030. The minister delivered his address at the Exporters Conclave held at Chennai, on 16 October.

The minister was confident enough to say that sustaining the export momentum will enable Indian exports to deal with the global headwinds and will surpass growth in exports by a “big” margin. He also said that, with 25 per cent share in exports, the country will become a 30 trillion dollar economy, by 2047.

The industry participants were assured that the government is committed to addressing the issues raised by them. 

President of the Federation of Indian Export Organisations (FIEO) A Sakthivel, said that even though recessionary trends visible in Russia and Europe, there exists good opportunities of exports for Indian exporters.

Sakthivel said that in the next 12 months there would be additional exports to Russia and Europe at around 8 to 10 billion dollar and 15 to 20 billion dollar, respectively. He urged the minister to introduce the Exports Refinance Facility for banks in order to refinance them at the repo rate to the extent of credit extended to the export sector. 

Exporters’ liquidity woes have increased after the levy of GST on exports freight said Sakthivel. During the meeting, exporters raised several issues such as hike in cost of raw materials and decreased demand in certain key export markets and support required to the exporters during difficult time. 

Various other issues were raised too during the session including the need for higher interest subsidy for exporters, benefits under export to Russia in Rupee payment, higher freight costs, fifty per cent duty withdrawal of export from low-grade Iron Ore and non-tariff barriers experienced by domestic exporters in European, Japanese and Chinese markets.

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FTAs Progressing Well: Piyush Goyal

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He was hopeful that the economic and trade agreement (ECTA) with Australia would be passed by their parliament by the end of this year

The negotiations on free trade agreements (FTAs) with several countries are progressing well, said Union Minister of Commerce and Industry Piyush Goyal on Tuesday while addressing the 62nd Automotive Component Manufacturers Association (ACMA) annual session. 

He was hopeful that the economic and trade agreement (ECTA) with Australia would be passed by their parliament by the end of this year.

The automotive industry is at the inflection point, poised to grow significantly and we have to expand its footprints internationally and make India a world leader, he said. 

Goyal emphasised that the focus should now be on quality and cost competitiveness.

Goyal remarked that the future of the automotive component Industry rests on being more connected, focussing on convenience, orienting towards clean energy and clean mobility and using cutting-edge technology. 

He noted that while in the last few years the automobile industry faced challenges of subdued demand and slowdown mainly due to Covid-19, the worst is over now and a record number of sales for two and three-wheelers suggests that the Industry is back on track.

Goyal said the Industry contributes significantly to the GDP, creates jobs, encourages skill development, values talents and has an ecosystem which has a considerable impact on society. 

He reiterated the commitment of the government to supporting the Industry through initiatives such as the production-linked incentive (PLI) scheme.

The government is focused on supporting the semiconductor ecosystem also, he added.  

Noting that countries across the world are looking for trusted partners and resilient supply chains. The minister said, “I don’t think there is a comparable opportunity of the size and scale of India anywhere else in the World.”

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PLI In White Goods Win-win For India, Industry And People: Goyal

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Goyal expressed happiness with demand from the AC and LED sector to open them for Free Trade Agreements (FTA) and said that the industry should now aim at becoming global champions

The Production Linked Incentive (PLI) in white goods is a win-win for India, Industry and the people, said Union Minister Piyush Goyal on Friday while speaking at the high-level DPIIT-FICCI investor roundtable. He said that the PLI scheme is being used to only encourage the industry to take the first few steps to compete in the global market and give it the initial push to bring scale to your business. 

Citing the example of how the LED revolution was brought about by removing the subsidy, Goyal said, “In the long run, no country has succeeded in becoming a prosperous nation on the back of government support. In the LED programme in 2015, my first decision on file was to remove the subsidy on the bulb given by EESL.” He said that because the budget was only 9 crores so everybody kept waiting for the subsidy and we could not go beyond six-hundred thousand bulbs in a year. After removal of the subsidy, we could encourage industry to start expanding the sale of the LED bulbs,” the minister said. 

Goyal expressed happiness with demand from the AC and LED sector to open them for Free Trade Agreements (FTA) and said that the industry should now aim at becoming global champions. “You want to become global champions. You want to compete with the rest of the world on an equal footing from a position of strength. India is not a weak country. We are not looking for sops. We are not scared of any competition. That’s the message this room should give out to the rest of the world,” Goyal said. The union cabinet had given approval to the PLI scheme for white goods (air conditioners and LED lights) to be implemented over FY 2021-22 to FY 2028-29 with an outlay of Rs 6,238 crore on 07 April 2021. 

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Less Govt Interference Will Make Startup Ecosystem Grow: Piyush Goyal

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Almost 46 percent startups registered with the DPIIT (Department for Promotion of Industry and Internal Trade) have women entrepreneurs.

The less the government interferes in the startup ecosystem, the more potential it will have to become successful, Union minister Piyush Goyal said here on Sunday.

But the government can play the role of a facilitator, he added.

The Minister of Commerce and Industry was addressing a gathering during a visit to the Science and Technology Park at the Savitribai Phule Pune University (SPPU).

“Look at the IT sector. It is successful in India because the government has no role to play. Allowing entrepreneurs to operate with less amount of government interference or involvement will them help come up with cost-effective and affordable solutions, and to improve their quality and designs. Crutches only help them in the short run. If we really want to let this ecosystem grow and go to great lengths, then we have to let it work on its own,” he said.

“If I take the list of unicorns, almost none of them have taken government’s support to become unicorns…Government can play a role in reducing taxes. We have reduced the charges for startups and women entrepreneurs in patent filing, etc. Government can be a good facilitator,” he said.

It is the enterprising spirit of the young boys and girls and entrepreneurs that truly defines success, he said. Unicorn is a startup company with a value of over USD 1 billion.

According to Goyal, almost 46 percent of startups registered with the DPIIT (Department for Promotion of Industry and Internal Trade) have women entrepreneurs.

“I like the idea of rating the incubators and escalating funding to those that do a good job. The Modi government recognised the power this country has and the Startup India programme was initiated. Today, we have grown to be the third-largest startup ecosystem in the world,” he said.

Goyal added that Pune has a unique position in the field of IT, industries, and educational institutions.

“Industry, academia and research will take the country forward. In terms of unicorns also India has done extremely well with 79 such setups. Every time I give a presentation, their number changes. Pune also has four unicorns, which is something to be proud of with many more in the making,” he said.

(PTI)

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India Received Record FDI In Last 7 Yrs: Piyush Goyal

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Under an FTA, two trading partners reduce or eliminate customs duties on the maximum number of goods traded between them. Besides, they liberalise norms to enhance trade in services and boost investments.

India attracted “record” foreign direct investments in the last seven years and the trend is expected to continue in the coming years as well on account of major structural reforms being undertaken by the government, Commerce and Industry Minister Piyush Goyal said on Tuesday. He also said that India is focusing on integrating its quality standards with the world and the country needs to let go of the mindset of a particular product being for the domestic market and others for the export market.

“Last seven years, we have seen record FDIs (Foreign Direct Investments). I hope to see that continue, looking at major structural reforms being undertaken. This pickup in economic activity is here to stay and the future looks to be extremely bright,” he said at industry body CII’s National Conference on MNCs 2021. FDI inflows into the country rose 62 percent to USD 27 billion during the April-July period of the current fiscal.

On Free Trade Agreements (FTAs), the minister said India is negotiating such pacts with countries, including UAE, Australia, UK, European Union (EU), Israel, and GCC ( Gulf Cooperation Council)) group. “We will have an FTA with UAE in next 60-100 days, an interim agreement with Australia probably around the same time. With the EU, work should start soon (as) they have recently appointed a lead negotiator and we are working to start with Canada,” he said.

Goyal appealed to MNCs (Multi-National Corporations) to use India as a manufacturing base as they can capture the whole world from India. “Hope you continue to grow, acquire new businesses, recruit in India and bring international talent here,” he said, adding that on the single window clearance platform, more states will come on board.

Under an FTA, two trading partners reduce or eliminate customs duties on the maximum number of goods traded between them. Besides, they liberalise norms to enhance trade in services and boost investments.

(PTI)

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Huge opportunities for Korean firms in India’s startup ecosystem: Goyal

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The minister also invited Korean businesses to invest in India.

Huge opportunities exist for Korean investors in India’s startup ecosystem and both the countries need to increase collaboration in sectors such as automobile, textiles, food processing, and chemicals to enhance economic ties, Commerce and Industry Minister Piyush Goyal said on Friday.

The minister also invited Korean businesses to invest in India.

“Korean investors and the startup ecosystem I believe can find huge opportunities in India’s startup ecosystem. We need to complement our strengths in automobile, textiles, food processing, metals, mining, chemicals and also grow some of our traditional sectors like steel,” he said at the fourth edition of the India-Korea Business Forum.

He said the government has recently launched a National Infrastructure Pipeline with projects worth over a trillion dollars and it can provide opportunities for companies.

“Today India is the preferred destination for investments. Our exports are at an all-time high, our economy is bouncing back and will possibly see one of the fastest growth rates across the world,” he added.

Goyal informed that nearly 15,000 Koreans call India their home and about 12,000 Indians live in Korea.

PTI

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