At a meeting with exporters and industry, Piyush Goyal said that the team working on the Bilateral Trade Agreement (BTA) with the US is exploring the right mix and the right balance, and is “working with speed but not in undue haste” to ensure the right outcome for the country.
No need to panic, India-US talks on: Piyush Goyal to exporters
“We have a shared ambition to ensure economic stability, increase investment, and reform our economies to drive growth and prosperity across both our countries,” read a joint statement at the end of the 13th Economic and Financial Dialogue (13th EFD) between the two nations, held in London.
India is considering zero-duty imports from the US in various sectors, including those under the PLI scheme, to expedite a bilateral trade agreement and reverse reciprocal tariffs. This offer hinges on strict rules of origin, requiring 30-40% value addition and tariff heading changes.
India’s smartphone exports reached a record ₹2 lakh crore in the last fiscal year, marking a 54% increase, with Apple iPhones accounting for ₹1.5 lakh crore. The electronics manufacturing sector has grown fivefold in the last decade, with exports increasing six times. The government has announced a ₹22,919 crore electronics component manufacturing scheme to further […]
Commerce Minister Piyush Goyal assured businesses that India’s interests remain paramount in trade pacts. He highlighted ongoing positive trade talks with the US, aiming for India’s developed nation status by 2047. Goyal also mentioned plans for Indian Institutes of Management and Foreign Trade in the UAE, emphasizing Dubai’s role as a gateway to the Middle […]
Banks told to push global trade settlement in Rupee
7 months ago
The government is urging banks to promote settling international trade in Indian rupees, aiming to reduce reliance on the US dollar and lower foreign exchange costs. Discussions are underway to streamline the special rupee vostro account (SRVA) mechanism. The RBI is enhancing the Indian Financial Network to facilitate secure international fund transfers via SRVA.
Commerce and Industry Minister Piyush Goyal will meet with exporters to address concerns arising from the US’s imposition of a 26% reciprocal tariff. The discussion will involve commerce ministry officials, EPCs, and FIEO representatives, focusing on the potential impact on Indian exports like shrimp, carpets, and medical devices, given the US accounts for a significant […]
Union Minister Sarbananda Sonowal inaugurated advanced shipbuilding machinery at Cochin Shipyard, highlighting India’s self-reliance in the sector. He assessed the construction progress of India’s largest Trailer Suction Hopper Dredger and presided over the steel-cutting ceremony for two Green Tugs, part of a sustainable initiative.
Adani Ports and Special Economic Zone Ltd. began operations at the Colombo West International Terminal (CWIT), a significant $800 million investment. This automated terminal enhances the Port of Colombo’s capacity, establishing it as a vital transshipment hub in South Asia. The project underscores regional cooperation between India and Sri Lanka.
India is establishing an import monitoring group to prevent the diversion of goods from countries facing higher US tariffs, such as China and Vietnam. This move comes as the US has imposed a 26% reciprocal tariff on India, while other Asian competitors face higher rates.