Commerce and Industry Minister News

The minister also invited the content creators to further propagate the five resolutions, including making India a developed nation in the next 25 years.

Goyal said India traditionally has never been an exporter of grains. In sugar, India's total export was 10 million tonnes.

India and Australia have recently inked economic cooperation and trade agreements to boost economic ties. The minister said, India is looking at several ways to expand relationships.

Currently, manufacturing accounts for about 15 per cent of the country's GDP. The minister added that Indian companies should support goods manufactured locally.

The minister said Korea and Japan do not import Indian steel and purchase steel from their own players. Goyal added that Japanese companies do not allow Indian steel in Japan and they will buy a USD 100 per tonne costlier steel but local Japanese steel.

In 2020-21, FDI into the country grew by 19 per cent to USD 59.63 billion. Total FDI, including equity, re-invested earnings and capital, rose 10 per cent to USD 81.72 billion during 2020-21. India has inked FTAs with several countries, including Japan, South Korea, Singapore, and ASEAN members.

Piyush Goyal took charge as Commerce and Industry Minister. To know more watch the video

TDP leader Ashok Gajapathi Raju resigned as aviation minister.

Commerce and Industry minister Suresh Prabhu will now hold the additional charge of Ministry of Civil Aviation.

Prabhu, who took charge as Commerce and Industry Minister on Monday, said that his ministry will work on developing global supply chain for the agriculture sector.

Amid concerns being raised by India Inc on the US visa regime, the Commerce and Industry Ministry on Monday said it will soon hold a meeting with industry including Nasscom to discuss the issue.    

Commerce and Industry Minister Nirmala Sitharaman today indicated that start-ups may get additional tax benefits in the forthcoming budget, to be unveiled on February 1.

Commerce and Industry Minister Nirmala Sitharaman has called a meeting of export promotion councils and other sector representatives tomorrow to discuss the impact of demonetisation.

Union Minister Nirmala Sitharaman today said banks are not fully understanding the problems faced by small and medium enterprises, whose performance has been hit by the high interest rate regime.

Union Minister Nirmala Sitharaman today defended her demand for 2 percent cut in interest rates by RBI, saying it is essential to boost SMEs and create jobs, amid criticism that such a move would drastically affect fixed deposits.

To improve ease of doing business, Commerce and Industry Minister Nirmala Sitharaman on Saturday said a start-up would now need only a certificate of recognition from the government to avail IPR-related benefits.

 Government today exhorted the country's second largest car maker, Hyundai Motor India, to set up its third manufacturing plant here without hesitation as steps are being taken by the Centre to improve business environment and push manufacturing.

To boost start-ups and create a favourable ecosystem for their stability in the country, the Ministry of Commerce and Industry has approached the Ministry of Finance with an industry proposal to increase the income tax exemption period for the start-ups from the current three years to seven years.

The minister, however, said she was not in favour of relaxing rules for Apple to sell refurbished second-hand phones in India.

South Asian countries need to work together with a "strong business agenda" in services trade as the SAARC region has a huge potential, Commerce Secretary Rita Teaotia said on Saturday.