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  • Goyal calls India as a ‘voice of developing nations’

    Goyal calls India as a ‘voice of developing nations’

    Goyal is currently on an official visit to France and Italy during which he would be accompanied by a delegation of top Indian CEOs…reports Asian Lite News

    Union Minister of Commerce and Industry Piyush Goyal on Wednesday called India a “voice of developing countries” and said that today the country represents the global south.

    Speaking at the Gala Dinner in Rome among the presence of Indian and Italian Business leaders, Goyal said that India as the voice of the less developed countries, has been at the forefront of not only providing a better life for our people but also contributing to a better future for people in other parts of the world. “India today represents the global south, being the voice of the developing countries, the voice of the less developed countries, has been at the forefront of not only providing for a better life for our people but also contributing to a better future for people in other parts of the world, particularly in countries which have also been left behind in the development process,” the Union Minister said.

    India’s Ambassador to Italy, Dr Neena Malhotra as well as Deputy Minister of Foreign Affairs and International Cooperation of Italy, Edmondo Cirielli were also present at the occasion.

    Goyal further spoke on connectivity at the event and highlighted how India offers an oasis of opportunity with 1.4 bn people aspiring for a better quality of life.

    The Union Minister said, “India offers an oasis of opportunity with 1.4 Billion people aspiring for a better quality of life, aspiring for good things, that we have missed out on over the years and the govt over the last decade has focused itself on providing the basic amenities that are required by any person, by any family.”

    He also added that India now has nearly 800 million internet users across the length and breadth of the country and that 4G penetration is throughout the nation.

    “We have ensured that no family is ever deprived of food, proper clothing, proper shelter, healthcare, and education. We now have nearly 800 mn internet users across the length and breadth of the country. 4G penetration is throughout the country. We have launched 5G, and by end of 2023, most of the main cities in India would be covered by 5G Connectivity,” Union Minister Piyush Goyal said at the Gala dinner in Rome on Wednesday.

    Goyal is currently on an official visit to France and Italy during which he would be accompanied by a delegation of top Indian CEOs.

    Union Minister of Commerce and Industry Piyush Goyal, while addressing India-France Business Summit and CEOs Roundtable in Paris on April 12, told participants and delegates that there is a huge delta of opportunities in India and invited them to leverage them.

    The Embassy of India in Paris, in association with the industry body Confederation of Indian Industry (CII), the Mouvement des Entreprises de France(MEDEF) and the Indo-French Chamber of Commerce and Industry(IFCCI), organised the Business Summit and CEOs Roundtable on Tuesday (local time).

    More than 50 CEOs from Indian and French companies participated at the CEOs Roundtable which was addressed by Minister Goyal and the Minister Delegate for Foreign Trade, Economic Attractiveness and French Nationals Abroad, Government of France, Olivier Becht. Sectors such as agriculture, tourism, defence, manufacturing, pharmaceuticals, textiles, and aerospace were also represented at the roundtable.

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  • Goyal to co-chair India-France business summit in Paris

    Goyal to co-chair India-France business summit in Paris

    Goyal will be on an official visit to France and Italy from Tuesday-Thursday during which he would be accompanied by a delegation of top Indian CEOs…reports Asian Lite News

    Union Minister of Commerce and Industry Piyush Goyal will lead the Indian delegation at India-France Business Summit, commemorating 25 years of India-France friendship, on Tuesday in Paris.

    Goyal and Olivier Becht, France’s Minister delegate of Foreign Trade, Attractiveness and French Nationals Abroad will co-chair the India-France Business Summit. The summit will focus on themes including building a green future, emerging technologies, defence cooperation and cooperation in the Indo-Pacific region, an official release said on Sunday.

    The business summit and CEO roundtable are being organised by the Embassy of India in Paris in partnership with Medef, CII, Business France and IFFCI.

    400-plus participants have registered for the business summit and have shown tremendous enthusiasm.

    Minister Goyal is also scheduled to meet with French business leaders across various sectors and will attend a CEOs roundtable.

    Goyal will be on an official visit to France and Italy from Tuesday-Thursday during which he would be accompanied by a delegation of top Indian CEOs.

    “Goyal along with French Minister Olivier Becht will participate in a gala dinner event hosted by the Ambassador of India to France and Monaco Jawed Ashraf that will showcase India’s cultural heritage and soft power and expected to witness the participation of 650+ dignitaries from the French government, the Indian Business Diaspora in France and members of French business community. The Minister will also be interacting with members of the Indian community in Paris,” stated the release by the Ministry of Commerce and Industry.

    The minister will later travel to Rome in Italy where he would meet Antonio Tajani, Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation followed by a networking dinner with dignitaries from the government and industry.

    He is also scheduled to meet top Italian CEOs for bilateral meetings followed by a CEOs Interactive Business Session, where 35 CEOs are likely to participate. This would be followed by a meeting with Adolfo Urso, Minister of Enterprises and Made in Italy, who would also interact with Indian CEOs.

    This upcoming visit is expected to provide further momentum to bilateral relations with India’s key business partners in the European region. (ANI)

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  • Adopt green approach, Goyal tells businesses

    Adopt green approach, Goyal tells businesses

    Goyal said that countries don’t have the right to use up all the resources of this planet….reports Asian Lite News

    Addressing the Inception Meeting of Business 20 (B20), Commerce Minister Piyush Goyal on Monday asked businesses to adopt a sustainable and green approach in business practices.

    He asked them to use the forum of B20 along with G20 to look at how the government and businesses can collectively work towards a sustainable and equitable future agenda.

    Addressing the Inception Meeting of Business 20 (B20), the official G20 dialogue forum with the global business community in Gandhinagar, he highlighted that India had always stood for sustainable development.

    He mentioned that India was one of the top five countries in the world in terms of adopting and implementing environmental goals.

    India regularly files UNFCCC report and has already exceeded its goal for 2030, of having a 40 percent share of renewable energy in its installed capacity in 2021, Goyal told the gathering.

    Businesses that have decided to set up manufacturing in India grow and expand due to our competitiveness and ability to innovate and design new products, he added.

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  • India-US economic ties driven by common interest, says Goyal

    India-US economic ties driven by common interest, says Goyal

    The CEO Forum, comprising CEOs from leading Indian and US-based companies, is co-chaired by N Chandrasekaran, Chairman of Tata Sons and James Taiclet, President and Chief Executive Officer, Lockheed Martin…reports Asian Lite News

    During the virtual India-US CEO Forum on Thursday, Commerce Minister Piyush Goyal highlighted the significant growth of the India-US economic relations, driven by the common interest of promoting sustainability, emerging technologies, globally resilient supply chains, and small businesses.

    During the forum, which was jointly chaired by Piyush Goyal and US Secretary of Commerce Gina Raimondo, India’s commerce minister reiterated the importance of such dialogues in leveraging this momentum. According to a commerce ministry statement, Secretary Raimondo thanked Piyush Goyal, co-chairs and CEO forum members for their participation and insightful identification of common focus areas that will further bolster the bilateral partnership between the two nations.

    According to the statement, chief executive officers (CEO) from both sides commended the two governments for implementing transformative reforms and initiatives undertaken to strengthen bilateral cooperation.

    The CEO Forum, comprising CEOs from leading Indian and US-based companies, is co-chaired by N Chandrasekaran, Chairman of Tata Sons and James Taiclet, President and Chief Executive Officer, Lockheed Martin.

    The CEOs, under the seven working groups, presented priority areas to create stronger partnerships and boost growth across various critical areas such as entrepreneurship and promoting small businesses, health care and pharmaceuticals, aerospace and defence, information and communications technology (ICT) and digital Infrastructure, energy, water and environment, infrastructure and manufacturing, financial services, trade and investments, among others, according to the commerce ministry statement.

    This ministry of commerce also said dialogue would serve as the framework under which specific recommendations will be charted out during the sixth edition of the India-US CEO Forum, due to be held early next year.

    This is the sixth time the Forum has been convened since its reconstitution in December 2014 by the governments of India and the US.

    The ministry statement said the Forum continues to be an effective platform for dialogue across key sectoral themes and to identify areas for closer collaboration for mutual benefit of both economies. Senior government functionaries, including Taranjit Sandhu, the Indian Ambassador to the US, also participated in the meeting.

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  • Goyal says Egypt approved India as a wheat supplier

    Goyal says Egypt approved India as a wheat supplier

    The development comes as the global supply of wheat is getting constrained due to the Russian-Ukrainian war…reports Asian Lite News

    Egypt has approved India as a wheat supplier, said Union Minister Piyush Goyal on Friday.

    “Indian farmers are feeding the world,” tweeted the Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles.

    “Egypt approves India as a wheat supplier. Modi Govt. steps in as world looks for reliable alternate sources for steady food supply.”

    “Our farmers have ensured our granaries overflow & we are ready to serve the world.”

    The development comes as the global supply of wheat is getting constrained due to the Russian-Ukrainian war.

    Both the nations are major global producers of wheat.

    On the other hand, Egypt is a major wheat importer in the world.

    Recently, India has diversified its wheat exports market.

    Less MSP procurement

    The Ukraine-Russia war-led speculation surge for Indian export of wheat may bring down government procurement under Minimum Support Price (MSP) to 30-35 million metric tonnes (MMT) against the targeted 44 MMT this year and high vegetable oil prices may shift some unirrigated rice area to oilseeds, a US Agriculture Department report said.

    The US Department of Agriculture’s ‘Grain and Feed Annual – 2022’ report for India, released late on Tuesday night (India time) dwells on market possibilities, sowing area, and record productions.

    Pointing out that India is heading for a record wheat harvest this marketing year (MY), it said the Foreign Agricultural Service, New Delhi forecasts MY 2022/2023 (April-March) wheat production at a record 110 from 30.9 million hectares, and up from last year’s record 109.6 MMT from 31.1 million hectares.

    “India is heading for a record wheat harvest this coming marketing year (MY) thanks to highly favorable weather conditions in the major wheat growing areas. If good weather conditions hold through the harvest (April-May), FAS New Delhi (Post) forecasts MY 2022/2023 (April-March) wheat production at a record 110 million metric tons (MMT) from 30.9 million hectares, and up from last year’s record 109.6 MMT from 31.1 million hectares,” it said.

    It blamed global prices fueling domestic pricing and receding fear of new Covid-19 disruptions to claim that government procurement is set to swing into reverse in 2022/23.

    “In February 2022, but just prior to Russia’s invasion of Ukraine, the Indian government set the 2022/23 procurement target at 44 million metric tons. With speculation rampant about a surge of demand for Indian export wheat, due to high global prices, sources see the government’s minimum support price (MSP) procurement dropping to 30-35 million metric tons,” it said.

    India’s 2021/22 (October 2021-January 2022) total rice exports are officially estimated at 6.8 MMT, up from 5.7 MMT during the same period last year on increased coarse rice exports to Bangladesh, China, and African countries, the report said.

    “Assuming no significant change in the current price parity for Indian rice, 2021/22 rice exports are expected to reach 20.5 MMT, and 2022/23 exports are forecast at 18 MMT.”

    Warning that high vegetable oil prices may shift some un-irrigated rice area to oilseeds, the report said that timely, well-distributed 2022 monsoon rains are critical for forecast area planted and yields as 40 per cent of the rice area is rain-fed (un-irrigated).

    Despite 2021 monsoon rains supporting a record corn harvest, 2021/22 total coarse grain production is estimated lower at 49.9 MMT due to lower production of other coarse grains, the report said. Timely planting under above normal 2022 monsoon rains and favorable weather conditions for the winter planted rabi season corn boosted yield prospects with 2021/22 corn production estimated at a record 32.5 MMT.

    “However, production of millet, sorghum, and barley are estimated down from last year on lower plantings (area shifted to rice and pulses),” it said.

    The report also pointed out that despite the record harvest, 2021/22 prices are on the upward trajectory.

    “Prices have gone up further in the last three months in response to global prices spiking due to the Russian invasion of Ukraine. Despite India’s export competitiveness, Post forecasts 2022/23 exports lower at 2.4 MMT and imports at 100,000 MT on forecast tight domestic supplies and strong demand,” said the report that came with a disclaimer that it contained assessment of commodity and trade issues made by the USDA staff and not necessarily statements of official US government policy.

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