The post No Concern Over 500 Billion Dollar Imports From US in Five Years, Says Piyush Goyal appeared first on The Edge Media.
]]>Speaking in New Delhi, Goyal explained that India currently imports goods worth nearly 300 billion dollars from the US. With steady economic expansion, this figure could rise significantly in the coming years. He stated that India’s economy is expected to create demand worth nearly two trillion dollars, making higher imports manageable. He assured that while India welcomes trade, it will remain competitive in the global market.
Goyal emphasized that adequate safeguards have been incorporated in the trade understanding with the United States to protect the interests of Indian farmers and domestic industries. He said that the government has carefully negotiated the terms to ensure that sensitive sectors are not adversely affected.
Referring to the livestock and poultry sectors, the minister noted that India has agreed to certain tariff rate quotas for products such as corn based animal feed, also known as DDGS. He said this decision would strengthen the poultry and animal husbandry sectors by ensuring access to quality feed at competitive prices.
Goyal added that India is negotiating trade agreements with confidence and strength. He pointed out that India could access a market worth 35 trillion dollars in the future through such partnerships. According to him, the objective of these agreements is to expand opportunities for Indian goods and services globally.
The minister further stated that Indian farmers are already exporting agricultural products worth 50 to 55 billion dollars. With improved access to international markets, including the United States, farmers are expected to benefit from better prices and higher demand. He highlighted that Indian products will gain a competitive advantage in the American market, especially when compared with countries that face higher tariffs.
Meanwhile, political reactions have also emerged. Punjab BJP president Sunil Jakhar said that the India US trade understanding would boost economic development and create new employment opportunities for youth. He remarked that the agreement was finalized after detailed discussions and careful consideration.
On the other hand, the Communist Party of India Marxist expressed concern, alleging that the agreement could pose risks to the country’s economic sovereignty. The party claimed that excessive concessions may have been granted to the United States. In response, the Prime Minister’s Office clarified that national interests remain paramount in all trade negotiations.
Overall, the government maintains that the proposed expansion in trade with the United States will strengthen India’s economy, generate jobs, support farmers, and safeguard domestic industries while enhancing India’s position in global markets.
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]]>The post India Will Not Rush Trade Deals, Says Commerce Minister Piyush Goyal appeared first on The Edge Media.
]]>“We are engaged in active discussions with the European Union (EU) and the United States, but India never enters into agreements hastily or under coercion,” Goyal stated. “We do not finalize deals with a gun to our head. Every agreement must be carefully considered and beneficial for the country in the long run,” he added.
The minister highlighted that India is exploring new global markets to manage the challenges posed by high import tariffs and to diversify its trade portfolio. When asked whether India was receiving fair and sustainable trade offers, Goyal said, “India’s partnerships are always driven by national interest. No external power can dictate whom we choose to collaborate with. If someone says we can’t work with the EU or Kenya, that’s simply not acceptable.”
He also emphasized that global trade decisions, such as the purchase of particular commodities, should be made based on collective reasoning and mutual benefit. His comments come amid reports of US pressure on India to reduce or halt crude oil imports from Russia, highlighting the growing complexity of international trade relations.
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]]>The post Trump’s Claim of Modi Pledge to Stop Russian Oil Purchases Draws Swift Denial from India appeared first on The Edge Media.
]]>New Delhi quickly rejected the claim. India’s Foreign Ministry spokesperson Randhir Jaiswal said he had no information of any such conversation between Modi and Trump on Wednesday.
Russia, meanwhile, defended its ties with India on energy. Denis Alipov, Russia’s ambassador to India, described Russian oil as one of the world’s most affordable options and said energy cooperation with New Delhi aligns with India’s national interests. In Moscow, Deputy Prime Minister Alexander Novak expressed confidence that energy collaboration would continue, calling the partnership economically viable and saying he expected ongoing dialogue and cooperation to deepen.
Commerce and Industry Minister Piyush Goyal added that India is actively negotiating trade agreements with several partners, including the United States, Oman and the European Union, and remains an attractive destination for investment.
On the political front, Congress leader Rahul Gandhi accused Prime Minister Modi of being intimidated by Trump and suggested Modi had effectively ceded the decision over purchasing Russian oil to the former U.S. president.
Trump also spoke with Russian President Vladimir Putin on Thursday evening, in a roughly two-hour call. He posted that Putin congratulated him on efforts to halt the Israel–Gaza fighting and that the two discussed potential post-conflict trade between the U.S. and Russia. The leaders’ senior advisers are expected to meet next week, and Trump and Putin plan to meet in Budapest thereafter. Trump is also scheduled to meet Ukrainian President Volodymyr Zelensky, and warned that continued Hamas killings in Gaza would leave few options besides decisive action.
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]]>The post Centre hikes the minimum price that mills have to pay to sugarcane growers appeared first on The Edge Media.
]]>The government had fixed sugarcane FRP at ₹ 285 per quintal for the current 2020-21 marketing year.
Briefing the media after the Cabinet meeting, Food and Consumer Affairs Minister Piyush Goyal said the FRP has been increased to ₹ 290 per quintal for a basic recovery rate of 10 per cent. He said a premium of ₹ 2.90/quintal will be provided for each 0.1 per cent increase in recovery over and above 10 per cent.
There will be a reduction in FRP by ₹ 2.90/quintal for every 0.1 per cent decrease in recovery.
To protect interest of farmers, Mr Goyal said the government has decided that there would be no deduction where recovery is below 9.5 per cent.
Such farmers will get ₹ 275.50 per quintal for sugarcane in ensuing sugar season 2021-22 in place of ₹ 270.75 per quintal in current sugar season 2020-21,” the minister said.
The cost of production of sugarcane for the sugar season 2021-22 is ₹ 155 per quintal. The FRP of ₹ 290 per quintal at a recovery rate of 10 per cent is higher by 87 per cent over production cost, he said, adding that sugar cane farming is more remunerative than other crops.
The decision will benefit around 5 crore sugarcane farmers and their dependents, as well as about 5 lakh workers employed in sugar mills and related ancillary activities.
When asked if the government will increase the minimum selling price (MSP) of sugar as FRP has been raised, Mr Goyal said, “Not necessarily”.
He said the government is giving a lot of support to increase sugar exports and ethanol production.
“Considering all of these factors, we do not see any reason at the present moment for increasing the (sugar) selling price,” he said, add added the sugar prices have remained stable in the domestic market.
He also said the government has ensured a “delicate balance” between the interest of farmers and consumers as well as of the industry.
The centre fixes sugar MSP, which is the floor price below which mills cannot sell the sweetener in the market. The current MSP is ₹ 31 per kg.
Mr Goyal noted sugar content recovery has been improving as farmers are using modern technology and new agricultural practices.
Talking about sugar exports, the minister said the sugar mills have contracted for export of 70 lakh tonnes in the current marketing year 2020-21, of which 55 lakh tonne have already been shipped, and the remaining 15 lakh tonne are in pipeline.
Mr Goyal said the government has been giving financial assistance to mills for increasing exports.
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]]>The post Piyush Goyal becomes the Leader of the House in Rajya Sabha appeared first on The Edge Media.
]]>Veteran BJP leader and former Union minister Thaawarchand Gehlot on Sunday took oath as the 19th Governor of Karnataka succeeding Vajubhai Rudabhai Vala.
Piyush Goyal, who holds key portfolios in the central government, has been a member of the Rajya Sabha since 2010.
Over the last two years, Piyush Goyal has played an active part in BJP’s efforts in the Rajya Sabha to negotiate with opposition parties not aligned with Congress and fence-sitters like BJD, AIADMK.
Bhupender Yadav, now a Cabinet minister and a lawyer by profession, was also in the race for the post of the Leader of House in Rajya Sabha. Yadav had earned the sobriquet of “committee man” due to his expertise on parliamentary select committees.
Meanwhile, top sources in the Congress said that Rahul Gandhi might replace Adhir Ranjan Chowdhury as the leader of the party in Lok Sabha.
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