Tag: PiyushGoyal

Categories
Beyond

US trade deal to lift cotton demand, says Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal has said that India’s interim trade agreement with the United States will increase cotton demand, support farmers, and create new employment opportunities, especially in technology sectors.

Speaking at the ET NOW Global Business Summit 2026, Goyal explained that the agreement will improve market access for Indian textiles in the US. With lower tariffs and favourable rules, garments made using US cotton or yarn and processed in India may enter the American market at competitive duty rates. This, he said, is expected to increase demand for cotton and benefit Indian farmers.

The minister clarified that sensitive agricultural products such as rice, wheat, maize, millets, dairy, and poultry have been kept out of the agreement to safeguard domestic interests. He emphasised that the government has ensured farmer protection while expanding export opportunities.

Goyal added that products like basmati rice, spices, tea, fruits, and marine goods could see better access to the US market, potentially improving incomes for farmers and exporters. He dismissed opposition criticism that the deal could harm agriculture, stating that the agreement has been carefully structured to balance growth and protection.

On the issue of artificial intelligence, Goyal said the AI revolution will not reduce employment but instead create new roles. He noted that India’s young and skilled workforce positions the country well to lead in emerging sectors such as data analytics, cybersecurity, and AI validation.

Also Read: India passport jumps 10 ranks

Categories
Beyond

India clarifies $500bn US import figure

India’s Commerce Minister Piyush Goyal has clarified that the $500 billion figure for imports from the US over five years reflects India’s growing commercial needs, not a firm commitment under the new trade framework.

Goyal emphasized that India “intends to” source goods from the US where it makes sense, but there is no obligation to buy a fixed annual amount. Decisions will depend on price, quality, and demand.

The estimate comes from India’s rising import requirements, expected to reach $2 trillion over five years. Key sectors include energy (crude oil, LNG, LPG), aviation (aircraft, engines, spare parts), technology products, precious metals, and coking coal.

India already has aircraft orders with Boeing worth $50 billion, and future aviation needs could push imports to $80–100 billion. Similarly, growing tech infrastructure,  data centres, AI, and quantum computing,  will drive demand for high-end US products.

Goyal noted that India currently imports about $300 billion of goods that could come from the US. He described the $500 billion figure as conservative, reflecting intent to diversify supply chains rather than any enforced quota.

The interim trade framework also reduces tariffs and gives Indian exporters better access to the US market, benefiting sectors such as pharma, gems and jewellery, and labour-intensive industries.

The clarification addresses concerns that India might be forced into higher imports, reassuring that sensitive sectors like agriculture and dairy remain protected.

Also Read: Sarvam AI beats global rivals in India tests

 

Categories
Beyond

Goyal in New Zealand for FTA Talks

Indian Commerce and Industry Minister Piyush Goyal has arrived in New Zealand to review and advance the ongoing free trade agreement (FTA) talks between the two countries. This marks the fourth round of negotiations since the FTA talks officially began in March 2025.

During his visit, Goyal is meeting New Zealand officials and industry leaders to discuss progress and explore new opportunities for trade and investment. “I am delighted to be in New Zealand to review the progress of our FTA negotiations and explore ways to strengthen economic ties,” he said.

India’s trade with New Zealand reached about USD 1.3 billion in 2024–25, a growth of nearly 49 percent from the previous year. India mainly exports clothing, textiles, medicines, petroleum products, machinery, automobiles, steel, electronics, seafood, diamonds, and basmati rice. New Zealand’s exports to India include agricultural products, apples, kiwifruit, meat, milk products, coal, timber, and scrap metals.

The FTA aims to create a framework that boosts trade, investment, and technology exchange while supporting jobs and economic growth. Goyal’s visit highlights both political and business engagement, with a focus on building partnerships that benefit both nations.

As talks progress, both countries aim to finalise an agreement that strengthens economic cooperation and opens new opportunities for businesses and investors.

Also Read: India Nears Top Three Globally, FM Sitharaman