Piyush goyal

Commerce and Industry Minister Piyush Goyal Commerce and industry minister Piyush Goyal will lead the delegation of ministers, chief ministers and business leaders at the World Economic Forum in Davos from May 23-25, an official statement said on Friday. “This event would further help reinforce India’s position as an important and relevant stakeholder in shaping the global narrative, particularly as India assumes the presidency of the G-20 in 2023,” the commerce and industry ministry said. The WEF (World Economic Forum) will also be a platform to project India as an attractive investment destination in view of its robust economic growth and stable macroeconomic indicators, it added. The Indian government delegation would include health minister Mansukhlal Mandaviya, petroleum and natural gas minister Hardeep Singh Puri, and chief ministers and senior ministers of six states — Madhya Pradesh, Tamil Nadu, Andhra Pradesh, Maharashtra, Karnataka and Telangana along with senior … [Read more...] about Piyush Goyal to lead team India at World Economic Forum in Davos

Representational Image. Members of the European Parliament take part in a voting session at the European Parliament in Strasbourg, France, February 7, 2018. Picture taken with a fisheye lens. (Reuters) A delegation of senior parliamentarians from the European Union (EU) that is in New Delhi is likely to explore an early-harvest trade deal with India in an attempt to break the deadlock over a proposed mega trade and investment agreement. Recent early-harvest agreements that India signed with Australia and the United Arab Emirates have generated much interest in the EU and politicians from the bloc are keen to work out a similar deal, people familiar with the development said. Proposed in 2007, the Broad-based Trade and Investment Agreement (BTIA) was the subject of 16 formal rounds of talks until 2013 that have remained inconclusive. An early-harvest trade deal is one in which both parties sign off on a set of relatively easily achievable deliverables. Such pacts target … [Read more...] about Exclusive| EU MPs in India to explore early-harvest trade deal

Image: Reuters The snowless mountain village of Davos in Switzerland is ready to welcome over 2,000 leaders and experts from around the world for the World Economic Forum's Annual Meeting 2022. As the threat of COVID-19 wanes, the global business and political elite meet in-person for the first time in two years to discuss the agenda that revolves around the theme, “History at a Turning Point: Government Policies and Business Strategies”. The event takes place from 22-26 May. Traversing unprecedented uncertainty The timing of the meeting gains prominence as policymakers tackle extraordinary uncertainties in the global macro environment due to the lingering war between Russia and Ukraine and the unprecedented level of sanctions. Close The world, especially China and North Korea, is still grappling with the aftershocks of a once-in-a-century pandemic. The S&P 500 is on the verge of falling into bear market territory, potentially ending the bull-run … [Read more...] about 2022 Davos World Economic Forum: Moneycontrol hits ground zero to bring you the best

The unabated surge in prices of cotton and cotton yarn may affect the country’s apparel exports target of USD 19-20 billion during the current fiscal, AEPC chairman Narendra Goenka said on Thursday. He said that the prices have jumped by about 125-130 per cent during the last 18 months and one of the reasons for that would be "unchecked” exports of cotton and cotton yarn. He suggested the government to impose a temporary ban on exports of cotton and cotton yarn like Indonesia has done for its palm oil. "In 2021-22, the exports were USD 16 billion and we are targeting USD 19-20 billion this fiscal. But because of the price rise, it looks to be a concern on achieving the target. The industry is facing a big challenge at the raw material front,” Goenka said. He added that if the price rise does not stop, global customers would start looking at sourcing options other than India. Close "About 60-70 per cent of cotton and cotton yarn are going to our competitor … [Read more...] about Rising cotton, yarn prices may hit apparel exports target: AEPC chairman

ONLY A BRAND NAME Davos is now a global brand name. In reality, it is the name of the Swiss mountain resort where the annual economic summit is held. The get together is the annual meeting of the World Economic Forum (WEF). The town's association with the glitzy gathering of the world’s elite means plenty of rival events have tried to capitalise on the brand name. In 2018, a Saudi investment conference was dubbed "Davos in the desert". WEF warned strongly against imitators. NETWORKING INC. This annual jamboree is officially a conference on themes, which are seamless – from speeches on global economic outlook to ways and means of managing modern stressful life by people who matter. Close But speeches aren’t all; networking is a bigger attraction. Being in a relatively tiny place, amidst sylvan surroundings, snow, and the calm of Switzerland, makes the atmosphere amenable for corporate bosses, politicians, and journalists to schmooze for four days. The … [Read more...] about Ten things you didn’t know about Davos, which begins on May 22

Representative Image The decision of the Central government to remove 11 per cent import duty on cotton has been welcomed by small spinners and the industry at large. South India Small Spinners Association (SISPA) on Thursday said the removal of import duty would help the mills affected by frequent rise in the cotton prices to buy cotton at cheaper prices and also help more arrivals, SISPA president J Selvan said in a statement. He thanked Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman and Textile Minister Piyush Goyal for the removal of import duty till September 30. He thanked Tamil Nadu Chief Minister M K Stalin also for writing to the Centre on the plight of the textile industry. Kongunadu Makkal Desiya Katchi general secretary E R Eswaran said the removal of import duty would help reduce raw material price of cotton, yarn and fabric to some extent. This would also help exporters compete with countries like China, Vietnam and Bangladesh, he said … [Read more...] about Removal of import duty on cotton welcomed

A spinners association from the south said small mills have decided to stop procuring in the face of an unprecedented hike in cotton prices. Cotton price per candy has risen 53 percent in five months to Rs 1.15 lakh and mainly due to low production this year, South India Spinners Association president pointed out. Meanwhile, the yarn price has increased by much less, from Rs 328 per kg in January to Rs 399 on May 21, J Selvan said, sparking a loss of Rs 50-60 per kg for mills. Stating the absence of accurate data on the country's cotton yield, he said large traders and multinationals had purchased and stockpiled huge quantities of the raw material at the beginning of the cotton season. "Even as some quantity has been exported, the steep increase in cotton prices has meant our members are not able to purchase due to shortage of working capital," Selvan said. Close extile minister Piyush Goyal u rging that only surplus cotton be exported. With cotton prices … [Read more...] about Small spinning mills in south recoil from cotton buying as raw material too hot to touch

In its latest assessment this month, the Cotton Association of India (CAI) reduced its production estimate for the 2021-22 season to 323.63 lakh bales of 170 kg each from its previous estimate of 335.13 lakh bales. Production last year was over 352 lakh bales. India’s garment industry expects tough times ahead in the financial year 2023 despite Textile Minister Piyush Goyal’s remarks that only surplus cotton should be exported after the needs of local traders and spinning mills are met. The minister made the comment at a meeting with the industry stakeholders on May 17. With cotton prices more than doubling in a year, the garment industry wanted a short-term ban on the export of cotton and yarn, a declaration of cotton as an essential commodity, and removal of the material from trading at commodity exchanges. The minister did not accept the demand for a ban on exports but provided some relief by extending the import duty exemption for bills of lading until September 20, … [Read more...] about Garment industry braces for tough times as cotton price rockets, demand for export ban is nixed