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India's Commerce Minister, Piyush Goyal, announced a goal to cultivate 5,000 unicorns, starting with an initial target of 1,000. Speaking at the Vejalpur Startup Festival 2.0, he highlighted the importance of startups in driving innovation and urged entrepreneurs to embrace a people-centric approach and view failure as a learning opportunity.
Union Minister of Commerce and Industry Piyush Goyal highlighted that several nations are looking to adopt India's development model, particularly the Startup India initiative that fosters innovation. He announced plans to increase the number of unicorns in India from 118 to 1,000 and eventually to 5,000, emphasizing the shift from job seekers to job creators within the startup ecosystem.
Elon Musk's Tesla faces high import duties in India, reaching up to 110%, which has previously hindered its market entry. The Trump administration is advocating for zero tariffs on automobile imports in trade negotiations, while India is considering potential reductions after consulting domestic stakeholders. Both nations aim to resolve tariff disputes and enhance bilateral trade, targeting $500 billion by 2030.
PSIQUANTUM has achieved a significant milestone in manufacturing photonic quantum chips at scale, addressing major hardware challenges in quantum computing. Meanwhile, India and the EU have strengthened their collaboration on AI, digital governance, and semiconductor ecosystems, committing to enhance digital cooperation, promote ethical AI, and ensure supply chain resilience. They also agreed to work on interoperability of Digital Public Infrastructures and bridge the digital skills gap through talent exchange initiatives.
Commerce Minister Piyush Goyal has called for policy changes to address food inflation and high interest rates, questioning their impact on the demand for staples like tomatoes and pulses. He expressed confidence in India's economic resilience, attributing recent GDP slowdown to temporary election-related factors while highlighting the strength of the country's macroeconomic fundamentals.
India's central bank has maintained the benchmark interest rate at 6.50% while revising its GDP growth forecast for fiscal year 2025 down to 6.6% from 7.2%. Rising inflation, which hit a 14-month high of 6.21%, and a slower-than-expected economic growth of 5.4% in the July to September period have complicated the RBI's efforts to balance growth and inflation. Despite calls for lower borrowing costs from government officials, the RBI chief has ruled out immediate rate cuts, citing risks to the economy and currency stability.
India's central bank is expected to maintain the benchmark repurchase rate at 6.5% amid concerns over a surprising economic growth slump to 5.4%. While Governor Shaktikanta Das has ruled out immediate rate cuts, pressure mounts from government officials and economists for measures to lower borrowing costs and stimulate growth. With his term ending soon, Das faces challenges in balancing inflation control and economic activity.
Commerce Minister Piyush Goyal stated that nations of the Global South are not responsible for current environmental damage, attributing it to developed countries that have benefited from low-cost energy. At the CII Partnership Summit 2024, he emphasized the need for common but differentiated responsibilities in addressing environmental issues, following criticism of a $300-billion climate finance plan deemed inadequate by developing countries, including India.
Commerce Minister Piyush Goyal emphasized the need for stronger political support to expedite the conclusion of the proposed foreign trade agreement (FTA) between India and the European Union during discussions with French Minister Sophie Primas. The meeting, which focused on trade, investment, and ongoing negotiations for the FTA, Investment Protection Agreement, and Agreement on Geographical Indications, marked the first engagement between the ministers under Prime Minister Modi’s third term and the new French government led by President Macron.
Commerce Minister Piyush Goyal highlighted that India and France's bilateral trade, valued at $15 billion in FY24, remains at a "suboptimal level." He emphasized the need for enhanced collaboration through bilateral agreements and multilateral platforms to boost trade and address challenges like climate change.
Piyush Goyal
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