Tag: Piyush Goyal

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Startup

Startups in India Need To Be Encouraged To Ensure That They Are Not Afraid of Failure: Piyush Goyal

startup ipo india

New Delhi, March 3: Piyush Goyal, Commerce and Industry Minister Piyush Goyal on Tuesday said that startups need to be encouraged to experiment and ensure that they are not afraid of failure. In his address at the CII’s Global Bio India Startup Conclave, Goyal said that in some sense, failure also has its importance, particularly in research, innovation and invention. The Minister emphasised that Indian startups need to be encouraged to experiment and only then they will be able to prove their capacity to go beyond in the long run.

“Our startups need to be encouraged to experiment, to go beyond the run of the mill thinking. We need to ensure that our startups are not afraid of failure. I believe that the country should celebrate failure because it is only when somebody fails, he knows how not to do something,” he said.

Emphasising on the talent in rural India, the minister said that the need of the hour is to engage more with rural India as there is a lot of talent lying there. “You cannot have great innovation and invention coming up through just government initiative, we need to have all sections of business involved. The government should act as an enabler, a service provider,” the minister added.

In India, the government is taking steps to promote startups by launching a slew of initiatives to boost the startup ecosystem in the country. It had launched the Startup India initiative in January 2016 to build a strong ecosystem for nurturing innovation and entrepreneurship.

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MSME Startup

Piyush Goyal Tells BIS To Cut Quality Testing Charges for MSMEs, Startups and Women Entrepreneurs in India To Encourage Ease of Doing Business

Women Entrepreneurship (Photo Credits: Pexels)

In a bid to encourage MSMEs, startups, and women entrepreneurs in India, the charges for testing quality of products should be reduced, Food and Consumer Affairs Minister Piyush Goyal said. The Minister said that once the charges are minimised, it will help them to get their products certified and meet standard norms. Goyal said this at the 3rd Governing Council meeting of the Bureau of Indian Standards (BIS). During his address, Goyal said that there is a need to change the approach of the country towards standardisation and instructed BIS to create a customer charter to usher in highest transparency in its certification process and inspections.

The Minister added saying that the fee for testing of standards should be reduced drastically ‘throughout’ for the MSMEs and in the initial years for the startups and for women entrepreneurs. Goyal said that this will encourage them to get their products certified and also encourage the ease of doing business. During his address, Goyal said that it is a challenge for BIS to fast track the standard setting processes, especially for these programmes of national priority.

BIS must therefore ensure that its technical Committees develop the required new standards in the quickest possible time for products where presently none exist, or review and revise existing standards whenever required, the minister said. Goyal reviewed the process of making Indian Standards and their implementation with officials from BIS, different ministries and regulators, among others.

Goyal directed the BIS to go in for massive expansion and modernisation of testing labs so that entrepreneurs don’t have to travel far to get the testing and certification of standards. Talking about PM Narendra Modi’s mantras for economic development, Goyal said, “Prime Minister Shri Narendra Modi has given the three mantra for faster economic development i.e. Speed, Skill and Scale. Now it is time to add fourth dimension of ”Standard” in to this”.

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Startup

Startups to Become Backbone of India as it Promotes Young Entrepreneurs With New Ideas of Doing Business, Says Piyush Goyal

Startup
Startup (Photo Credits: Pixabay)

New Delhi, December 13: The future of India is going to be startups as its ecosystem is encouraging innovation, promoting and strengthening new young entrepreneurs, Union Minister Piyush Goyal said on Saturday. While addressing the 93rd Annual Convention of Federation of Indian Chambers of Commerce and Industry (FICCI), Goyal said that startups are going to be the backbone of the country as they come up with new ideas and new ways of doing business.

The Union Minister further stated that the government has identified another 24 sectors on which work is going on by industry leaders who are working together to come up with actionable agenda to add nearly Rs 200 lakh crores worth of manufacturing in India in the next 10 years. “I have no doubt in my mind that that FICCI will be a part of our journey of a new India, of transforming India and building a more powerful India,” said Goyal.

Goyal appreciated the growing digital environment as said as we go forward in the post-COVID world, the country will see a mix of virtual and physical engagements, combining to help us expand our global outreach, helping us reach out to new markets, customers and products. During his address, Goyal also said that under the Brand India initiative, consumers both in India and internationally will be educated about products which are made in India.

“We are pushing all industry to certify the Make in India products. Under the Brand India initiative, we are also looking at branding India. It’s time now that India demonstrates to the world our leadership position and commitment of quality,” said Goyal.

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Startup

Piyush Goyal Says ‘Futuristic Vision Combined With Decisiveness Has Provided India a Solid Startup Ecosystem’

Union Minister of Railways, Commerce and Industry Piyush Goyal. (Photo Credit: PIB)
Union Minister of Railways, Commerce and Industry Piyush Goyal. (Photo Credit: PIB)

New Delhi, October 27: Union Commerce and Industry Minister Piyush Goyal on Tuesday said at an event that futuristic vision combined with decisiveness has provided India with a solid startup ecosystem. He spoke this at the inauguration of the 1st Shanghai Cooperation Organisation (SCO) Startup Forum.

Goyal highlighted how India’s startups have demonstrated their ability to convert this severe adversity amid the coronavirus pandemic into a great potential of the future. He further lauded Indian startups for demonstrating high energy and enthusiasm to give many timely and cost-effective solutions. He mentioned that this forum is an opportunity for all the member nations to share and learn from their experiences.

Goyal said creativity, innovation and disruption will be the new mandate in the emerging future. The minister said the new unique concepts that startups come up with will get a much larger engagement through this forum, according to a report on PTI.

“Sharing our best practices, knowledge, engaging corporates and investors from all the member nations, monetising and mobilising capital, setting up incubators, providing exposure and scale with market access will certainly help the worthy ideas of our startups’ innovations,” Goyal added.

 

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Startup

Piyush Goyal Invites Startups to Register at Public Procurement Portal GeM And Offer Goods, Services to Government Organisations & PSUs

Startup
Startup (Photo Credits: Pixabay)

New Delhi, October 7: Commerce and Industry Minister Piyush Goyal on Tuesday invited startups to register at public procurement portal GeM and offer goods as well as services to government organisations and PSUs. According to a Business Standard report, he mentioned that about 4,000 startups have already registered at GeM.

He made this announcement at the first edition of the National Startup Awards 2020 event. Goyal elaborated about the huge potential in areas including railways, airport services, food processing, education, healthcare, agriculture, electronics and defence, and that about Rs 4,000 crore was already disbursed through Fund of Funds for startups, to about 361 startups.

The National Startup Awards, conceived by the Department for Promotion of Industry and Internal Trade (DPIIT), recognised and rewarded the outstanding startups and ecosystem with high potential of employment generation. The first edition of the Awards invited applications across 12 sectors, which were further sub-classified into a total of 35 categories.

For the Awards, a total of 1,641 applications were received from startups spread across 23 states and 4 Union Territories. These applicants included 654 women-led, 165 academic institutions based, and 331 startups working in rural areas.

Then in the next step, all the applicants were evaluated against six broad parameters namely innovation, scalability, economic impact, social impact, environmental impact, and inclusiveness and diversity. Then after three rounds of detailed evaluation, 199 startups were selected for presentation before the jury.

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Finance MSME Startup

98% Exporters, Especially from MSMEs, to Benefit Under Merchandise Exports from India Scheme, Says Union Commerce and Industry Minister Piyush Goyal

Union Minister of Railways, Commerce and Industry Piyush Goyal. (Photo Credit: PIB)
Union Minister of Railways, Commerce and Industry Piyush Goyal. (Photo Credit: PIB)

New Delhi, September 2: The Union Minister of Railways, Commerce and Industry Piyush Goyal on Tuesday said that 98 per cent of the exporters — especially Micro, Small and Medium Enterprises (MSMEs) — will benefit under Merchandise Exports from India Scheme (MEIS) with reward cap of Rs 2 crore per Importer Exporter Code (IEC) from September 1 to December 31, 2020.

Issuing a circular, the Union Minister took to Twitter and wrote, “98% of exporters esp MSMEs will benefit under Merchandise Exports from India Scheme (MEIS) with reward cap of Rs. 2 Cr/ Importer Exporter Code from 1st Sep to 31 Dec 2020. This will remove uncertainty & protect genuine exporters while ensuring Make in India-Make for the World.”

Here’s what the Union Minister for Commerce and Industry said:

The notification stated, “In exercise of the powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with Para 1.02 of the Foreign Trade Policy, 2015-20 and the enabling para 3.13 of the FTP, the Central Government hereby makes the following amendments in the Foreign Trade Policy 2015-20 with immediate effect.”

The notification spoke about the insertion of two new paragraphs — 3.04A and 3.04B — in the Foreign Trade Policy. As per 3.04A, the total reward which may be granted to an IEC holder under the Merchandise Exports from India Scheme (MEIS) shall not exceed Rs 2 crore per IEC on exports made in the period September 1, 2020, to December 31, 2020.

Adding more, the para says those who have made any export with LEO date during the period September 1, 2019, to December August 31, 2020, will not be eligible for submitting any claim for benefits under MEIS for exports. However, para 3.04B says benefits under MEIS will not be available for exports made with effect from January 1, 2021.