Piyush Goyal Reappointed as Commerce and Industry Minister in Modi's Cabinet

Piyush Goyal, who has been reappointed as the Commerce and Industry Minister in Prime Minister Narendra Modi's new Cabinet, is celebrated for his notable contributions in various ministries. Known for his firm stands in trade discussions, Goyal aims to bolster India's trade amidst global economic uncertainties.

Piyush Goyal will take charge as the Commerce and Industry Minister for the second time in the newly-formed Union Cabinet led by Prime Minister Narendra Modi, as confirmed by an official statement on Monday.

Goyal, who secured his first Lok Sabha victory from Mumbai North with a margin exceeding 3.5 lakh votes, was sworn in as the Cabinet Minister on June 9. At the age of 59, Goyal has been a Rajya Sabha member since 2010, and has adeptly articulated the government's stance during debates on numerous issues in the Upper House of Parliament.

He is the son of BJP stalwarts Ved Prakash Goyal and Chandrakanta Goyal, with his father having served as the minister of shipping in the Atal Bihari Vajpayee-led government and as the BJP national treasurer, and his mother as a three-term MLA from Matunga in Mumbai. Elevated to the Cabinet rank in September 2017, Goyal has managed multiple portfolios, including finance, railways, coal, corporate affairs, commerce, industry, and textiles, consumer affairs, food, and public distribution.

A chartered accountant by profession, Goyal is recognized for defending the interests of farmers and fishermen in World Trade Organisation meetings. He steps into the role at a challenging time, with India's merchandise exports declining by 3.1% to USD 437 billion and FDI contracting by 3.5% to USD 44.42 billion in 2023-24 due to global economic instability.

The Economic think tank GTRI recommends that the new government's 100-day agenda include simplifying e-commerce regulations, disbursing duty refund schemes in cash, establishing a national trade network, and publishing a report on the efficacy of India's trade agreements. Furthermore, GTRI advocates for blockchain technology for traceability in agriculture, allowing SEZs to sell domestically on duty foregone basis, and reducing dependence on Chinese imports of key components.

The convergence of a positive domestic outlook with a favourable political environment is anticipated to foster a conducive business ecosystem in India. The Apparel Export Promotion Council chairman and the ex-president of the Federation of Indian Export Organisations have expressed optimism that Goyal's leadership will drive India towards significant export growth, aiming for USD 2 trillion in exports before 2030.

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