Piyush Goyal is a senior Bharatiya Janata Party (BJP) leader and the Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles in the Narendra Modi-led BJP government at the Centre. A Leader of the Rajya Sabha, he has been representing Maharashtra in the Rajya Sabha since 2010. He earlier served as Minister of Railways between 2017 and 2021. In the previous term of the BJP government, Goyal had also donned the hat of the finance minister twice in 2018 and 2019, standing in for then Finance Minister Arun Jaitley during phases of the latter’s ailment. Goyal presented the Interim Budget for 2019-20, ahead of the Lok Sabha elections. During his 35-year long political career, he held several other portfolios -- Minister of Coal (2014-19), Minister of State (I/C) for Power, New and Renewable Energy (2014-17), and Mines (2016-17). He has been the National Treasurer of the BJP. Goyal was an all-India second rank holder Chartered Accountant (CA) and second rank holder in Law in Mumbai University. Before joining politics, he worked as an investment banker and advised top corporates on management strategy and growth. He also served on the board of India’s largest commercial bank, the State Bank of India and Bank of Baroda as Government nominee. More
Goyal stated that India today engages with developed economies with confidence, safeguarding sensitive sectors while securing gains in areas of competitive strength
Addressing a gathering at the GEC event in Mumbai, Goyal said recent market unease over the IT sector does not reflect the sector’s long-term prospects.
Speaking at the launch of NITI Aayog’s Frontier Tech Hub roadmap on India’s Technology Services in New Delhi, Goyal said companies should not take a “depressed outlook” on the future.
Under the new agreement, India will eliminate or reduce tariffs on all U.S. industrial goods and a wide range of U.S. food and agricultural products, including dried distillers’ grains (DDGs), red sorghum, tree nuts, fresh and processed fruit, certain pulses, soybean oil, wine and spirits, and additional products.
India, on February 7, opened their ICC Men’s T20 World Cup 2026 campaign with a 29-run win over the U.S. at Wankhede, restricting them to 132 for eight while chasing 162.
India and the United States recently announced a framework for an Interim Trade Agreement on reciprocal and mutually beneficial trade, reaffirming their commitment to a broader Bilateral Trade Agreement (BTA) that was launched by US President Donald Trump and Prime Minister Narendra Modi
Piyush Goyal said India is already importing between $45–50 billion worth of goods from the US annually, largely in areas where domestic production is limited.
Goyal asserted that there has been no compromise on farmers' welfare and that he has presented complete information transparently before the nation.
India has imposed a minimum import price (MIP) of Rs 80 per kg and an import duty of 25 per cent on apples from the US under the proposed India-US trade pact, which is expected to be signed by mid-March.
Under the framework, India will eliminate or cut tariffs on all US industrial goods and a broad basket of American agricultural products, including dried distillers’ grains (DDGs), red sorghum for animal feed, tree nuts, fresh and processed fruits, soybean oil, wine and spirits and additional items.
In 2024, more than $8 billion worth of Indian exports were subject to Section 232 tariffs, which range between 25% and 50% depending on product categories. Nearly $4 billion of this exposure came from automobiles and auto components
India-US Trade Deal: Under the interim agreement, India will reduce duties on high-end American cars, but no tariff concessions have been extended to electric vehicles.
Piyush Goyal said the interim framework would open up a $30 trillion market for Indian exporters, particularly benefiting MSMEs, farmers and fishermen.
Under the framework, the U.S. will apply a reciprocal tariff rate of 18 percent on Indian-origin goods, including textiles and apparel, leather and footwear, plastic and rubber products, organic chemicals, home décor, artisanal products and certain machinery.
Addressing concerns over the pact, Goyal emphasised that farmers’ interests remain fully protected and sensitive sectors will not be diluted.
Referring to opposition protests inside Parliament, Commerce Minister Piyush Goyal said he had wanted to present the government’s position in the House but was compelled to speak outside due to disruptions.
Goyal said he had intended to place his views before lawmakers but was prevented from doing so after what he described as repeated interruptions and disrespect to the Chair.
Throughout the negotiations with the United States, Piyush Goyal’s messaging remained consistent. India was open to deeper trade integration but would not accept terms that harmed farmers, MSMEs, or domestic manufacturing.
"So we are persevering towards a two trillion dollar export target. May not necessarily happen by 2030, but I'm very confident if we add the COVID lost years, we'll be able to achieve that target," Goyal said.
The India-European Union free trade agreement (FTA) is widely termed as the "mother of all deals".
The GCC is a regional grouping of six Middle Eastern countries comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
The deal is set to provide a $75 billion boost to Indian exports with preferential access in the European markets for 99 percent of goods
India and the EU first launched negotiations for a free trade agreement in 2007
Commerce and Industry Minister Piyush Goyal will hold discussions with European Union Commissioner for Trade and Economic Security Maros Sefcovic during a two-day official visit.
The New Zealand pact marks India's third free trade agreement with the Five Eyes countries, after Australia and the UK.