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The <keyword id="13535043" type="General" weightage="20" keywordseo="india-australia-economic-cooperation" source="Orion">India-Australia Economic Cooperation</keyword> and Trade Agreement, which would give a big boost to especially textiles, gems and jewellery and pharmaceuticals sectors, is expected to create new 10 lakh jobs, said <keyword id="269080" type="General" weightage="20" keywordseo="union-commerce-minister" source="Orion">Union commerce minister</keyword> Piyush Goyal. "Since the labour-intensive sectors will be benefitted, it is expected to create additional employment of at least 10 lakhs jobs in India, create ample opportunities for investment, promotion of start-ups. Similarly, it would provide enhanced job opportunities for Indians in Australia and increased remittance flows to India," Goyal said. The Australian parliament has announced the passing of the <keyword id="120586" type="General" weightage="20" keywordseo="free-trade-agreement" source="Orion">free trade agreement</keyword> (FTA) with India, Goyal on Tuesday said adding that the initial size of bilateral trade between the two countries can go up to around USD 45-50 billion in the next five-to-six years. Addressing a press conference on the trade deal following the approval of the Agreement by the Australian Parliament, Goyal said that duties on 100 per cent tariff lines would be eliminated by Australia under this deal. The Minister underscored that the Agreement was finalized after extensive and exhaustive stakeholder consultations and pointed out that it was "unanimously accepted" and supported by all quarters. The deal which was signed on April 2, 2022, is now ready for ratification for its early implementation. The Agreement will enter into force shortly, on a mutually convenient date once both sides have completed their domestic processes, India's Ministry of Commerce and Industry said in a statement on Tuesday evening right after minister Goyal's presser. Australia is an important strategic partner of India and both democracies are part of the four-nation QUAD, Trilateral Supply Chain Initiative and the Indo-Pacific Economic Forum (IPEF). The trade relationship facilitated through the deal will open a new chapter on India-Australia Comprehensive Economic Partnership between two vibrant economies with shared interests and trade complementarities. This Economic Cooperation and Trade Agreement is the first trade agreement of India with a developed country after more than a decade, the statement said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/googles-parent-company-alphabet-prepares-to-lay-off-10k-employees/articleshow/95691119.cms" style="">Google's parent company Alphabet 'prepares' to lay off 10K employees</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/vedanta-announces-third-dividend-of-rs-17-50-per-share/articleshow/95690324.cms">Vedanta announces third dividend of Rs 17.50 per share</a>

India-Australia trade deal estimated to create 10 lakh jobs: Piyush Goyal

New Delhi, Apr 9 () Union Minister Piyush Goyal on Thursday told trade and industry representatives that all their issues and feedback are being forwarded to the finance ministry, which he says will take a "balanced and nuanced approach" to their problems in view of coronavirus situation.The Commerce and Industry Minister interacted with several industry and trade associations through video conferencing to assess the ground situation and problems being faced by them in the wake of Covid-19 and subsequent lockdown.On demand from certain participants for early announcement of the relief package for the industry, the minister said "feedback received is being forwarded to the finance ministry for consideration, which is likely to take a balanced, nuanced approach". Goyal said that his ministry is working to solve the logistics and export-import related problems and also taking up other concerns of the industry and traders with various ministries. Industry associations raised several issues such as liquidity crunch, orders cancellation, labour scarcity, different interpretation of the central government's orders by the state and district authorities, stranded trucks and difficulties in getting spare parts.At the same time, they informed that the situation has improved considerably in last fortnight "so much so that IT industry has been able to cover up to 95 per cent of the ground", an official statement said. The minister said that the labour, which had migrated recently, will return after the COVID cases started declining. Further, the minister said the decision to end lockdown will be taken at an appropriate time, after making due assessment. He drew their attention to certain states planning extension of the lockdown. Goyal called upon the industry to have a calibrated and rational approach to the problem, by evolving protocols and procedures, which will help them in improving their productivity and efficiency, without compromising on the health security of their employees and other stakeholders. "I think we should start talking more practical instead of making wish-lists," he added. The meeting was attended by office bearers of CII, FICCI, ASSOCHAM, Laghu Udyog Bharati, FISME, NASSCOM, PHD Chamber of Commerce and SIAM, ACMA, IMTMA, IEEMA, CAIT and FAME. RR MKJ

Covid-19: Goyal hears out industry representatives, says FinMin will take 'balanced, nuanced approach' to issues

New Delhi, Mar 28 () Commerce and Industry Minister Piyush Goyal on Saturday asked industry and trade associations to not allow en-masse migration of workers, as they are not only their assets but could become potential carrier of COVID-19.Goyal has told the industry and trade associations to take care of their employees and workers in this hour of crisis and distress.He said this in a meeting through video conference. It was held with the associations to assess the impact of COVID-19 and lockdown in the country, and get their feedback as well as suggestions."They are not only their assets and resources, but also could become potential carrier of COVID-19, if they are allowed to migrate en-masse throughout the country and countryside, during this pandemic," an official statement said quoting the minister.Minister of State for Chemicals and fertilizers and Shipping Mansukh Mandaviya, who was also present, stressed on retaining the workers and labourers on the payroll and at the same place.He said that their movement will jeopardize the nationwide lockdown, and also affect the early normalisation in the post-COVID period.Goyal called upon them to spread the message about the steps taken by the government in containing the menace of COVID-19, with the help of their stakeholders.He said that they should also engage with various society influencers, including the leaders of different religions and faiths, to propagate all preventive measures, like washing of hands, maintaining social distance, and other health precautions.Responding to the various issues raised in the conference, the commerce minister said the instructions issued by the Ministry of Home Affairs make it clear that goods movement of any type will not be curtailed in the country.He also said that many issues raised by the associations relating to other ministries and agencies, will be expeditiously taken up by the ministry.The situation would lead to more "Make in India" for the country and the world, he added.The associations narrated their assessment of impact of the lockdown and pandemic on their activities and businesses, and made a range of suggestions.It was attended by the representatives from CII, FICCI, ASSOCHAM, PHD Chamber of Commerce, Laghu Udyog Bharati, Eastern Chamber of Commerce, CAIT, South Indian Chamber of Commerce, IMC, NASSCOM, SIAM, IMTMA, IEMA, FISME, IEEMA, and ICC.Thousands of migrant workers and daily wagers have been stranded in Ghazipur which lies at the border of Delhi and Uttar Pradesh. RR BALBAL

Workers are assets, but en-masse migration could make them potential COVID-19 carriers: Goyal

Here are India’s cabinet ministers who were appointed in 2014

Japan has announced a $221 million China exit subsidy for Japanese companies to shift their base to India and other regions. In April, amidst the coronavirus pandemic, outgoing <keyword id="1204728" type="PERSON" weightage="20" keywordseo="Japanese-Prime-Minister-Shinzo-Abe">Japanese Prime Minister Shinzo Abe</keyword> proposed building an economy that is less dependent on one country -- China, so that the nation can avoid supply chain disruptions. In mid-July, Japan's Ministry of Economy, Trade and Industry unveiled the first group of Japanese companies to subsidise shifting manufacturing out of China to Southeast Asia or Japan in a bid to build a more resilient supply chain. Ahead of the India-Japan summit, the Japanese government has announced it would add India and Bangladesh to a list of ASEAN countries to qualify for subsidies for Japanese manufacturers moving out of China. The move comes following a recent virtual meeting between the trade ministers of India, Japan and Australia to advance cooperation on building trusted supply chain resilience in the Indo-Pacific to reduce dependence on China, which is a major trade partner with all three countries. The SCRI (Supply Chains Resilience Initiative) is aimed to build an alternative supply chain, away from China. Commerce Minister Piyush Goyal explained, "diversification of supply chain is critical for managing the risks associated with the supply of inputs, including disciplining price volatility. We could provide the core pathway for linking value chains in the region by creating a network of reliable, long-term supplies and appropriate capacities". He further stated that the initiative could not have come at a more opportune time in the post-Covid-19 scenario when there is a likelihood of churning of supply chains in the Indo-Pacific region. He said that in May 2020, Prime Minister Modi had stressed that it is the need of the hour that India should play a big role in the supply chains. The Japanese government's supplementary budget earmarked 23.5 billion yen ($221 million) for businesses that wish to move their production to Southeast Asian nations from China. The country's manufacturers can now receive subsidies for pilot programmes and feasibility studies. The Japanese government's programme aims to ensure a steady supply chain of products like medical supplies and electrical components in case of any emergency. Currently, Japanese companies' supply chain relies heavily on China. The issue came to light during the Covid-19 pandemic when supplies from China were cut off. In the second round of applications, projects would contribute to the ASEAN-Japan supply chain, assuming that relocation will occur to India and Bangladesh. Feasibility studies on decentralising manufacturing plans were also carried out along with the experimental introduction of facilities. The first round of subsidies, which was announced in July, granted around 10 billion yen to 30 companies relocating their production sites to Southeast Asia. Another 57 firms are also receiving support for moving manufacturing facilities to Japan. Exodus of Manufacturing: Impact on China The movement of production capacity from China will increase unemployment in the communist country as jobs move away. The US-China trade tensions have already cost about two million industrial jobs in China. Its border aggression with India has seen the latter severe its trade and business ties giving China a major economic blow. China wants to move up the value chain and produce more high-tech goods as it has repeatedly indicated, for which it needs FDI and more open trade. China is beginning to miss out on these two factors as a result of the US-China trade war, tensions with neighbours on account of aggressive behaviour and suspension of human rights in Hong Kong. In the medium to long-term, China could see a larger negative effect on productivity. A reduction in productivity growth will hurt China's potential growth rate, which increasingly relies on technological innovation, rather than, for example, labour force growth. Finally, global value chains from China will be disrupted with countries like India, Bangladesh and the southeast Asian region taking away the giant's business. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/its-not-just-india-chinese-intelligence-has-its-eye-on-more-than-2-4-million-individuals-across-the-us-japan-canada-australia-and-the-uk/articleshow/78101034.cms">It's not just India — Chinese intelligence has its eye on more than 2.4 million individuals across the US, Japan, Canada, Australia, and the UK</a> <a href="https://www.businessinsider.in/defense/news/india-china-border-tension-will-be-in-focus-as-the-parliaments-monsoon-session-begins-today/articleshow/78098575.cms">India-China border tension will be in focus as the Parliament's Monsoon session begins today</a> <a href="https://www.businessinsider.in/finance/banks/news/all-eyes-on-parliaments-monsoon-session-the-banking-regulation-amendment-bill-2020-may-not-be-on-the-docket-for-long/articleshow/78101791.cms">All eyes on Parliament's Monsoon session — the Banking Regulation (Amendment) Bill 2020 may not be on the docket for long</a>

Japan offers $221 million as 'China-exit' subsidy for Japanese companies

Prime Minister <keyword id="6354477" type="PERSON" weightage="100" keywordseo="Narendra-Modi">Narendra Modi</keyword> allocated portfolios to his ministers, giving the Ministry of Finance and Defence to Arun Jaitley. <keyword id="6355111" type="PERSON" weightage="100" keywordseo="Sushma-Swaraj">Sushma Swaraj</keyword> was allocated the Ministry of External Affairs while <keyword id="6355121" type="PERSON" weightage="100" keywordseo="Rajnath-Singh">Rajnath Singh</keyword> got Home Ministry. Here is the list of ministers in Modi’s government: 
 
Cabinet Ministers 
Rajnath Singh — Home Ministry 
Sushma Swaraj — Ministry of External Affairs 
Ananth Kumar — Parliamentary Affairs and additional charge of chemicals and fertilisers 
Nitin Gadkari — Surface Transport and Shipping Ministry 
Sadanand Gowda — Ministry of Railways 
Venkaiah Naidu — Urban Development Ministry and Parliamentary Affairs 
Ravi Shankar Prasad — Telecom Ministry, Law and Justice Ministry 
Maneka Gandhi — Women and Child Development Ministry 
Najma Heptulla — Ministry of Minorities 
Smriti Irani - Human Resource Development Ministry 
Radha Mohan Singh — Agriculture Ministry 
Nirmala Sitharaman — Minister of State for Commerce 
Prakash Javadekar — Minister of State for Information &amp; Broadcasting 
Ram Vilas Paswan — Food and Civil Supplies Ministry 
Arun Jaitley — Finance Ministry and additional charge of the Defence Ministry 
Uma Bharati —Minister of Water Resources and Ganga 
Jual Oram —Minister of Tribal Affairs 
 
Ministers of State (Independent Charge) 
General VK Singh – Development of North Eastern Region (Independent Charge), External Affairs, Overseas Indian Affairs 
Inderjit Singh Rao – Planning (Independent Charge), Statistics and Programme Implementation (Independent Charge), Defence 
Santosh Gangwar – Textiles (Independent Charge), Parliamentary Affairs, Water Resources, River Development and Ganga Rejuvenation 
Shripad Naik – Culture (Independent Charge), Tourism (Independent Charge) 
Dharmendra Pradhan – Petroleum and Natural Gas (Independent Charge) 
Sarbananda Sonowal – Skill Development, Entrepreneurship, Youth Affairs and Sports (Independent Charge) 
Prakash Javadekar – Information and Broadcasting (Independent Charge), Environment, Forest and Climate Change (Independent Charge), Parliamentary Affairs 
Piyush Goyal – Power (Independent Charge), Coal (Independent Charge), New and Renewable Energy (Independent Charge) 
Dr Jitendra Singh – Science and Technology (Independent Charge), Earth Sciences (Independent Charge), Prime Minister Office, Personnel, Public Grievances &amp; Pensions, Department of Atomic Energy, Department of Space 
Nirmala Sitharaman – Commerce and Industry (Independent Charge), Finance, Corporate Affairs 
 
Ministers of State 
GM Siddeshwara – Civil Aviation 
Manoj Sinha – Railways 
Nihalchand – Chemicals and Fertilisers 
Upendra Kushwaha - Rural Development, Panchayati Raj, Drinking Water and Sanitation 
Pon Radhakrishnan – Heavy Industries and Public Enterprises 
Kiren Rijiju – Home Affairs 
Krishan Pal – Road Transport and Highways, Shipping 
Sanjeev Balyan – Agriculture, Food Processing Industries 
Mansukhbhai Dhanjibhai Vasava – Tribal Affairs 
Raosaheb Danve – Consumer Affairs, Food and Public Distribution 
Vishnu Deo Sai – Mines, Steel, Labour and Employment 
Sudarshan Bhagat – Social Justice and Empowerment

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India-Australia trade deal estimated to create 10 lakh jobs: Piyush Goyal

ANI

Covid-19: Goyal hears out industry representatives, says FinMin will take 'balanced, nuanced approach' to issues

PTI

Workers are assets, but en-masse migration could make them potential COVID-19 carriers: Goyal

PTI

Here are India’s cabinet ministers who were appointed in 2014

BI India Bureau

Japan offers $221 million as 'China-exit' subsidy for Japanese companies

IANS

Modi Allocates Portfolios To Ministers

BI India Bureau

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