Sonowal calls for Sports Resurgence in Assam (See 'Corp Brief') Vanijya Bhawan is symbol of Good Governance, Excellence: Goyal (See 'Corp Brief') SARFAESI - equitable considerations cannot override statutory auction process; writ jurisdiction under Article 226 cannot be invoked to compel bank to accept One Time Settlement or interfere with SARFAESI proceedings already adjudicated under statutory forum: HC (See 'Legal Desk') Hindustan Copper welcomes Chile's CODELCO Team to India (See 'Corp Brief') IICA inks MoU with National Academy of Defence Production (See 'Corp Brief') Competition Act - mere dissatisfaction with service conditions or operational practices did not warrant intervention, more so where any prima facie case under Section 3 or 4 of the Act are not made out: CCI (See 'Legal Desk') Chouhan reviews ICAR-Central Institute of Agricultural Engineering in Bhopal (See 'Corp Brief') DG RPF calls for synergised action by RPF-GRP across States to Safeguard Railway Pax (See 'Corp Brief') Trade Marks - Where an application for registration of Trade Mark is filed on proposed to be used basis, the mark can still acquire distinctiveness before registration; refusal of registration based on lack of distinctiveness unjustified, more so where similar marks were registered by same authority: HC (See 'Legal Desk') PM leads nationwide celebrations of 11th International Day of Yoga (See 'Corp Brief') PMLA - Once property is already auctioned by bank under SARFAESI, legal implications of sale depended on whether sale certificate had been issued: SAFEMA (See 'Legal Desk') BSNL soft launches Quantum 5G FWA (See 'Corp Brief') India Post Payments Bank honoured with Digital Payments Award (See 'Corp Brief') Ramann assumes charge as Chairperson, PFRDA (See 'Corp Brief') NCLAT is not a mere rubber stamp for CoC decisions (See CORP EINSICHT) DoPPW to launch Campaign for Family Pensioners and Super Senior Pensioners in July (See 'Corp Brief') SARFAESI - Judicial officers not being mere spectators, must ensure that due process is followed, if litigant had failed to demonstrate alacrity in pursuing its remedies and had sought multiple adjournments without valid reasons: HC (See 'Legal Desk') 'Yog Sangam' will be held at Pedem Sports Complex, Mhapussa (See 'Corp Brief') India's Space Economy to grow Five-Fold to USD44 bn in coming years: MoS (See 'Corp Brief') IBC - registration as valuer suspended, where Registered Valuer failed to comply with disclosure & documentation requirements under Rule 8(3)(g) & 8(3)(j) of Valuation Rules, while preparing valuation report for land assets during CIRP: IBBI (See 'Legal Desk') 2.35 lakh houses approved under PMAY-Urban 2.0 (See 'Corp Brief') Tripartite MoU signed between DEPwD, NIOS and NCERT to promote Inclusive Education (See 'Corp Brief') IPR - Right to legally import goods from abroad bearing certain trademarks and selling same in India, is available if there is complete disclosure to buyer that goods are second hand and not covered by original manufacturer's warranty: HC (See 'Legal Desk') India-Ukraine Joint Working Group Meeting on Agriculture Held (See 'Corp Brief') IBC - Claim for gratuity along with interest falls within definition of operational debt: NCLAT (See 'Legal Desk') On PM's Call, Gram Panchayats gearing up for celebration of IDY 2025 (See 'Corp Brief') IBC - Person cannot have control over composition of board of directors when he has no right to appoint majority of directors in board: IBBI (See 'Legal Desk') CCI approves acquisition of equity of Ecom Express by Delhivery Limited (See 'Corp Brief') CCI okays combination involving acquisition of SML Isuzu by Mahindra (See 'Corp Brief') FERA - In adjudication proceeding, cross-examination may not be permitted as course, because it is not equated with proceedings before Court or Criminal proceedings: SAFEMA (See 'Legal Desk') Ministry of Coal achieves allocations of 200 Coal Blocks (See 'Corp Brief') Labour Welfare Schemes extend support to 50 lakh Unorganised Workers (See 'Corp Brief') PMLA - continued use of hypothecated vehicles by borrowers without repayment of dues & resulting depreciation of their value justifies bank's request for attachment of such properties: SAFEMA (See 'Legal Desk') Yadav calls for Community-led Restoration of Aravalli to combat desertification (See 'Corp Brief') FEMA -Bank not responsible for diversion of funds post-remittance but is obligated to ensure that transactions comply with FEMA's regulations before executing remittances: SAFEMA (See 'Legal Desk') Trump tariff hike to hurt India's USD 5 bn engineering goods exports: EEPC (See 'Corp Brief') C-DOT provides grants to 18 start-ups selected in cohort 1 under 'Samarth' program (See 'Corp Brief') Govt opens Bids for 12th Round of Commercial Coal Blocks' Auction (See 'Corp Brief') IPR - Use of work 'ghatiya' to describe San Nutrition's product is not disparaging or defamatory per se, to seek temporary injunction, as word means 'sub-standard'/ 'inferior' in English: HC (See 'Legal Desk') EPFO urges Members to avoid approaching unauthorized agents (See 'Corp Brief') TRAI releases Order 2025 on 'Tariff for retail broadband connectivity for Public Data Offices' (See 'Corp Brief') Competition Law - No anti-competitive practice; CCI dismissed complaint Against Microsoft for Bundling Antivirus Software Microsoft Defender with Windows: CCI (See 'Legal Desk') CMA CGM flagged off its first Indian-flagged vessels CC VITORIA and CC Manaus and established new Indian shipping entity at GIFT City, Gujarat (See 'Corp Brief') Companies Act - Section 105(1) of RR Act of 2013 excludes its application to enactments listed in Fourth Schedule, including CBA Act of 1957, this exclusion is limited to acquisitions by Central Government for government companies: HC (See 'Legal Desk') National Education Policy 2020 - LOIs Issued to Five Foreign Universities to set-up Campuses in Mumbai (See 'Corp Brief') IPR - Performance in public of sound recording, when refused, which includes raising unreasonable and arbitrary demand towards tariff/licence fee, would attract rigors of Sec 31(a) of Copyright Act: HC (See 'Legal Desk')

Print

Vanijya Bhawan is symbol of Good Governance, Excellence: Goyal

Published: Jun 24, 2025

By TIOLCorplaws News Service

NEW DELHI, JUNE 24, 2025: UNION Minister of Commerce and Industry, Piyush Goyal yesterday commemorated the third anniversary of Vanijya Bhawan, calling it a symbol of modern, efficient, and integrated governance, and a dedicated hub for India's fast-growing commerce and industry ecosystem. The Ministry of Commerce and Industry marked the occasion with a commemorative event that served as a tribute to the progress made over the past three years and reaffirmed the Ministry's commitment to driving India's trade and industrial growth.

Goyal noted that in the three years since the inauguration of Vanijya Bhawan by Prime Minister Narendra Modi, several milestones have been achieved and new benchmarks set in the way India does business.

The Minister stated that this has been made possible by the commitment of the Ministry's employees. From senior officials to the cleanliness staff, each individual working here is helping script the memorable story of India's trade and commerce.

He asked the officials of the ministry to commit once again to engage further with our industry and global partners to realise the goal of Viksit Bharat 2047, he said.

Addressing the gathering, Union Minister Piyush Goyal stated that the event was not merely to mark the anniversary of a brick-and-mortar structure, but to celebrate a transformative vision that has guided India's progress over the past 11 years under the leadership of Prime Minister Narendra Modi. He said that Vanijya Bhawan reflects the values of transparency, efficiency, and a whole-of-government approach that breaks down silos and fosters collaborative governance. The Minister highlighted that this modern, energy-efficient, paperless facility not only embodies sustainable design but also reflects a new work culture-focused on outcomes, teamwork and citizen-centricity.

Goyal underlined that the Commerce and Industry Ministry yesterday engages with world powers, global CEOs, and trade leaders with a bold, confident, and forward-looking approach-reflecting the rise of an unstoppable India. As other ministries transition to similarly modern, responsive workspaces, Vanijya Bhawan stands as a forerunner of the government's commitment to institutional excellence. "This building reflects a new mindset-one that demands honesty, purpose, and a renewed confidence in delivering to the 140 crore citizens of India," he said. He urged officials to embody the vision of the Prime Minister in every corridor, uphold the Tiranga as a daily inspiration, and commit to building a Viksit Bharat by 2047.

The Minister also recalled the historic significance of June 23, which marks the anniversary of the passing of Dr. Syama Prasad Mookerjee-India's first Industry and Supply Minister and a staunch nationalist who laid the foundations of India's industrial self-reliance. He said the Vanijya Bhawan stands as a tribute to his sacrifice and ideals, as well as to the transformative journey of the last 11 years. "Let this building be the symbol of Viksit Bharat 2047-a symbol of good governance, efficiency, effectiveness, and national pride," he said.

Recalling that the building is not only built at the site of the old system of government procurement, Goyal emphasised that the new Government e-Marketplace (GeM) has democratised public procurement, enabling participation from entrepreneurs across India-including those in remote corners of the country. "E-commerce yesterday provides mechanisms to discover the best price and bring producers from every corner into national supply chains," he said.

Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), Amardeep Singh Bhatia stated that the workspace at Vanijya Bhawan provides the motivation and support system necessary to enhance performance and fulfil responsibilities effectively. He noted that DPIIT plays a central role in facilitating Ease of Doing Business, and the infrastructure at Vanijya Bhawan strengthens DPIIT's ability to support industry. He added that attracting Foreign Direct Investment (FDI) and promoting manufacturing, innovation and startups are key focus areas for DPIIT, and the department is targeting $100 billion in FDI to strengthen technology access, global supply chain linkages, and resource mobilisation.

Special Secretary, Department of Commerce, Rajesh Agrawal said that while workspace is an important enabler, the true aspiration is to transform the Ministry into the most responsive, responsible and public service-oriented institution, serving as a role model for others. He highlighted that when global trade grew by 38% in the last 11 years, India's trade expanded by 78%. In the services sector, India achieved 148% growth in the last 10 years and is poised to become the third-largest services exporter globally. He further noted that India's recent trade agreements with high-consumption economies, including Australia, UAE, EFTA and the UK, will help drive rapid and sustained trade growth.

An exhibition was also organized as part of the celebrations, showcasing the journey of Vanijya Bhawan and highlighting major milestones and achievements of the Ministry since the building's inauguration. The exhibition offered a visual narrative of key policy initiatives, digital transformations, export promotion efforts, and institutional reforms undertaken during this period. The event witnessed enthusiastic participation from officials of the Ministry and its attached and subordinate offices.

Background:

Over the last three years, the Ministry has recorded significant achievements:

Export Performance: India crossed $800 billion in total exports in FY 2024-25. Non-petroleum exports reached a record $374.1 billion, marking a 6% year-on-year increase. Among the top growth sectors were telecom instruments, which saw a 51.2% rise, and pharmaceuticals, which grew from $19.5 billion to $24.1 billion. The services sector's share in total exports increased from 42% to 47%.

Trade Intelligence & Digital Portals: Tools such as the Merchandise Imports Monitoring Portal (MIMP) and Trade Intelligence Analytics (TIA) now provide over 200 visualizations and are widely used by the Department of Commerce, Export Promotion Councils (EPCs), and the Ministry of External Affairs (MEA) for strategy and analysis.

Free Trade Agreements (FTAs): India currently has 14 Free Trade Agreements and 6 Preferential Trade Agreements in force. Major FTAs signed in the last three years include:

India-UAE CEPA (May 2022): 99% of Indian exports made duty-free

India-Australia ECTA (December 2022): Boosted key sectors like textiles, pharma, and engineering

India-EFTA TEPA (March 2024): Secured a $100 billion investment commitment and is expected to create 1 million jobs

The India-UK Free Trade Agreement was announced on May 6, 2025, and is expected to be signed soon

Trade Infrastructure: India now has world-class venues for trade promotion. Bharat Mandapam, which successfully hosted the G-20 Presidency, and Yashobhoomi, a premier Convention and Expo Centre, reflect this transformation. The Bharat Mobility Expo was launched to bring together the entire mobility value chain.

Foreign Trade Policy (FTP) 2023: The FTP sets a target of $2 trillion in exports. Its pillars include a shift from incentives to tax remission, technology-driven trade facilitation, and a special focus on district export hubs and e-commerce exports.

Industrial Corridors & Smart Cities: 12 new industrial smart cities have been approved under the National Industrial Corridor Development Programme with an investment of ?28,602 crore. These are equipped with plug-and-play infrastructure and a focus on manufacturing.

PM Ekta Mall & Salt Land Unlocking: The Ministry has promoted the One District One Product (ODOP) scheme through PM Ekta Mall. In addition, over 60,000 acres of salt land have been unlocked for productive use.

Startup & Innovation: The Angel Tax has been removed for all investors in Budget 2024-25. India now has over 1.6 lakh recognized startups, making it the third-largest startup ecosystem globally, with 51% of these coming from Tier 2 and Tier 3 cities.

Logistics & Gati Shakti: The PM Gati Shakti initiative has been launched at the district level. The National Logistics Policy aims to reduce logistics cost by 2030. The Unified Logistics Interface Platform (ULIP) facilitates real-time tracking of EXIM containers.

Digital Commerce & Quality Push: The Open Network for Digital Commerce (ONDC) recorded over 16 million transactions in April 2025. Quality infrastructure has been strengthened through reforms in NABL and NABH, and the introduction of new Quality Control Orders (QCOs) in sectors like leather and footwear.

IPR & Legal Reforms: Three IP Acts have been decriminalized. The IP Saarthi chatbot, powered by AI/ML, has been launched to assist users. In terms of ease of doing business, over 45,000 compliances have been streamlined, and Jan Vishwas 2.0 is currently underway.

Trade Facilitation & DGFT Reforms: Initiatives include BharatTradeNet, automation of eBRCs, and digitization of Foreign Trade Policy processes. A new trade facilitation helpdesk was launched in April 2025. In addition, Amritsar Airport has been added as an authorized port for jewellery exports.

TIOL CORP SEARCH

TIOL GROUP WEBSITES

taxindiaonline
taxindiainternational
tioltube
TKF
TIOLawards
A TIOL Website. Copyright © 2025 TIOLcorplaws.com All rights reserved.