Modi Cabinet 3.0: Piyush Goyal Appointed As Minister of Commerce and Industry

BJP leader Piyush Vedprakash Goyal sworn in as Union Minister in the Prime Minister Narendra Modi-led NDA government

Piyush Goyal took the oath of office and secrecy under Prime Minister Modi’s Cabinet for the third consecutive term of the year 2024 on Sunday, 7:15pm in Prime Minister Modi’s swearing-in ceremony, in the presence of significant faces which includes foreign dignitaries. He has been appointed as the Minister of Commerce and Industry in the Modi Cabinet 3.0

Key Highlights From His Tennure

Piyush Goyal has served as the Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, Textiles, and is also the Leader of the House in Rajya Sabha. Throughout his extensive career, he has previously held the portfolios of Railways, Finance, Corporate Affairs, Coal, Power, New & Renewable Energy, and Mines.

Under his leadership, India achieved its highest-ever exports of approximately $776 billion in 2022-23. He was instrumental in signing a Free Trade Agreement (FTA) with the UAE, the fastest-ever negotiated FTA globally, and the India-Australia Economic Cooperation and Trade Agreement (ECTA), marking India’s first agreement with a developed country in a decade. He oversaw the launch of Production Linked Incentive (PLI) Schemes to enhance the “Make in India” initiative.

As part of the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY), he implemented the world’s largest food security program, distributing free food grains to nearly 800 million poor and vulnerable individuals over a two-year period. While serving as Minister of Railways, he helped India achieve an unprecedented safety record with zero passenger deaths in rail accidents in 2018 – 20.

As Minister of Power, Coal, and New & Renewable Energy, ministries spearheaded transformative changes in India’s power sector. This included the rapid electrification of approximately 18,000 previously unelectrified villages, many situated in remote and inaccessible regions. Additionally, they initiated the most comprehensive power sector reform to date, known as UDAY. Goyal successfully rolled out the world’s largest LED bulb distribution program (UJALA).

Acknowledgment Of His Transformative Endeavors

In recognition of his transformative efforts in India’s energy sector, he was awarded the 4th Annual Carnot Prize in 2018 by the Kleinman Center for Energy Policy at the University of Pennsylvania, making energy efficiency a widespread movement.

Political Journey

Goyal commenced his professional journey as an investment banker, contributing significantly to the financial sector. He notably served on the boards of India’s largest commercial banks, including the State Bank of India from 2001 to 2004 and the Bank of Baroda from 2002 to 2004, representing the Government.

In addition to his banking roles, Goyal actively participated in legislative affairs, serving as a member of the Standing Committee on Finance and the Consultative Committee for the Ministry of Defence. Beyond his political engagements, he remains deeply involved with various NGOs, particularly those dedicated to tribal education and the welfare of the physically challenged, such as the Jaipur Foot initiative.

Throughout his 35-year-long political journey, he has held several significant positions within the Bharatiya Janata Party (BJP), the world’s largest political party. He has served in the party’s National Executive and held the esteemed role of National Treasurer.

Piyush Goyal’s multifaceted leadership continues to drive significant progress across various sectors, underscoring his vital role in India’s ongoing development.