According to a release by the President Ram Nath Kovind's office, Goyal will hold the charge of this Ministry in addition to his existing portfolios.
Goyal is the Minister of Railways and Commerce and Industry in the Cabinet.
He is replacing late Union Minister Ram Vilas Paswan who passed away following an illness on Thursday.
Paswan, who hailed from Bihar, passed away at the age of 74 at AIIMS, Delhi.
Prime Minister Narendra Modi, BJP president JP Nadda, and several leaders across parties paid tribute to the late leader at his residence in New Delhi.