The ministry is working to redesign the Ministry of Commerce as India targets to export US$2 trillion in goods and services by 2030.
The restructuring aims to increase India’s share in world trade, to assume leadership roles in multilateral organizations, to create 100 Indian brands as global champions, and to strengthen India’s manufacturing base to attract more investment. It is based on pillars such as setting up economic zones in
“We are trying to redesign the structure of the ministry at the Ministry of Commerce and one of the ideas we have before us is to set up a trade facilitation agency like Invest India to facilitate trade from India to India. to do,’ he told reporters here.
Investment India is the agency promoting investment in India under the Ministry.
He added that the Directorate General of Foreign Trade (DGFT), which is currently in charge of export- and import-related matters, will have other specific roles such as facilitation units, while trade promotion bodies will focus on facilitation. .
“Ideally along the lines of Invest India (Trade Promotion Agency) would be patterned like an independent, autonomous and private sector organisation, working closely with businesses and industries around the world. We want it to really work,” said Goyal. Said.
Last month, the minister unveiled a “Ministry of Commerce Restructuring Document” in New Delhi.
“We have just received a report proposing a new form of the Department of Commerce. We are now examining this report in detail and formulating an overall plan to restructure and rewrite the functions of the Department of Commerce,” he said. said.
Volume 14 of the report defines the role of each section within the department and specifies expected outcomes and key performance indicators.
When asked about the new foreign trade policy, Goyal said the ministry was working on a policy outline.
The existing policy (2015-20) expires on September 30th. A new policy will be released before then.
Under this policy, the government has announced support measures for exporters of both goods and services.
From April to August 2022-23, exports registered a growth of 17.12% to USD 192.59 billion. According to the ministry’s provisional data, his five-month imports for the current financial year increased by 45.64% to reach US$317.81 billion.
The trade deficit widened to US$125.22 billion in April-August this year, compared with US$53.78 billion in the same period last year.
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