Mr. Piyush Goyal unveils overhaul plan for commerce department
- IBEF
- August 25, 2022
In order to make the Indian trade service "future ready" and assist in achieving the US$ 2 trillion export goal by 2030, a comprehensive reform plan for the Ministry Of Commerce and Industry was revealed on August 23, which has eight key areas of focus.
In a report released by the Boston Consulting Group, the Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, Mr. Piyush Goyal, claimed that the department's restructuring would improve its capacity for negotiations at the World Trade Organization (WTO). It would also help India better negotiate bilateral free trade agreements, as well as the centralisation and digitisation of trade facilitation procedures, and the overhaul of the data analytics ecosystem.
Mr. Goyal stated that Indian missions will play a bigger part in market research and trade promotion to increase exports. He stated that the objectives are to increase the nation's export contribution and generate employment. Before the strategy is ready for implementation, interministerial discussions will be undertaken to gather input, according to Mr. Goyal. He also made it clear that the restructuring would not result in a decrease in the number of employees in the Ministry, but rather a rise as new verticals are developed.
Overall strategy, export targets, and execution will be led by the specialised trade promotion body. The plan also involves strengthening brand India to reinforce the country's trade priorities.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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