Piyush Goyal Addressing a media briefing, he said, “We are in the process of redesigning the structure of the commerce ministry and one of the ideas before us is to set up a ‘trade promotion body’ similar to ‘Invest India’. It is a facilitation unit which Will promote trade from India, to India.”
As part of the restructuring exercise, a dedicated trade promotion body will be set up to formulate an overall strategy to achieve the targets and make it future-ready,” Goyal had earlier said.
Responding to a query as to when the ‘trade promotion body’ – which aims at promoting the overall promotional strategy, export targeting and execution – might be implemented, Goyal said, “We have just received the report which outlines the new look. It has been suggested. Ministry of Commerce, now we will go through the process of studying the report in detail and then come up with the overall plan.”
The Union Minister said that the government can give several suggestions on some of the roles in India to connect ideas and entrepreneurs with potential partners or stakeholders.
“We have two initiatives, ‘Invest India’ and ‘Startup India Team’ which support startups in India, which connect with investors in India and abroad,” he said.
The Union Minister said that the partnership between the Indian Diaspora and India will really help accelerate India’s journey to a developed nation. “Great to see the energy our diaspora on the west coast has, they want to contribute to India’s development,” he said.
According to an earlier statement by the Ministry of Commerce, the Department of Commerce is set to undergo transformational changes towards evolving into a ‘future-ready’ establishment of the government, with ‘new age’ capabilities to enhance, strengthen and towards an ecosystem. Which can achieve exports of 2 trillion dollars by 2030.
He said the focus would be on strengthening negotiation capacity in the World Trade Organization (WTO) and bilateral free trade agreements; Centralization and digitization of business facilitation processes and revamping the data analytics ecosystem.
He said, “Indian trade and commerce will not only be a strong factor for India’s prosperity towards becoming a developed nation in the immortal period, but will also play an extremely important role in meeting the needs of the whole world.”
Releasing ‘The Department of Commerce Restructuring Dossier’, Goyal had said that his ministry is preparing for more multilateral and bilateral engagement with other countries and aims to increase India’s share in global exports and create jobs.
Goyal said the restructuring of the entire commerce department is aimed at preparing India to become a major global player in world trade.
He further said that the restructuring rests on 5 key pillars: increasing India’s share in global trade, taking a leadership role in multilateral organisations, democratizing business, building 100 Indian brands as global champions and India to strengthen manufacturing. Establishment of economic zone in Aadhaar and attracting greater investment in India.
In February this year, a review exercise by Commerce and Industry Minister Piyush Goyal called for continuous strengthening of trade and investment promotion bodies, including the Department of Commerce, Fortifications, and the Directorate General of Foreign Trade (DGFT).
With many emerging opportunities due to changes in global trade dynamics such as rapid development of services and disruptive potential of climate change, the Ministry has been working to actively develop exports, build India’s brand in global trade and ensure achievement. The need was felt to continuously monitor the exports. target on time.
Earlier Piyush Goyal said that the restructuring exercise is a massive effort focused on ‘Atmanirbhar Bharat’ and an Atmanirbhar Commerce Department. The report’s 14 sections define the role of each section within the department and set out expected results and key performance indicators. He said that these manuals would help all the concerned stakeholders to understand their role in the revamping department and make the organization perform effectively.
The Minister said the focus on exports has been one of the most defining features of the Government’s efforts to make India a developed country by 2047, a vision articulated by Prime Minister Shri Narendra Modi in his Independence Day address to the nation this year. He emphasized that Indian trade and commerce will not only be a strong element towards India’s progress towards prosperity, becoming a developed nation when we turn 100 in 2047, but also to meet the needs of the whole world. will play a very important role in
Goyal said that we aspire to achieve exports worth $2 trillion by 2030. It will put us among the top countries in world trade and change the way the world sees us. Shri Goyal further said that Prime Minister Modi has led from the front and energized the entire export ecosystem. He emphasized that it was only because of PM’s constant guidance and advice that we not only met, but also achieved our export targets. The PM has urged all the missions across the world to focus on the 3 T- trade, technology and tourism. He said that these are now an integral part of the duties of all missions.
Goyal said some of the ideas that have emerged from the restructuring exercise include a dedicated ‘trade promotion body’ that promotes the formulation and execution of promotional strategy, digitization of trade facilitation processes, reconstruction of data and analytics ecosystem and Capacity building of business service. To drive expertise and institutional memory.
*With inputs from agencies
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