New Delhi: Piyush Goyal, the minister of trade and industry for the union, stated on Sunday that the report about the restructuring of the commerce ministry is being examined.
The minister added that there are plans to create a body for trade promotion and that the Commerce Department is now undergoing a revamp.
The minister while addressing a media briefing said, “We are in the process to redesign the structure of the Commerce Ministry and one of the ideas in front of us is to set up a ‘trade promotion body’, similar to ‘Invest India’. It is a facilitation unit that will promote trade from India, for India.”
“As part of the restructuring exercise, a dedicated trade promotion body would be set up to devise an overall strategy to achieve targets and make it future-ready,” Goyal had said earlier.
The Ministry of Commerce is trying to restructure the Department of Commerce as India aims to export USD 2 trillion worth of goods and services by 2030.
On the timeline of setting up a ‘trade promotion body’, Goyal said, “We have just received the reports suggesting the new form of the commerce ministry, we will now go through the process of studying the report in great detail and then come up with the overall plan.”
According to him, there have been several proposals for what the government should do to help entrepreneurs and ideas from this country find partners or other stakeholders in India.
“We have two initiatives, ‘Invest India’ and ‘Startup India Team’ which support startups in India, connecting with the investors both in India and abroad,” Goyal said.
The collaboration between India and the Indian diaspora, according to the union minister, will genuinely aid in accelerating India’s transition to a developed country. He continued, “It’s wonderful to witness the zeal our diaspora has over the west coast, they want to contribute to India’s progress.
Increasing India’s participation in international trade, taking on leadership positions in multilateral organisations, developing 100 Indian brands into global leaders, and creating economic zones in India to boost the country’s manufacturing base and draw in more investments are just a few of the pillars that support the restructuring process.
“We are in the process in the commerce ministry to redesign the structure of the ministry. And one of the ideas before us is to set up a trade promotion body, similar to Invest India, which will promote trade from India, for India,” Goyal said.