Union Commerce and Industry Minister Piyush Goyal said that the report on restructuring of the commerce ministry is being studied.
The minister further said that the redesigning of the Commerce Department is under process and there is a plan to set up a trade promotion body.
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 is working to redesign the Department of Commerce as India is targeting exports of goods and services to USD 2 trillion 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.”
He said that there were a number of suggestions on some roles that the government could do to connect ideas and entrepreneurs from here with potential partners or 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 union minister said that the partnership between the Indian diaspora and India will truly help fast-track India’s journey to a developed nation. “It’s great to see the energy that our diaspora has across the west coast, they want to contribute to India’s development,” he added.
The restructuring rests on pillars like increasing India’s share in global trade, assuming leadership roles in multilateral organisations, creating 100 Indian brands as global champions, and setting up economic zones in India to strengthen the manufacturing base and attract greater in-vestments.
“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.
