The government is planning to restructure the department of commerce in a bid to create the necessary eco-system to take advantage of growing global demand for industrial commodities, and realise the lofty goods and services export goal of $2 trillion by 2027-28. It will also hire trade specialists, including from the private sector, wherever required.
Commerce & industry minister Piyush Goyal on Sunday chaired a meeting focused on “the revamping and fortification” of the department. Merchandise and services exports are targeted to rise to $640 billion in FY22 from about $495 billion in the last fiscal, when the pandemic caused massive supply disruptions.
Experts handling a project, undertaken to design a “future-ready” commerce department, have suggested that a dedicated trade promotion body be set up to drive overall promotion strategy, export targets and execution. A stronger active role for overseas missions in trade promotion, market intelligence, leads generation and localised research has been envisaged.
The commerce ministry has decided to further bolster the teams tasked with negotiations on trade matters. Separate teams of specialists may be appointed to handle bilateral and multilateral (WTO) talks.
A trade remedies review committee, including representatives from the ministries of commerce, industry, finance and other line ministries, will be set up for transparency in investigations outcomes.
Data and analytics ecosystem through centralised data management and embedded analytics capabilities will be strengthened in the commerce department. A concerted strategy to bolster Brand India and re-enforce trade priorities is also being worked out.
The revamped commerce department will have a more coherent trade promotion strategy, with clear targets and execution accountabilities.
“There will be a strengthened negotiation ecosystem with right expertise and robust end-to-end processes with clearly defined focus areas and institutions. It aspires to achieve an optimal mix of talent with specialists and generalists sourced from across private and government sectors. The department will have an agile setup responsive to market opportunities and exporter needs via interlinkages across bodies,” the commerce ministry said.