To set up a future-ready administration geared in direction of the goal of $2 trillion exports by 2030, the Department of Commerce has determined to set up a dedicated trade promotion body to drive total promotion technique, export targets, and execution as half of a restructuring train.
The trade promotion body will formulate and drive total trade promotion technique; create and drive India’s branding throughout focus markets and sectors; drive coordinated motion throughout missions, states and export promotion councils; strategic initiatives, together with advisory and buyer-seller meet; and develop digital platforms for exporters and consumers.
Based on a 14-volume ‘restructuring dossier’ by the Boston Consulting Group, the commerce division has already applied some of the suggestions.
Business Standard first reported on August 7 that the commerce division has restructured the organisation separating multilateral and bilateral trade-negotiating divisions to permit higher deal with ongoing talks for free-trade offers.
Releasing the dossiers that are but to be made public, Trade Minister Piyush Goyal stated as half of the Karmayogi mission launched by Prime Minister Narendra Modi to reskill and reform Indian forms, varied departments are being restructured.
“Commerce department is privileged to be first off the block. Our officers worked painstakingly to visualise and recreate what the Department of Commerce should look like to be able to meet the needs of the future and as an immediate task to take the $675 billion exports in 2021-22 to $2 trillion by 2030. If we can have a $2 trillion export by 2030, it will change the way India engages with the world,” he added.
In the revamped construction, Directorate General of Foreign Trade (DGFT) can be positioned as a nodal entity to perform trade regulation and facilitation. An e-governance division is proposed in DGFT to guarantee sharp deal with digitisation of inside and exporter-focused processes.
“The DGFT today is also engaged in trade promotion along with trade policy, data analytics, and dissemination of data. Its role will now be categorised in different buckets. DGFT will focus on trade logistics and infra strategy, regulation and compliance of trade policy, scheme implementation and monitoring, risk monitoring and e-governance,” stated Goyal.
Under the brand new construction, Indian Trade Service (ITS) will home all experience on trade issues within the Department of Commerce ecosystem with lateral entry of specialists from the non-public sectors.
“The ITS which is a very reputed and valued service with several officers in DGFT can also infuse new talent, both through government recruitment and from the private sector, so that they can have multi-functional teams working in the Department of Commerce. This will lead to institutional memory being created so that as officers keep coming and going, long-term institutional memory is retained in the department and we will be able to engage with the world from a position of strength with significant lessons learnt from history,” stated Goyal.
The commerce division plans to overhaul the info and analytics ecosystem through centralised knowledge administration and embedded analytics capabilities.
A Trade Intelligence & Analytics wing is proposed to be set up for in-house analytics and dissemination capabilities. Trade Watch Tower throughout the wing will proactively determine market dangers and alternatives.
“Our Indian missions abroad will play an increasingly active role for market intelligence, research, and handholding Indian exporters and business persons,” added Goyal.