Revamp of Commerce Department
The government plans to reorganize the commerce department so that it can implement a more organized trade promotion strategy with clear targets. A dedicated trade promotion organization and a trade remedies review committee have been proposed as part of the strategy.
The Department of Commerce will have a setup that will be sensitive to the market possibilities and exporter demands in order to establish an ecosystem to reach USD 2 trillion in exports by the year 2027. In addition, India’s branding would be consistent across all domains, with the focus areas highlighted.
Key facts of the revamp
Under the proposal, the redesigning of the department is being done keeping in mind the strategic directions as well as directions required for the next decade. The department will also have a setup through which it will be able to respond quickly to exporting demands and market opportunities.
There is also a need to re-engineer and scale up the operating model with new-age capabilities, so as to transition to new roles from the inherent ones.
To make scheme administration and compliance easier, further digitization and centralization of the trade facilitation processes have been proposed. It has also been suggested that the data and analytics ecosystem be restructured through centralized data management and embedded analytics system within the department.
Strengthening of various other trade bodies, as well as the Directorate General of Foreign Trade (DGFT), has also been proposed.
Category: Economy & Banking Current Affairs - 2022
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