Commerce Minister releases report on ‘Restructuring of Department of Commerce’

Source: The post is based on the article “Commerce Minister releases report on  Restructuring of Department of Commerce” published in PIB on 23rd August 2022.

What is the News?

The Union Minister of Commerce and Industry has released the ‘Department of Commerce Restructuring Dossier’.

What is the purpose of the “Department of Commerce Restructuring Dossier” Report?

Aim: To prepare India to become a key global player in world trade. 

Pillars: The restructuring rests on 5 major pillars: 1) Increasing India’s share in global trade, 2) assuming the leadership role in multilateral organizations, 3) democratization of trade, 4) creating 100 Indian Brands as Global Champions and 5) setting up Economic Zones in India to strengthen the manufacturing base and attract greater investments to India.

What are the steps planned as part of the restructuring of the Department of Commerce?

– A dedicated Trade Promotion Body will be set up to drive the formulation & execution of the promotion strategy.

– Digitization of trade facilitation processes.

– A Trade Intelligence & Analytics wing is proposed to be set up for in-house analytics and dissemination capabilities. Trade Watch Tower within the wing will proactively identify market risks and opportunities.

– Capacity building of Indian Trade Service to drive specialization & institutional memory.