India mulls creating trade promotion body like Invest India: Minister

13 Sep '22

2 min read

Piyush Goyal. Pic: Piyush Goyal/Twitter

India’s commerce ministry is mulling over setting up a trade promotion body on the lines of Invest India ‘with a flavour of independence, autonomy and like a private sector organisation’ and is in the process of studying in further detail the report on its restructuring, minister of commerce and industry Piyush Goyal recently said in Los Angeles.

Invest India, under the ministry, is an agency that facilitates investments into the country.

The restructuring will be based on raising 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 investments, he said.

The Directorate General of Foreign Trade (DGFT), which now looks after export-import related issues, will have certain other roles—more like a facilitation unit—and the trade promotion body will focus on promotion, he was quoted as saying by a news agency.

The minister released the 'Department of Commerce Restructuring Dossier' in New Delhi last month.

''We have just received a report suggesting the new form of the ministry. And we now go through the process of studying the report in great detail and coming up with the overall plan for restructuring and rewriting the way commerce ministry functions,'' he said.

The new foreign trade policy is expected to be released before September 30, he added.

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