Redesigning of Commerce department underway, govt to set up ‘trade promotion body’ to promote trade: Piyush Goyal

This strategy will target export-import trade alongside looking after the betterment of startups in the long term sustenance. This initiative is taken by the ministry to boost the economy of the country in the upcoming years and to help mobilize funds, post the pandemic years.

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Redesigning of Commerce department underway, govt to set up 'trade promotion body' to promote trade: Piyush Goyal

The union minister for commerce and industry, Piyush Goyal has said that a separate “trade promotion body” is being set up by the ministry which will look after the promotion of trade in India. He said that it is a strategy to make India future-ready so as to not compromise with the basic business structure but with a touch of advancement.

This strategy will target export-import trade alongside looking after the betterment of startups in the long term sustenance. This initiative is taken by the ministry to boost the economy of the country in the upcoming years and to help mobilize funds, post the pandemic years.

Also Read: Repeal of Tea act, 1953; What’s new on the upcoming Tea (Promotion and Development) Bill 2022?

What does it mean to make India ‘future-ready’?

The idea of the government to make India ‘future ready’ implies the fact that it aims to bring about a $2 trillion economy ecosystem by the year 2030 by inflicting two unique initiatives- “Invest India” and “Startup India Team” which will benefit the Indian traders massively. It is aimed at greater bilateral and multilateral trade alongside preparing the country for being a “key global player” in the world trade system.

5 major pillars to make “Indian trade policy” a success

During the interaction, union minister Piyush Goyal said that the ministry officials are building this initiative around 5 major pillars which include

  • Increasing India’s share in global trade
  • Democratization of trade,
  • Assuming the leadership role in multilateral organizations,
  • Setting up Economic Zones in India to attract investors and strengthen the manufacturing base
  • Creating 100 Indian Brands as Global Champions

These visions can be helpful for Indian traders in the years to come which shall make the “trade promotion policy” a success.

Problems in the way

There are several issues that can come in making this policy a success. The flourishing of the online business, the taxation amounts, the multiple application procedures, the numerous startup projects, and several other problems can cause Indian traders to suffer. There must be an immediate intervention scheme for the traders by the government to overcome such issues and go ahead with the business, both in India and overseas. Also, the use of digitization must be taken into consideration while implementing trade ideas amongst businesses!

More suggestions to benefit Indian traders

  • Make a single window application process for startups to roll on their business rather than getting through multiple application processes.
  • Give tax relaxation to small-time traders so that they can invest more and make better profits. Also, grant easy loan approval from banks for startups and SMEs with minimal interest rates.
  • The government should look after making free trade agreements with other countries so that traders in India get opportunities to take their business overseas at a low cost and reign in the export-import market.
  • Enhance the land acquisition policy of the government so that factory setup or manufacturing unit steups are easily done to facilitate trading among businesses.
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Redesigning of Commerce department underway, govt to set up 'trade promotion body' to promote trade: Piyush Goyal
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This strategy will target export-import trade alongside looking after the betterment of startups in the long term sustenance. This initiative is taken by the ministry to boost the economy of the country in the upcoming years and to help mobilize funds, post the pandemic years.
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THE POLICY TIMES
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