The Commerce Ministry on Tuesday spelt out the contours of the ambitious restructuring programme that would help transform the existing Department of Commerce into a future-ready one geared towards achieving the export target of $ 2 trillion by 2030.
Releasing the various features of this restructuring programme, which was reflected in as many as 14 volumes of a report prepared in association with Boston Consulting Group, the Union Commerce and Industry, Consumer Affairs and Textiles Minister Piyush Goyal said this restructuring plan rests on five pillars.
These are engaging India’s share in global trade (particularly share of exports); assume leadership role in multilateral organisations like WTO, expand bilateral arrangements through FTAs with developed countries and other countries; democratisation of trade with greater role for our MSME, farmers, weavers, craftsman becoming part of international trade; create 100 Indian brands as global champions; and setting up economic zones across the country to strengthening manufacturing and services base.
He highlighted that DoC is one of the first off the block among government departments to visualise and recreate itself to meet the needs of the future and help India to achieve a 3X growth in overall exports by 2030 – from $ 650 billion now to $2 trillion.
“If we can have a $2 trillion exports by 2030, it will change the way India engages with the world. It will give us space among the top 2-3 nations. This is only exports figure. There will be corresponding import figure. We will be among top 2-3 nations on contributions to world trade”, Goyal said.
“This entire restructuring plan is focused on an Atmanirbhar Bharat and therefore an Atmanirbhar Commerce Department. The 14 volumes provide the roles of each section of the Department, organisation structure, standard operating procedures so that International best practices can be adopted”.
Trade promo body
Goyal said a separate Trade Promotion Body will be formed that will drive the formation and execution of India’s export strategies. There will be digitisation of trade facilitation do that administration of trade is effective and simple and easy to comply with. “The entire data analytics ecosystem is proposed to be rehauled under the restructuring plan do that data management becomes more modern and outcome-oriented”, he said.
Goyal also said that private sector will also be allowed to be part of Indian Trade Service so that there can be multifunctional teams in the department of Commerce. “All of this will ensure that institutional memory is created and long term institutional memory is retained so that India can engage with the world from significant position of strength and significant lessons learnt from history”, he added.
Goyal said that all the volumes of this major report will be taken up for inter- ministerial consultations and once buy-ins are there for the proposals, the restructuring plan will be implemented.
Export target
Meanwhile, Commerce Secretary BVR Subrahmanyam said he was confident of India achieving merchandise exports of $480 billion this fiscal, substantially higher than $420 billion achieved last fiscal. Overall exports and imports together should comfortably cross $750 billion this fiscal despite headwinds such as geo-political tensions, surge in inflation and rise in interest rates in various financial systems around the world, he said.
On trade deficit, Subrahmanyam said, “at current level I see there is going to be moderation”. He highlighted that there is already moderation in global oil prices and there is also moderation in other commodities. “That is why we are giving renewed thrust to exports. In totality, we are not going to cross discomfort level on trade deficit. We are looking at it closely. It is not worrisome”, Subrahmanyam added.