India to have an export promotion body within govt

India could soon have a dedicated export promotion body within the government.

The Centre is currently working on the creation of such a body that would help boost overseas shipments as the country aims to nearly double merchandise exports to $500 billion by next year.

At present, the Federation of Indian Exporters Organisation is (FIEO) is the apex export body that was set up jointly by the Ministry of Commerce and private trade and industry in 1965.

“We need to create an export promotion-focused body in the government for promoting Indian exports,” said BVR Subrahmanyam highlighting Prime Minister Narendra Modi’s vision of 3Ts - Trade, Tourism and Technology.

Addressing the FICCI Annual Convention and 94th AGM, Subrahmanyam pointed out that the government is working on future-ready commerce.

This will work on multiple things. First and foremost, there will be a separate export promotion wing with a footprint in all Indian missions abroad and in every state of India, he said.

A bilateral and multilateral engagement department will also be constituted under the trade negotiation wing, he said, adding the flavour of the today is bilateral trade, and the government is negotiating Free Trade Agreements with multiple countries such as UAE, Australia, United States EU, which will be completed by next year.

“These will cover many other aspects such as public procurement, intellectual property, social development etc. He also shared that a market intelligence will also be set up across the states of India which will be a great boon for the industry in boosting their export,” Subrahmanyam said.

In addition, the Ministry is working on a Brand India strategy under an overarching objective of trade promotion across the globe.

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