CIM looks to revamp Ministry to boost exports
Shri Piyush Goyal, Minister of Commerce and Industry is looking to revamp the Ministry to propel India’s exports, according to a report published in TOI. The plans will include expanding the focus of the Department of Promotion of Industry & Internal Trade to facilitating domestic investments as well, instead of a total focus on FDI. This is possibly due to the rising investments by Indian companies abroad. He has also stated that the Commerce Department cannot work in silos anymore that focus on regions.
Moreover, the Minister feels that there should be more focus on ways to curb imports and also leverage possible opportunities, like the ones that emerge with the ongoing US-China trade war. Also, DGFT is considered to be overstaffed with technology making licences simpler, and the Minister has proposed using this additional staff for other areas like GeM.