Commerce Secretary BVR Subrahmanyam Hinted a New Body To Promote Exports

Commerce Secretary BVR Subrahmanyam stated that the central government would soon create a dedicated body to promote exports from India which will have a footprint in states and Indian missions.

Addressing the FICCI Annual Convention and 94th AGM, Subrahmanyam said 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.

According to Subrahmanyam, bilateral and multilateral engagement departments will be constituted under the trade negotiation wing.

"The flavour of 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 said.

He said market intelligence will also be set up across the states which will be a great boon for the industry in boosting their export. In addition, the Ministry is working on a Brand India strategy under an overarching objective of trade promotion across the globe.

V R Sharma, Co-Chair, FICCI Steel Committee and Managing Director, Jindal Steel & Power Ltd, shared various exports related issues on behalf of the industry. These include reduction of operating costs (like for utilities, transportation, processing costs), export credit, and guarantees in India that remain expensive.