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Press Release

Need to create a focused export promotion body in the government: BVR Subrahmanyam, Commerce Secretary

Dec 18, 2021

  • Future ready commerce in the offing 

NEW DELHI, 18 December 2021: Mr BVR Subrahmanyam, Commerce Secretary, Govt of India, today said that we need to create an Export Promotion focused body in the government for promoting Indian exports. He also highlighted the vision of PM Modi's diplomacy which is focused on 3Ts- Trade, Tourism and Technology will be reflected now in the working of the Commerce Ministry.

Addressing the FICCI Annual Convention and 94th AGM, Mr Subrahmanyam, pointed out that the Indian 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 further added that a Bi-lateral and Multilateral engagement department will be constituted under the trade negotiation wing. He emphasised that 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 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. In addition, the Ministry is working on a Brand India strategy under an overarching objective of trade promotion across the globe.

Mr 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, etc), export credit and guarantees in India that remain to be expensive. He also requested a review of a somewhat higher risk premium for developing economies (through ECGC), which will give us future exports growth. He also said that India needs to look at a multilateral funding agency (AfDB, JICA, EBRD IDB) that can be brought on board for an eco-system of financing if the government of India supports such an initiative to support goods and project exports.

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