Speaking at the first meeting of the newly reconstituted Board of Trade (BOT) in New Delhi, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal stressed the need to bring more transparency in Government policies, focus on improving the ease of doing business in the country and in entering into more FTAs with developed nations.
Mr Goyal said that exports have been one of the most defining features of the government’s efforts to make India a developed country by 2047, and called on the domestic industry to take the initiative to leverage the immense growth opportunities available to the nation.
He also announced that Prime Minister Narendra Modi will release the Logistics Policy on 17th September.
The BOT meeting focused on export target setting, the new Foreign Trade Policy (FTP) (2022-27), and the strategies and measures to be taken to take forward domestic manufacturing and exports.
The BOT has been constituted by merging the Council for Trade Development and Promotion with the Board of Trade. It advises the Government on policy measures connected with the Foreign Trade Policy to achieve the objectives of boosting India’s trade. It provides a platform to state governments and UTs for articulating state-oriented perspectives on Trade Policy. The BOT also acts as a platform for the Government of India for appraising State Governments and UTs about international developments affecting India’s trade. It is an important mechanism for deliberations on trade-related issues with industry bodies, associations, export promotion councils, and state and UT governments.