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Ministry of Commerce and Industry

IndianMoney.com Research Team | Posted On Friday, February 15,2019, 05:43 PM

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Ministry of Commerce and Industry

 

 

What does Ministry of Commerce and Industry mean?

Ministry of commerce and industry is a nodal ministry under the government of India. The ministry of commerce and industry overlooks and regulates the working of trade and industry and is responsible for growth and development of industry and trade within and outside the country. This ministry is responsible for the promotion of industry and internal and external trade. The first minister of the Ministry of commerce and industry in independent India was Shyama Prasad Mukherjee. Presently this Ministry is headed by the cabinet minister Suresh Prabhu, who took over the post on 3rd September 2017.

Department of Commerce:

The role of the department of commerce is to facilitate and enable better environment and infrastructure for accelerated growth of the country’s trade in goods and services. The department of commerce is a nodal point for interaction with International agencies like the World Trade Organization (WTO), the United National Conference on Trade and Development, the economic and social commission for Asia Pacific Region and the members working in the department of commerce also undertake responsibilities that include:

  • Enhances India’s negotiating position in the WTO.
  • Formulates free trade agreements, FTAs.
  • Formulates comprehensive economic corporation agreements.
  • Handles trade disputes and formulates trade policies.
  • Looks after the commodities division and state trading enterprises.

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Ministry of Commerce and Industry

Department of Industry and Commerce Divisions:

The department for industries and commerce acts as a catalyst for overall development of the industrial sector, through effective discharge of development and facilitation roles. The objective of this department is to promote investment and trade by formulating and implementing trade related policies that help in safeguarding the interests of the traders as well as the workers engaged in these sectors.

The department implements policies of trade and human resource development to ensure sustainable and growth oriented industrialization. The department of commerce and industry helps enhance the competitiveness of the industries through modernization, up-gradation of technology and by adopting best trade practices. To ensure smooth functioning of the import and exports in the country, the ministry has divided its departments into the following eight divisions:

  • Administrative and General Division:
  • Ministry of Commerce and Industries, India
  • Finance Division
  • Economic Division
  • Trade Policy Division
  • Foreign Trade Territorial Division
  • State Trading and Infrastructure Division
  • Supply Division
  • Plantation Division.

SEE ALSODepartment of Industries and Commerce

Administrative control of the Department of Industry and Commerce includes:

International trade: International trade is the exchange of goods, capital and services across international borders. International trade includes both export (goods flowing out of the country) and import (goods flowing inside the country). International trade means buying and selling of goods between countries. The international trade accounts for an important part of the country’s GDP. It a good source of revenue for a developing country.

Foreign Trade: the Ministry of Foreign Trade has its headquarters in New Delhi and is headed by the Director General of Foreign Trade. This organization is an attached office of the Ministry of Commerce and Industry. From the time of its inception, this organization has been involved in the regulation and promotion of foreign trade. The ministry of foreign trade is responsible for implementing the foreign trade policy, with the objective of increasing India’s exports.

State Trading: State trading takes place under government surveillance and is carried out by enterprises owned by the government that generally engage in procurement of raw materials or export of commodities and merchandise. State trading organisations are the enterprises that are authorized to engage in trade that are owned, sanctioned and supported by the government.

Management of Indian Trade Services: the management of Indian trade services is undertaken and looked after by the Director General of Foreign Trade. The DGFT plays a crucial role in promotion of India’s trade and helps in earning foreign exchange. The DGFT acts as a protector of the interest of India’s trading community and is responsible for the management and overall welfare of the country’s trade.

Special Economic Zones: a special economic zone is a special area that is created to allow foreign direct investment. A special economic zone is an area where the rules of business and trade are different from the other areas. SEZs are located within a country's national borders, and their aim includes increased trade balance, employment, increased investment, job creation and effective administration. To encourage businesses set up in the zone, financial policies are introduced. These policies typically encompass investing, trading, quotas, taxation, customs and labor regulations.

Department of Industrial Policy & Promotion:

The Department of Industrial Policy & Promotion was established in the year 1995. Previously separate Ministries were established to look after the functions of Small Scale Industries, Agro and Rural Industries, Heavy Industries and Public Enterprises. Later these ministries were merged under one single ministry. From regulation and administration of the industrial sector, the role of the Department has transformed into facilitating investment and technology flows and monitoring industrial development in a liberalised environment.

SEE ALSODepartment of Industrial Policy & Promotion

The functions of department of industrial policy and promotion, DIPP, include:

  • Formulation and implementation of policies for industrial growth in conformity with the development needs and national objectives.
  • Making strategies and monitoring industrial growth.
  • Formulation of foreign direct investment (FDI), policy and promotion, approval and facilitation of FDI.
  • Encouraging collaboration of foreign technology at enterprise level and formulating policies for the same.
  • Formulation of policies relating to Intellectual Property Rights in the fields of Patents, Trademarks, Industrial Designs and Geographical Indications of Goods and administration of regulations, rules made there under;
  • Administration of Industries (Development & Regulation) Act, 1951.
  • Promoting industrial development of industrially backward areas and the North Eastern Region including International Co-operation for industrial partnerships.
  • Promotion of productivity, quality and technical co-operation.

Who is the Minister of Commerce and Industry?

Currently the Ministry of commerce and industry is headed by the cabinet minister Suresh Prabhu, who took over responsibilities from Nirmala Sitharaman on September 3rd 2017, who currently serves as Defence Minister.

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