Union Commerce and Industry Minister Piyush Goyal will chair a Board Of Trade meeting in the forthcoming month to find out how to raise India’s exports, an authorised person said. The respected board is an advisory body formed to look after the foreign trade policy of India.
The Board meeting will be headed by Piyush Goyal, and participants from states, Union Territories, and senior officers from the public as well as private domains will participate in it. The meeting will provide a forum to discuss how to increase manufacturing and foreign trade.
As per the official, “the board may meet sometime in mid-September.” Last month, the government appointed 29 non-official members from diverse industries, including big and small-sized enterprises, to the board.
Om Prakash Mittal, executive member of Laghu Udyog Bharati; Pankaj Mahindroo, the chairman of India Cellular and Electronics Association and RS Sodhi, Managing Director of Amul, are the newly included members of the board.
The topics which are going to be discussed in the meeting are new trade foreign policy (2022-27) and how to accelerate foreign export and domestic manufacturing. The forum provides a great opportunity to discuss trade and industry and suggest government policy measures allied to Foreign Trade Policy to accomplish the goal of increasing India’s trade. Moreover, this board will also provide a forum for states and union territories to present their perspective on trade policy.
Khalid Khan, Vice President, Federation of Indian Export Organisations, said that the board should also discuss a circular of the Reserve Bank Of India administered last month on standards for international trade settlement in rupees. In this circular, RBI has asked banks to set up additional arrangements for foreign trade transactions in Indian Rupees concerning the growing interest of the international trading community in domestic currency.