The ministry of commerce of the central government is the primary agency responsible for framing policies and programmes in relation to India’s foreign trade. It also deals with India’s commercial relations with other countries. The ministry of commerce has to function in close cooperation’s with the ministry of finance. The ministry of commerce has the following divisions for administrative purpose.
- International trade policy division.
- The foreign trade territorial division.
- The state trading division.
- The export industries and production division.
- Economic division
- Consultative division
- Commercial representative abroad.
For the execution of import and export policies prepared by the ministry of commerce, there in import and export trade organization headed by the director general of international trade. Its supporting officers are located in important port towns and commercial centres of the country such as Mumbai, Kolkata, Chennai and New Delhi. In additional there are advisories and consultancy bodies which help the ministry of commerce in decision making policy framing. Even the EXIM policy is framed by the ministry of commerce. We have now the minister of state for commerce (with independence charge).
There are number of autonomous bodies which function under the ministry of commerce. They include Commodity Boards, Export Instruction Counsel, Indian Institute of Foreign, Indian Trade Promotion Organization, Board of Trade and so on. The board of trade is constituted under the chairmanship of ministry of commerce. The board members include RBI governor, securities of different ministries and representatives of business forums such as FICCI. The board acts as forum for continuous dialogue with trade and industry on foreign trade issues.
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