Commerce and Industry Ministry will hold Chintan Shivir for Trade Promotion

The Commerce and Industry Ministry has decided to hold a two-day Chintan Shivir to talk about the promotion of manufacturing trade, investments, startups, logistics and import substitution. On May 19th 2023, the Commerce session will decide a series of sessions related to team building; expediting trade and investment promotion efforts; export strategy on goods and services; import substitution, reducing sub-standard imports and promoting manufacturing via PLI (Production Linked Incentive).

Commerce and Industry Minister Piyush Goyal, Ministers of State for Commerce and Industry Som Parkash and Anupriya Patel will address the ministry. On Saturday, the Department for Promotion of Industry and Internal Trade (DPIIT) will discuss on the topic related to innovate in India (startups and intellectual property rights). Moreover, they will hold on the sessions on the subject, such as future-ready logistics. 

Sources say that exports of goods and services in 2022-23 increased by 14.68% with USD 775.87 billion. There is an increase in Merchandise exports from 6.74 per cent to USD 450.43 billion. According to the ministry's data, imports increases by 16.47 per cent to USD 714 billion. The Services exports raised 27.86 per cent to USD 325.44 billion last year and imports increased by 22.54 per cent to USD 180 billion. 

During April-December 2022-23, Foreign direct investment (FDI) into India fell by 15 per cent to USD 36.75 billion. 

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