While standing at the cusp of 2017, it’s time to take a look back at 2016 and ascertain thoughts regarding the whole journey of the year passing by. With the global disruptions, number of corporate exits to unprecendented moves like change in denomination of currency, 2016 can be marked as a surprising and a challenging year for Indian commerce. Amid all the clampdowns this year, let’s take a look at the 10 things that Indian commerce ministry did in 2016.
Actions taken by ministry of Commerce in 2016
- Increase in trade interaction
- Diversification of export product basket
- Diversification into non-traditional markets and conclusion of ongoing FTA negotiations and initiating new FTAs
- Strengthening export related infrastructure
- Enhancing credit flows for exports at lower cost
- Reducing Transaction Costs
- Diversification of Services exports
- Building up a Brand Image of India
- Support to Plantation Sector
- Protection to sensitive domestic industries
Where we stand
After months of negative growth since December 2014, this year marked a positive growth in exports in the month of June. With falling international crude prices and import of gold recording a significant decline, trade deficit had been in single digits for all successive months starting from January 2016. Varied international events like BRICS Trade Fair, wherein around 397 exhibitors participated, were hosted by the Commerce ministry of India. Important events where India took part in a bid to increase trade interactions were: INNOPROM-2016, two editions of Global Exhibition on Services in April 2015 and 2016, eight Sandard conclaves (including national and five regional) etc.
In a nutshell
With a virbant brand strategy, Indian commerce ministry envisions to make brand India synonymous with high quality in 2017. More efforts will be made from the ministry’s end to power infrastructure development for holding conventions in Tier I and Tier II states. To encourage and support exports, the export promotion councils will be strengthened technologically and in management structures.