What will it take to increase and regulate India’s exports? This is what the Ministry of Commerce, Government of India is trying to establish. To answer this Frost & Sullivan was asked to conduct an in-depth analysis to support its efforts to revamp the Directorate General of Foreign Trade (DGFT).
In its recent consulting analysis, the global growth partnership and consulting firm suggests greater autonomy for DGFT. A body under the Ministry of Commerce, DGFT has up till now been assigned the role of facilitator instead of enforcer. All this is set to change with the recommendations of this report.
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In April 2015, the Narendra Modi government set the mammoth target of increasing India’s exports to USD 900 billion by 2020. Today, the global market is in flux; competition with peer countries is at an all-time high as trade policies are being changed. In this context, the move to revamp export promotion assumes great significance as India seeks to increase its share of global trade.
“We have conducted an in-depth analysis on the scope and nature of the functions and operational tasks undertaken by DGFT,” explains Mani James, Vice President, Public Sector Practice, Frost & Sullivan.
According to Frost & Sullivan, India needs a vibrant organization to promote its trade interests. The way forward is a mix of restructuring and reform with a dose of global best practices.
Frost & Sullivan has also predicted the possible implications of bringing in the change:
- A positive impact on India’s ‘Ease of doing business’ ranking, which is at an all-time low
- Increased transparency, less policy paralysis
- Professionalism within the administration, better governance, compliance, and monitoring
- Export promotion is essential in global trade and can help turn around the economy and provide more jobs
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