Department of Commerce Current Affairs

Prime Minister Narendra Modi lays foundation stone of Vanijya Bhawan  

Prime Minister Narendra Modi laid the foundation stone of Vanijya Bhawan, a new office complex in New Delhi for the Department of Commerce. Vnijya Bhawan will help in ease of doing business by bringing all Departments of Commerce under one roof.

Key Facts

The complex is located near India Gate and is being built on plot of 4.33 acres, belonging to erstwhile Directorate General of Supplies and Disposals (DGS&D). It will be built at an estimated cost of Rs 226 crore and is expected to be completed by December 2019. The building will be a modern, eco-friendly structure. It will be completely paperless office with modern facilities such as smart access control, video conferencing and completely networked systems.

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Global Logistics Summit 2018 held in New Delhi

The Global Logistics Summit (GLS-2018) was held in New Delhi from April 5-6, 2018 to improve logistics and connectivity which are vital for increasing intra-state and international trade flows.

The summit was organised by Department of Commerce, Ministry of Commerce & Industry along with Federation of Indian Chambers of Commerce & Industry (FICCI) and World Bank Group. It provided platform to hold discussions for global experts, academics, government officials and private sector and industry representatives.

Logistic Sector

The sector involves transportation, material handling, warehousing, packaging, shipping security, inventory management, and supply chain management, procurement, and customs service. Government has defined logistic as multimodal logistics park comprising an Inland Container Depot (ICD) with a minimum investment of Rs.50 crore and minimum area of 10 acre. In November 2017, logistic sector was granted infrastructure status.

Importance of Logistic Sector

India spends around 14.4% of its GDP on logistics and transportation sector. It employs over 45 million people across country and its certain sub-sectors growing at rate of 15% and even 30-40% per annum. It provides efficient and cost effective flow of goods from manufacturing sector on which other commercial sectors dependent.

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