Ministry of Commerce and Industry Current Affairs

Government developing National Logistics Portal

Union Ministry of Commerce and Industry is developing National Logistics Portal is to ensure ease of trading in international and domestic markets. The portal will link all stakeholders of EXIM (export and import), domestic trade and movement and all trade activities on single platform.

National Logistics Portal

It will be implemented in phases and will fulfil Central Government’s commitment to enhance trade competitiveness, create jobs, boost India’s performance in global rankings and pave way for India to become logistics hub. Stakeholders like traders, manufacturers, logistics service providers, infrastructure providers, financial services, Government departments and groups and associations will all be on one platform.

Background

In 2018-19 budget speech, Union Finance Minister had announced that Department of Commerce will create portal which will be single window online market place for trade and will connect business, create opportunities and bring together various ministries, departments and private sector.

Logistic Sector

India’s logistics sector is highly defragmented and very complex with more than 20 government agencies, 40 partnering government agencies (PGAs), 37 export promotion councils, 500 certifications, 10000 commodities being stakeholders in it. At present it has 160 billion market size and involves 12 million employment base, 200 shipping agencies, 36 logistic services, 50 IT ecosystems and banks and insurance agencies. Government is aiming is to reduce logistics cost from present 14% of GDP to less than 10% by 2022. As per Economic Survey 2017-18, Indian logistics sector provides livelihood to more than 22 million people. Improving this sector will facilitate 10% decrease in indirect logistics cost leading to growth of 5 to 8% in exports. Further, it estimates that worth of Indian logistics market will be around US $215 billion in next two years compared to about US $160 billion currently.

Month: Categories: India Current Affairs 2018

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Government launches Niryat Mitra mobile app

Union Ministry of Commerce and Industry has launched Niryat Mitra mobile application for exporters and importers of the country. The app developed by Federation of Indian Export Organisations (FIEO), the largest exporters organisation of the country. It is available both on Android and on IOS platforms.

Niryat Mitra app

The app provides wide range of information required to undertake international trade right from policy provisions for export and import, applicable GST rate, available export incentives, tariff, preferential tariff, market access requirements – SPS and TBT measures. It provides all the information at tariff line. The app works internally to map Indian Trade Clarification (ITC) Harmonized Item Description and Coding System (HS) code of other countries with that of India. It also provides all the required data without users bothering about HS code of any country. Presently, app has data of 87 countries. It also provides notifications of export promotion programmes organised by FIEO to provide opportunity to industry to participate in them.

Federation of Indian Export Organisations (FIEO)

It is apex and largest trade promotion organisation in India. It was jointly established in 1965 by Ministry of Commerce and private trade and industry. It is responsible for representing and assisting Indian entrepreneurs and exporters in foreign markets. It is headquartered in New Delhi.

Month: Categories: India Current Affairs 2018

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