Keen to achieve fast track results from the government and industry dialogues, the Centre recently reconstituted the Board of Trade (BoT). The objective behind this strategic move is to have continuous discussion and consultation with trade and industry, following which the BoT would, inter-alia, advise the government on different policy measures related to foreign trade policy in order to attain their objective of boosting exports.
It is understood that to ensure better trade relation, the BoT after requisite meeting will be responsible to advice the government on policy measures for preparation and implementation of both short and long term plans. This is specially targeted to increase exports from the country in the light of emerging national and international economic scenarios.
The Board will also be responsible for reviewing the export performance of various sectors, so as to identify constraints and suggest industry specific measures to optimise export earnings. The Board of Trade will also be entitled for examining existing institutional framework for imports and exports and suggest practical measures for further streamlining to achieve desired objectives.
A highly placed source from the industry pointed out that this is one of the most sought out and much needed effort as there is a huge lacuna currently in getting the right message across the government on the industry's requirements. The source expressed hope that finally there will be some concrete steps involving the stakeholders to analyse and deliberate over the current market situation and challenges that need immediate attention.
Apart from the above functions, the Board is also entrusted to review policy instruments and procedure for imports and exports and suggest steps to rationalise those for optimum use. Also according to Dr P V Appaji, director general of Pharmexcil, the Board will also have the power to examine issues which are considered relevant for promotion of India’s foreign trade, steps that will be deemed essential for strengthening international competitiveness of Indian goods and services.
The Board consists of country's top businessmen from across the sectors like Pawan Munjal, managing director of Hero Motocorp; Kiran Majumdar Shaw, chairman and managing director of Biocon; K Satish Reddy, managing director of Dr Reddy’ Labs; Anand Mahindra, managing director of Mahindra Group and YC Deveshwar, chairman ITC. It also consists of leaders of top trade associations and 20 secretary level officers.