Com Min to add MSME rep in BoT
The Dollar Business Bureau
The Union Ministry for Commerce and Industry has decided to include a representative from the MSME (micro, small and medium enterprises) sector in the Board of Trade (BoT). To offer appropriate representation to the MSME sector, the ministry has decided to include the Laghu Udyog Bharti New Delhi President as ex-officio member of BoT.
According to a trade notice issued by the Director General of Foreign Trade (DGFT), the MSME sector contributes around 45% to the overall exports from India. With more than thousands of MSMEs as members, Laghu Udyog Bharti is one among the country’s largest industry networks. It has branches in all states and members in each and every district of the country.
The BoT advises the government on issues related to Foreign Trade Policy. In order to improve the exports of the country, it continuously interacts with the government and prepares short and long term plans as per the emerging national and global economic situation. It also reviews export performance, identifies the limitations and suggest measures to optimise export revenues.
The BoT has a Secretariat and a Budget Head that meets regularly every quarter to recommend on trade issues to the government. The last meeting was held by the Board in New Delhi during the month of April.
The Government nominates an expert on trade policy to be the President of the BoT. It nominates 25 persons to the board. Among them, at least 10 persons are experts in trade policy. The Reserve Bank Deputy Governor, Railway Board Chairman, National Highways Authority of India Chairman, Chairmen of Export Promotion Councils and Chiefs of national chambers of commerce act as ex-officio members.
The DGFT is the Member Secretary of the BoT. The board has 19 non-official members from industry and academia, and 20 senior officials including 13 government secretaries. It has the power to set up sub-committees and also appoint experts to give suggestions on sector-specific issues.