Ministry of Commerce and Industry
The Ministry of Commerce and Industry in India is entrusted with formulating and implementing foreign trade policy and responsibilities relating to multilateral and bilateral commercial relations, state trading, export promotion measures, and development and regulation of certain export-oriented industries and commodities 3. It is divided into eight divisions, including Administrative and General Division, Finance Division, Economic Division, Trade Policy Division, Foreign Trade Territorial Division, State Trading & Infrastructure Division, Supply Division, and Plantation Division.
Department for Promotion of Industry and Internal Trade
The Department for Promotion of Industry and Internal Trade, established in 1995, is responsible for the formulation and implementation of promotional and developmental measures for the growth of the industrial sector, considering national priorities and socio-economic objectives. It oversees the overall Industrial Policy, facilitates and increases the FDI flows to the country, and calculates the Wholesale Price Index (WPI).
Recent Initiatives
The Ministry of Commerce and Industry has recently instituted the National Startup Award, recognizing 46 startups on the eve of the First National Startup Day announced by Hon'ble Prime Minister Narendra Modi. Notable startups such as udChalo, Repos backed by Ratan Tata, and others are among the winners [5][6]. Furthermore, the Ministry has jurisdiction over various sectors, including agriculture, livestock, fishing, automotive, chemicals, construction, defense, education, energy, information technology, media, mining, pharmaceuticals, retail, science and technology, telecommunications, textiles, tourism, and transport, among others
Budget 24-2025
For the fiscal year 2024-25, the Ministry has an estimated annual budget of Rs 10,404 crore.
