The Ministry of Commerce and Industry plays a significant role in the development of the economic condition of India by evolving trade, industrial growth and entrepreneurship. The ministry comprises two major departments, which are the Department of Commerce and the Department for Promotion of Industry and Internal Trade (DPIIT). Over the years, the ministry has implemented various schemes and initiatives which aim at enhancing India’s trade competitiveness, supporting businesses and promoting industrial growth, which helps the nation in global market progress as well. This article will deal with some of the major and important schemes initiated under the Ministry of Commerce and Industry and will also focus on their objectives, features, and impact.
Schemes under the Ministry of Commerce
1. Make in India Initiative
Objective:
Launched in 2014, the “Make in India” initiative aims to transform India into a global manufacturing hub by encouraging domestic and foreign investment in the manufacturing sector, which will help to connect the Indian market at the global level and global investors.
Key Features:
- Focus on 25 priority sectors, including automobiles, textiles, chemicals, and IT.
- Ensure the Ease of regulation processes and also strengthen the ease of doing business.
- Establishment of industrial corridors and smart cities to provide world-class infrastructure to the various industries.
- It also aims to create various skill development programs to ensure a skilled workforce and management.
Impact:
- Attracted significant foreign direct investment (FDI) across sectors.
- Boost the domestic manufacturing and employment creation in industries.
- Promote India’s reputation as a preferred investment destination at a global level market.
 2. Startup India
Objective:
Introduced in 2016, Startup India Registration aims to promote entrepreneurship, support innovation, and create an ecosystem conducive to the growth of startups.
Key Features:
- Simplified registration process and self-certification compliance.
- Tax exemptions for eligible startups for three consecutive years.
- Establishment of the Startup India Hub for mentoring and networking.
- Fund of Funds for Startups with a corpus of ₹10,000 crores to support venture capital funding.
- Encouragement of incubation centres and research parks.
Impact:
- It creates millions of jobs and also enhances innovation across industries.
- Boosted India’s position in the global startup ecosystem. Encouraged the growth of over 100,000 startups, many of which are in the unicorn club.
3. Production Linked Incentive (PLI) Scheme
Objective:
The PLI scheme aims to enhance India’s manufacturing capabilities by providing incentives to industries for incremental production.
Key Features:
- Incentives are linked to the growth in production and exports.
- It helps in increasing export competitiveness.
- Covers sectors such as electronics, pharmaceuticals, textiles and automotive, mechanical and chemical components.
Impact:
- Attracted investments in high-growth sectors.
- Boosted domestic manufacturing and reduced dependency on imports.
- Enhanced employment opportunities in various industries will increase the employment rate of India and the economy as well.
 4. Export Promotion Schemes
The Ministry of Commerce and Industry administers several schemes to boost exports and improve India’s global trade balance.
a) Merchandise Exports from India Scheme (MEIS):
- Provides duty credit scrips to exporters based on the value of their exports.
- Focus on incentivizing labour-intensive and high-growth sectors.
b) Services Exports from India Scheme (SEIS):
- Supports exporters of notified services by offering duty credit scrips.
- Encourages the export of services like IT, healthcare, and education.
c) RoDTEP (Remission of Duties and Taxes on Export Products):
- Replaces MEIS to comply with WTO norms.
- Embedded the Policy of refund taxes and duties to exporters to enhance competitiveness.
Impact of Export Schemes:
- Boosted India’s merchandise and service exports.
- Supported small and medium enterprises (SMEs) in entering global markets.
- Enhanced foreign exchange reserves and improved trade balance, which help in a free flow of foreign exchange trade.
5. National Industrial Corridor Development Programme (NICDP)
Objective: To create world-class infrastructure and promote industrial growth through the development of industrial corridors.
Key Features:
- Development of industrial corridors like Delhi-Mumbai, Amritsar-Kolkata, and Chennai-Bengaluru.
- Integration of smart cities and multimodal transport systems and logistics hubs.
- It will help in sustainability and inclusive industrial growth and development at a global level, which will help in boosting economic growth.
Impact:
- Facilitated regional economic growth and job creation.
- Attracted domestic and foreign investments in manufacturing and infrastructure.
6. Special Economic Zones (SEZs)
Objective:
The basic aim of SEZs is to promote exports, enhance investments, and create employment by providing a conducive business environment within SEZs.
Key Features:
- Enhancement of Fiscal incentives, which will include tax exemptions on exports.
- Infrastructure support for industries within SEZs.
Impact:
- Generated significant export revenue and created millions of jobs.
- Strengthen investments in technology, IT, manufacturing and industrial sectors, etc.
7. India Brand Equity Foundation (IBEF)
Objective:
To promote and create a strong international brand identity for Indian products and services.
Key Features:
- Marketing campaigns to showcase India’s strengths in sectors like IT, textiles, and pharmaceuticals, with the help of marketing, will boost the supply of these sectors’ services in the global market.
- Participation in international trade fairs and exhibitions.
- Knowledge dissemination about India’s trade potential.
Impact:
- Promote India’s image as a competitive global player in a global market.
- Increase the visibility of Indian products and services in international markets because of supply and demand chain growth.
- Supported export growth and market diversification.
8. National Single Window System (NSWS)
Objective:
To streamline approvals and clearances required for businesses and investors.
Key Features:
- Provides a single interface for multiple regulatory approvals.
- Reduction of time and cost for setting up businesses, which will help in the growth of business faster.
- To maintain transparency and accountability in the process of approval for investors.
Impact:
- Improved ease of doing business rankings.
- Reduced bureaucratic hurdles for entrepreneurs and investors.
- Accelerated project implementation and industrial growth.
9. Districts as Export Hubs
Objective:
To promote district-level export growth by identifying and supporting products with export potential because growth at the root level is an essential element to making growth at the global level.
Key Features:
- Development of export promotion strategies for each district.
- Capacity building and skill development initiatives.
- Strengthening logistics and supply chain infrastructure.
Impact:
- Empowering the local industries and artisans, which represent the culture of the nation at the global level.
- Boosted exports from non-traditional regions.
- Enhanced income generation and economic diversification at the district level.
10. Ease of Doing Business Reforms
Objective:
To create a business-friendly environment by reducing regulatory burdens and enhancing transparency, because in the digital era, it becomes very easy to do tasks with less time, and it also eases the business as well.
Key Features:
- Implementation of online systems for business registrations and compliances.
- Reduction in the number of licenses and permits required.
Impact:
- Improved India’s ranking in the World Bank’s Ease of Doing Business index.
- Increase the ratio of domestic and foreign investors.
- It increases the competitiveness of Indian businesses in the global market.
Conclusion
The Ministry of Commerce and Industry has been instrumental in driving India’s economic growth through its diverse schemes and initiatives, which help to promote and represent the culture and business at a global level and also boost the economy of India. From promoting exports and entrepreneurship to enhancing industrial infrastructure and ease of doing business, these schemes have significantly contributed to India’s emergence as a global economic powerhouse and to promoting the Indian domestic market and business in the international market. Continued focus on innovation, sustainability, and inclusivity will further strengthen the ministry’s role in shaping India’s economic future.
